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Taking Stock with Steele
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Taking Stock with Steele is our newsletter where we share our insights and expertise. Our goal is to ensure our clients are well informed. We shift through the noise and only bring important topics of discussion and planning points that are relevant and useful. We believe Knowledge Pays and we want our knowledge to pay for you.
The Iran war turbocharges the rotation away from tech and into materials, energy, industrials and utilities and AI's war on work punishes AI's perceived targets.
For equity and bond markets, Q1 2026 felt a lot like Q1 2022. A long simmering war boils over (Russia-Ukraine in 2022, US-Iran in 2026), threatening the global supply of energy and other essential goods, causing fears of shortages, industrial shut-ins, reduced consumer spending and high inflation. Bond prices fall (and bond yields spike) to reflect the fear of higher inflation and equities fade amidst a weaker economic outlook and inflation potentially eating into corporate profit margins.
