U.S. equities sold off sharply through late March on geopolitical tensions and Fed caution, then rebounded in early April on stronger-than-expected jobs data and easing macro fears.

From record gold prices to a fertilizer supply shock, the Strait of Hormuz closure reshaped commodity markets in Q1 2026, accelerating a structural shift in how global resources are valued.

Two large fallen angels entered the index in Q1, including Paramount at 10% weight. Yields back above 7% and a historically wide price discount may signal a compelling entry point.

U.S. equities fell in March as oil surged on geopolitical tensions. The Moat Index lagged on no energy exposure, while the SMID Moat Index held up with help from energy and materials.