Q1 2026 Market Review Summary
Oil went from $67 to nearly $100 a barrel in under thirty days. That single price movement — set in motion by the launch of Operation Epic Fury on February 28 — defined the quarter. The S&P 500 fell 4.3%, its worst start to a year since 2022. The Nasdaq fell 7.1%. The Magnificent Seven shed 13%.
But the headline numbers obscure the more important story: diversification worked. Small Cap Value gained 5.0%. International developed markets fell only 1.2%. Gold rose 8.6%. Core bonds returned exactly 0.0% while equities fell. The portfolios that felt worst were the ones most concentrated in what had worked for three straight years.
S&P 500 · Q1
–4.3%
GDPNow · Q1 Est.
1.9%
WTI Crude · Q1
+49%
Sm. Cap Value · Q1
+5.0%
