War? What War?

MPC Markets Morning Call · Apr 14, 2026 · 15m

Two months into the Iran war, Wall Street has decided to shrug. The S&P 500 closed at 6,967.38 on Tuesday — 1.3% above its pre-war level of February 27 and within 12 points of a fresh all-time record — as three tailwinds converged: a cooler-than-expected US PPI print, strong Q1 bank earnings, and renewed diplomatic signals from both Washington and Tehran. March PPI rose 0.5% month-on-month (vs 1.1% forecast) and core PPI gained just 0.1%, providing relief on the inflation front even as headline energy costs remain elevated. JPMorgan posted a record trading quarter with markets revenue up 20%…