Our investment team is closely monitoring the developments in the Middle East and the impact they are having on commodity prices, the stock market, and the world economy. We lament the loss of innocent life, pray for the safety of U.S. troops in harm’s way and mourn the U.S. military servicemembers who have lost their lives. 

You will continue to hear from us on the conflict with Iran. In the meantime, if you have any questions on the markets and the economy or if there is anything we can do to support you and your clients during this difficult time, please reach out to us via our Investment Strategy Team’s email address at opsresearch@orion.com

Weekly Notes from Tim

By Tim Holland, CFA, Chief Investment Officer

  • One candidate for the consensus trade of 2025 was shorting the dollar. As to why traders were bearish on the world’s reserve currency, reasons included large US fiscal deficits; foreign central banks buying more gold (and fewer dollars); less than friendly nations building out non-dollar based trading regimes and nations of all stripes moving away from the dollar specifically – and US financial assets generally – as they believed the US was becoming a less reliable partner, a conclusion driven by disagreements over trade and security policy. And that bet paid off handsomely last year, with the Greenback falling 10% (per the ICE US Dollar Index).
     
  • While one can make the case that the headwinds cited above remain and the dollar is destined to fall further, it has rallied in 2026, with the ICE US Dollar Index up about 2% year to date and up about 5% from the 13 year low it hit on January 27th (as of 3/31/26; see chart). As to why the dollar has caught a bid of late, pundits might point to a global flight to safety (US financial assets, including the dollar, tend to be bought during periods of geo-political risk); a Federal Reserve that could be done cutting rates, and poised to raise them; foreign central banks buying less gold as their nations spend more on oil, and a US economy likely to outperform through a period of elevated energy prices (the US leads the world in crude oil and natural gas production and is a net exporter of energy products). 
     
  • Currency markets are notoriously difficult to forecast near-term, so we won’t make a call on how the dollar might trade over the coming days and weeks. That written, the US economy remains the world’s largest, and arguably its most diverse and innovative; the US is home to the world’s largest, most liquid stock and bond markets and the US is the world’s preeminent military power. One bet we are comfortable making is the dollar isn’t losing its reserve status anytime soon.
     
Picture 1

Source, Factset March 2026


Looking Back, Looking Ahead

By Ben Vaske, BFA, Manager, Investment Strategy

Last Week

Markets saw a strong rebound last week, marking the best week of 2026 so far, though sentiment remained heavily influenced by ongoing geopolitical developments. Equities rallied early in the week on optimism surrounding a potential shift in U.S. policy toward Iran, but some of that enthusiasm faded after messaging later in the week suggested the conflict may persist longer than hoped.

Economic data pointed to continued resilience in the U.S. economy. Nonfarm payrolls came in well above expectations with 178,000 jobs added and the unemployment rate declined to 4.3%, reinforcing the strength of the labor market. Other data was generally stable, with retail sales meeting expectations, manufacturing remaining in expansion territory, and the trade deficit coming in better than expected.

Performance reflected improving sentiment overall. U.S. equities posted broad-based gains across sizes and styles, while international markets also moved higher. Small caps returned to positive territory for the year, though large caps still lag year to date. Interest rates declined despite elevated oil prices, providing support to fixed income, with core bonds gaining nearly 1% on the week. Commodities continued their strong run as oil prices remained elevated.

This Week

Geopolitics will remain front and center as the U.S. continues to push toward a resolution with Iran. Markets will be closely watching for updates, including a potential national address, as any signal of escalation or de-escalation is likely to drive short-term market direction.

It is also a heavy week for economic data, with inflation taking center stage. Both CPI and PCE will be released, along with another revision to fourth quarter GDP. With oil prices remaining elevated, investors will be focused on whether inflation continues to trend higher and how that may impact the Federal Reserve’s policy outlook.

We hope you have a great week. If there’s anything we can do to help you, please feel free to reach out to ben.vaske@orion.com or opsresearch@orion.com.
 

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Key Data

Stocks, Bonds, Alternatives, and Real Assets as of April 3, 2026

Security Name

Risk Score

1 Wk

1 Mo

QTD

YTD

1 Yr

3 Yr Ann.

Global Equities (60% US, 40% Intl)

100

2.89%

-3.26%

1.65%

-1.05%

26.20%

17.45%

S&P 500 Total Return

102

1.65%

-4.23%

0.84%

-3.53%

17.55%

18.65%

Dow Jones Industrial Average

97

1.20%

-4.78%

0.37%

-2.83%

12.05%

13.91%

NASDAQ 100 Total Return

122

1.97%

-3.70%

1.30%

4.59%

23.65%

23.14%

TV Benchmark

107

1.61%

-4.24%

0.84%

-3.65%

17.75%

18.56%

Morningstar US Large Cap

102

3.60%

-3.31%

0.80%

-5.32%

24.24%

19.95%

Morningstar US Mid Cap

113

2.86%

-3.03%

1.05%

2.27%

20.06%

13.39%

Morningstar US Small Cap

125

3.11%

-3.90%

0.96%

0.96%

26.89%

13.05%

Morningstar US Value

98

1.62%

-2.86%

-0.02%

3.01%

19.83%

15.16%

Morningstar US Growth

126

4.48%

-4.04%

1.41%

-4.87%

24.08%

17.43%

MSCI ACWI Ex USA

98

2.23%

-3.12%

2.83%

2.21%

28.63%

15.98%

MSCI EAFE

101

3.08%

-1.96%

2.88%

1.73%

24.74%

15.05%

MSCI EM

98

0.34%

-5.40%

3.17%

3.07%

34.20%

16.66%

Bloomberg US Agg Bond Index

27

0.93%

-1.12%

0.21%

0.17%

4.36%

3.71%

Bloomberg High Yield Corp Bond Index

41

0.71%

-0.69%

0.40%

-0.10%

7.09%

8.75%

Bloomberg Commodity Index

70

4.05%

11.19%

1.49%

26.26%

32.48%

14.44%

Wilshire Liquid Alternatives 

25

0.58%

-1.32%

0.30%

0.33%

7.05%

5.80%

MSCI US REIT

104

3.51%

-3.92%

1.66%

6.58%

12.52%

9.99%

US Dollar

10

0.13%

1.67%

0.07%

1.74%

-3.64%

-0.81%

Bloomberg US Treasury Bill 1-3mo

1

0.10%

0.34%

0.05%

0.93%

4.15%

4.86%

Source: Morningstar

The TV Benchmark represents an average of the S&P 500, Dow Jones IA, and NASDAQ 100 return indexes. The Orion Risk Score represents risk relative to the global equity market.

 

 

Interest Rates as of April 3, 2026

Rate

This Week

1 Wk Δ%

13-Wk Treasury Yield

3.61%

0.00%

10-Yr Treasury Yield

4.31%

-0.13%

Bloomberg US Agg Yield

4.59%

-0.08%

Avg Money Mkt Yield

3.48%

0.01%

Avg 30-Yr Mortgage Rate

6.50%

0.17%

Sources: Yahoo Finance, S&P Global, Crane Data, BankRate

 

 

Key Economic Data Last Week

Data Point

Expectation

Actual

Job Openings

6.9M

6.9M

U.S. Retail Sales

0.5%

0.6%

ADP Jobs

39,000

62,000

ISM Manufacturing

52.1

52.7

U.S. Trade Deficit

-$62.0B

-$57.3B

U.S. Employment Report

59,000

178,000

U.S. Unemployment Rate

4.4%

4.3%

Source: MarketWatch

 

 

Key Economic Data This Week

Data Point

Expectation

Release Date

ISM Services

55.4

4/6/26

Durable Goods Orders

-1.0%

4/7/26

Consumer Credit

$10.0B

4/7/26

Personal Consumption Expenditures (PCE) YoY

2.8%

4/9/26

Core PCE YoY

3.0%

4/9/26

Fourth Quarter GDP (Second Revision)

0.7%

4/9/26

Consumer Price Index (CPI) YoY

3.3%

4/10/26

Core CPI YoY

2.7%

4/10/26

Source: MarketWatch

 
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The views expressed herein are exclusively those of Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments, a registered Investment Advisor, and are not meant as investment advice and are subject to change. Information contained herein is derived from sources we believe to be reliable, however, we do not represent that this information is complete or accurate and it should not be relied upon as such. This information is prepared for general information only. It does not have regard to the specific investment objectives, financial situation, and the particular needs of any specific person.

An index is an unmanaged group of assets considered to be representative of a select segment or segments of the market in general, as determined by the index manager for the purposes of managing a specific index. You cannot invest directly in an index.

The CFA® is a globally respected, graduate-level investment credential established in 1962 and awarded by CFA Institute — the largest global association of investment professionals. To learn more about the CFA charter, visit www.cfainstitute.org.

Think2perform’s Behavioral Financial Advice program integrates traditional finance practices with psychology and neuroscience to improve emotional competency and decision-making behavior that increases effective usage of the financial plan with clients. To obtain the Behavioral Financial Advisor (BFA) designation, participants must complete a self-directed course, which takes 20-30 hours to complete, and includes a mix of interactive exercises, videos and case studies. To learn more about the BFA, visit https://www.think2perform.com.

Wealth management services provided by Orion Portfolio Solutions, LLC (“OPS”), a registered investment advisor. Orion OCIO services provided by TownSquare Capital, LLC (“TSC”), a registered investment advisors. OPS and TSC are affiliates and wholly owned subsidiaries of Orion Advisor Solutions, Inc.