The Market in Pictures, April 2

by | Apr 2, 2026 | Blog, Charts

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

 

 

 

 

 

Disclosures

 

Past performance is not indicative of future results. This material is not financial advice or an offer to sell any product. The information contained herein should not be considered a recommendation to purchase or sell any particular security. Forward-looking statements cannot be guaranteed. 

Projections or other forward-looking statements regarding future financial performance of markets are only predictions and actual events or results may differ materially. 

This commentary offers generalized research, not personalized investment advice. It is for informational purposes only and does not constitute a complete description of our investment services or performance. Nothing in this commentary should be interpreted to state or imply that past results are an indication of future investment returns. All investments involve risk and unless otherwise stated, are not guaranteed. Be sure to consult with an investment & tax professional before implementing any investment strategy. Investing involves risk. Principal loss is possible. 

Advisory services are offered through Aptus Capital Advisors, LLC, a Registered Investment Adviser registered with the Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about the advisor, its investment strategies and objectives, is included in the firm’s Form ADV Part 2, which can be obtained, at no charge, by calling (251) 517-7198. Aptus Capital Advisors, LLC is headquartered in Fairhope, Alabama. ACA-2604-5.

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Advisory services offered through Aptus Capital Advisors, LLC, a Registered Investment Adviser registered with the Securities and Exchange Commission. Registration does not imply a certain level or skill or training. More information about the advisor, its investment strategies and objectives, is included in the firm’s Form ADV Part 2, which can be obtained, at no charge, by calling (251) 517-7198.

Aptus Capital Advisors, LLC is headquartered in Fairhope, Alabama.

The opinions expressed herein are those of Aptus Capital Advisors (“Aptus”) and/or the individual Aptus Employee being interviewed as of the date of publication and are subject to change without notice. Aptus reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs and there is no guarantee that such assessments of investments will be accurate. There is no guarantee that strategies or recommendations will equal or exceed any expectations or goals discussed. The discussions, outlook, and viewpoints featured are not intended to be investment advice and do not take into account specific client investment objectives.

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