The Harrish Report – April 2026 Monthly Market Newsletter

Chaos is a given. Panic is a choice. That’s been top of mind for me lately.

There’s always going to be noise. Markets, headlines, opinions. What matters is how you respond to it.

Staying steady, especially when things feel uncertain, is where good decisions are made.

I shared a quick video on this recently if you want more context around how I’m thinking about it.

If we’re not connected there yet, feel free to follow along. I’ve been sharing more of these thoughts in real time.

Most of the conversations I’m having right now come back to the same themes.

Interest rates, energy markets, and continued developments in technology are all driving a lot of the current market narrative.

Energy in particular has been a focus, given how closely it ties to broader economic conditions and everyday costs.

There’s no shortage of opinions around where things go next, including:

• Expectations around Fed action
• Ongoing volatility tied to global conflicts and oil prices
• Continued momentum in areas like AI and companies like Nvidia
• Longer-term outlooks that still point to opportunity over the next decade

It’s a lot to take in, and it changes quickly. That’s exactly why staying disciplined matters.

Here’s how that’s showing up in the data.

Here’s a quick snapshot of how markets moved recently:

What Stood Out

• Equities pulled back. U.S. stocks moved lower in March, with the S&P 500 down around 5%, the Nasdaq 100 down 4.8%, and the Dow down 5.2%. Ongoing geopolitical tension, along with concerns around private credit and the broader impact of AI on large companies, all contributed to the weakness.
• Rates moved higher. The 10-year Treasury yield climbed from 4% to 4.3% during the month. Inflation concerns tied to global conflict played a role, and expectations around rate cuts continue to shift as markets adjust to a higher-for-longer environment.
• AI momentum, with some giveback. Memory chip stocks had been rallying on strong AI demand, but gave back some gains in March. There’s still a lot of attention on how quickly AI is evolving and what that means for different parts of the market.
• Private credit is getting more attention. We’re seeing increased scrutiny in private credit, with some funds experiencing higher redemption requests. Concerns center on exposure to certain sectors, especially as AI continues to reshape parts of the economy.

If you want the full monthly breakdown, you can view it here:

It’s easy to fall into the mindset that there’s always something bigger, better, or next.

But a lot of the time, what matters most is already in front of you.

Meet life where you are. Appreciate what you’ve built. Don’t miss it by always looking ahead.

You can still plan, grow, and move forward without losing sight of that.

— Joe