Doll’s Deliberations

Can High Bond Yields and High Stock Prices Co-Exist?

Bob Doll reviews a week of rising stocks and sectors led by utilities, healthcare, and real estate, while rising bond yields and the Iran conflict create fresh market risks.
The episode examines whether high bond yields can coexist with high stock prices, highlights the impact of energy shocks and AI-driven earnings, and concludes that solid corporate profits and accommodative policy support markets — but a prolonged Strait of Hormuz disruption or further yield increases could trigger a correction.
For a copy of this week's Doll's Deliberations click on the following link May 26 or go to www.crossmarkglobal.com for additional insight and investment solutions.

Both Stocks and Oil Stay Resilient — But Time's Running Out

Markets showed narrow gains with the S&P 500 trading near all-time highs while other averages lagged. Energy led sector performance as oil prices rose on continued Strait of Hormuz disruption, but overall economic data and strong corporate earnings have so far supported risk assets.
Key risks include a prolonged closure of the strait that could drain global oil reserves and push inflation higher, prompting a rapid market re-pricing. Investors should monitor developments closely and be prepared to de-risk if the situation does not resolve soon.
For a copy of this week's Doll's Deliberations click on the following link May 18 or go to www.crossmarkglobal.com for additional insight and investment solutions.

Markets Rally as Oil & War Cross-Currents Clash

Bob Doll reviews the May 11, 2026 market update: a sixth straight week of all-time highs for the S&P 500, strong earnings—especially in tech and AI—and a 16% six-week gain.
He explains how oil price volatility and Middle East tensions, centered on the Strait of Hormuz, are creating cross-currents that could boost inflation and bond yields, while central banks and investors weigh the trade-off between pro-growth positioning and tactical risk reduction.
The episode concludes with Doll's outlook: the global expansion is likely to persist if the strait reopens, but investors should watch oil, inflation, and geopolitical developments closely.
For a copy of this week's Doll's Deliberations click on the following link May 11 or go to www.crossmarkglobal.com for additional insight and investment solutions.

Fingers Crossed/Cautiously Optimistic

Bob Doll reviews last week’s market rally—S&P and Nasdaq posted a fifth straight weekly gain and reached new highs—driven by strong earnings and resilient economic data despite Middle East tensions that have tightened oil and commodity supplies.
He offers a cautiously optimistic outlook: monetary and fiscal support favor equities over bonds, but elevated valuations, potential supply shocks, and geopolitical risks point to moderate returns with above‑average volatility in the months ahead.
For a copy of this week's Doll's Deliberations click on the following link May 4 or go to www.crossmarkglobal.com for additional insight and investment solutions.

Markets Continue to Assume War Will End and Oil Will Fall

Bob Doll reviews a market rally driven by strong Q1 earnings and tech gains, with energy leading as Brent nears $100/barrel. Equity indexes hit record closes amid optimism that the Strait of Hormuz will reopen and oil prices will ease.
He warns that continued geopolitical uncertainty could keep oil and input costs elevated, making inflation stickier and posing a tail risk to corporate profits. Crossmark remains risk-on but watchful for prolonged supply shocks and upcoming Fed guidance.
For a copy of this week Doll's Deliberations click on the following link April 27 or go to www.crosssmarkglobal.com for additional insight and investment solutions.

Is There a Deal?-- Market Thinks Yes.

Bob Doll's Weekly Investment Commentary (April 20, 2026) reviews a strong week for equities—S&P +4.5%, NASDAQ nearly +7%, Russell 2000 +3.9%—as markets reacted to growing optimism about an end to the U.S.-Iran conflict.
Technology, consumer discretionary and communication services led gains while energy and utilities lagged. Oil’s spike appears to have peaked and the gap between spot and 12‑month forward prices has narrowed, but supply and price normalization will be gradual and uneven.
The outlook assumes a durable ceasefire and resilient global corporate profits that support continued risk-on positioning; however, earnings, valuations, inflation trends and potential setbacks from the conflict will determine whether returns are broadly positive.
Key takeaways include ceasefire optimism, resilient macro data despite the energy shock, rising near-term inflation expectations, narrow market breadth during the rally, and the crucial role of earnings and policy in shaping markets ahead.
For a copy of this week's Doll's Deliberations click on the following link April 20 or go to www.crossmarkglobal.com for additional insight and investment solutions.

Cease Fire - But Will It Hold

Bob Doll summarizes markets after a fragile Middle East ceasefire and its impact on oil, inflation, and investor positioning. Stocks rose while sectors rotated, credit spreads stayed tame, and the outlook depends on whether the ceasefire holds and energy prices cool.
Key takeaways include mixed economic data, higher payrolls, sticky price pressures, and a strategy favoring a higher stock-to-bond ratio if global growth persists — balanced with the risk of renewed conflict, inflation, or recession.
For a copy of this week's Doll's Deliberations click on the following link April 13 or go to www.crossmarkglobal.com for additional insight and investment solutions.

Q1 2026 Review: Oil Surge, Iran War & Rising Recession Risk

This episode is a quarterly review of Q1 2026 covering market moves, geopolitical shocks, and economic outlook. Stocks and bonds retreated while oil rallied sharply after the Iran conflict; the S&P 500 fell, Nasdaq slid further, and small caps held modest gains.
Earnings were stronger-than-expected with rising 2026 EPS estimates that compressed the S&P's forward P/E as prices fell. The report discusses sector winners (energy, materials) and losers (tech, financials, consumer discretionary), the private credit risks, and shifting Fed expectations.
The show concludes with outlook and risks: higher inflation and rates, elevated recession odds if the Strait of Hormuz remains closed, and the conditions needed for the bull market to resume.
For a copy of this week's Doll's Deliberations click on the following link April 6 or go to www.crossmarkglobal.com for additional insight and investment solutions.

New Hope in the Continued Bumpy Ride of War

Stocks fell sharply amid renewed Middle East conflict fears, with the S&P down 2% and NASDAQ extending losses. Energy and materials led gains while communication services lagged, and a choppy rally reflected hopes for ceasefire talks.
The episode explains why the war is likely to leave a lasting inflationary footprint, pushing yields higher and creating a stagflationary bias even as growth faces only modest drag. Investors should expect continued volatility, sector rotation, and higher-for-longer rates.
For a copy of this week's Doll's Deliberations click on the following link March 30 or go to www.crossmarkglobal.com for additional insight and investment solutions.

War Continues to Hurt Risk Assets

Stocks fell for a fourth week as the Middle East conflict and volatile oil prices pushed investors toward safety. Energy and financials held up while utilities, materials and consumer staples lagged, and the market is wrestling with uncertainty about energy supplies and inflation.
The Fed paused on rates while inflation remains stubbornly above targets. Crossmark recommends a cautious asset mix — neutral equities, overweight cash, and underweight bonds — expecting further near-term weakness but a likely rebound once clarity on oil and supply risks emerges.
For a copy of this week's Doll's Deliberations click on the following link March 23 or go to www.crossmarkglobal.com for additional insight and investment solutions.