U.S. equity markets proved notably resilient in April, advancing to new highs despite persistent geopolitical turbulence and a complex macro backdrop. Investors navigated ongoing instability in the Middle East, including continued disruptions to shipping through the Strait of Hormuz helping to push Brent crude prices above $110 per barrel, yet markets largely discounted these risks. As the month progressed, market sentiment improved amid a ceasefire and subsequent extensions and intermittent progress toward de-escalation. Equity gains were further supported by a solid start to first quarter earnings, continued strength in AI-related investment themes, and a sharp rebound in technology leadership, with semiconductor and broader tech stocks advancing and major indices such as the S&P 500® and Nasdaq reaching record highs.