4/10/2026 Weekly Market Recap
Market Recap: Week of April 6–10, 2026
The past week's market action was fundamentally driven by significant geopolitical de-escalation, specifically progress toward the U.S.-Iran ceasefire. This development immediately reduced risk premiums, leading to a sharp reversal in crude oil prices while strengthening confidence in broader risk assets, particularly equities.
Key Market Movements:
S&P 500 (Equities): The S&P 500 staged a strong recovery, posting solid weekly gains of approximately 3–4% and snapping its prior weakness. Relief over the Middle East de-escalation, coupled with a strong March jobs report, fueled a broad-based rally. The index closed the week near 6855, led primarily by tech and growth sectors.
Crude Oil (WTI): WTI crude experienced its largest drop in about nine months, plunging 10–12% weekly. Hopes for a ceasefire effectively evaporated the war-related risk premium. After trading up to a high on the week of $117, the front-month contract settled near $96, reflecting reduced fears of supply disruptions in the Strait of Hormuz.
Agricultural Commodities (Nearby Contracts): Ag markets were mixed, influenced by positive U.S. planting weather, neutral-to-bearish USDA reports (including WASDE), and the spillover effect of lower energy costs.
Wheat (May SRW): Showed notable weakness, pressured by improving weather and higher projected stocks, settling at $5.70/ bushel.
Corn (May): Experienced further long-liquidation, closing lower for the second week in a row at 4.4075/ bushel. New-crop December futures experienced continued profit taking after the relief rally experienced in equities. The market traded down 10 cents on the week but found support at the top end of the February trading range.
Soybeans (May): Were resilient, closing at 1174.50 with a positive weekly reversal, fueled again by optimism of a friendly meeting with China in the near future.
Cotton (July): Experienced a technical breakout, trading at its highest price since July of 2024, closing the week at 75.38.
Cattle Sector (Live & Feeder): The cattle complex was a standout performer, remaining firm to higher due to strong underlying fundamentals.
Live Cattle (April/June): Were mostly higher, with June contracts closing at $249/cwt. Cash fed cattle trading light at the time of this publication but expected to be stong.
Feeder Cattle (April/May): Also saw supportive action, with May closing at $372.27. Bullish factors include tight supplies, robust beef demand, and lower year-over-year cattle-on-feed inventories, however May feeders are struggling to fill their gap from 10/16/25 at $373.22. Additionally we saw the back months of the curve catch up to the front, indicating a friendlier long term outlook.