The S&P 500 had its best month in nearly six years in April, with a 10% increase and seven record highs. Despite oil prices rising above $100 per barrel and rising borrowing costs, the Strait of Hormuz, a key waterway for crude, remains effectively closed. The rebound was largely driven by robust corporate earnings and optimism about the US-Iran ceasefire. The Nasdaq also saw a 15% increase in April. The bond market is dealing with higher energy prices, leading to elevated borrowing costs. The 10-year Treasury yield hit 4.4% this week, its highest since March, and Treasury yields influence interest rates across the economy. The Federal Reserve has held interest rates steady and traders now expect the Fed to remain until 2027.