Our team looks at a lot of research throughout the day. Here are a handful of charts we think are good summations of investor activity, from 5% pullbacks to equity valuations, energy strength and software weakness, and rising interest expense in the US and abroad. Hope you enjoy a long and restful Easter weekend!
Brett: 5% corrections are a regular feature of equity investing
Jake: and deeper downturns have historically reached the 5% marker much faster than this time
John: The price/earnings multiples investors are willing to pay has driven the entirety of this year’s pullback
Dave: leaving US equity valuations quite a bit cheaper than they were to start the year
Data as of 03.27.2026
Beckham: Energy stocks have been clear outliers to the rest of the market
Data as of 03.28.2026
Joseph: with March showing particularly unique performance among sectors
Brian: and the most sustained run of the past decade
Source: S&P Global as of 03.30.2026
JD: Based on current market pricing, markets are expecting oil supply to normalize sooner vs. later
Data as of 03.30.2026
John Luke: but either way, supply-driven oil shocks have been more impactful to economic growth than to sustained inflation
Graphic as of 03.30.2026
Dave: leaving import-dependent emerging economies in a vulnerable position
Source: Strategas as of 03.31.2026
Brad: Flipping to software, the impact of AI is creating quite the divergence between near-term earnings and investor enthusiasm
Mark: but maybe it’s not earnings but cash flow that has tech investors spooked?
Graphic as of 03.30.2026
John Luke: In a time of geopolitical concerns, the US Dollar stood out for its strength
Data as of 03.30.2026
John Luke: and while higher on an absolute basis, US yields have been steadier than those of most countries
Dave: While global investors found refuge in the US dollar, we still face the challenge of significantly higher interest expense
Source: Strategas as of 03.30.2026
John Luke: with those costs now at a level that has historically limited fiscal stimulus
Source: Strategas as of 03.26.2026
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