Economic & Market Data

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March/April 2026 |
August 2026

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MARINER Selected Statistics

The war in Iran has now been ongoing for five weeks. Brent crude spot prices surged to approximately $127 per barrel at peak levels in early April from roughly $71, an increase of about 79% since the start of hostilities on February 28. US gasoline prices are also showing upward pressure (see chart above), rising from $2.89 per gallon on February 27 to $4.05 for the week ending April 10, a roughly 40% increase over that five-week period. This will likely weigh on consumers. The situation remains highly fluid and warrants close monitoring, but it is still too early to draw firm conclusions about long-term effects. Sources: US Energy Information Administration (Gas prices).

Despite the broad-based decline in the index year to date, what is happening beneath the surface is equally important. Market returns are becoming less concentrated, both across sectors and at the individual stock level. The S&P 500 is no longer being driven by a narrow group. As the chart above shows, the equal-weighted S&P 500 has continued to outperform the traditional capitalization-weighted index. We believe this trend can continue, supported by a broader improvement in earnings expectations and more attractive valuations for the equal-weighted index relative to its capitalization-weighted counterpart. Data Sourced: FactSet, as of 3/31/2026.

New York-Newark-Jersey City Consumer Price Index — March 2026: Area prices rose 0.8% over the month and 4.0% over the year. (https://www.bls.gov/regions/northeast/news-release/consumerpriceindex_newyork.htm)

New York State seasonally adjusted unemployment rate — January 2026: The unemployment rate held steady at 4.6% in January 2026. (https://dol.ny.gov/labor-data)

Empire State Manufacturing Survey — March 2026: The headline general business conditions index fell 7.3 points to -0.2. (https://www.newyorkfed.org/survey/empire/empiresurvey_overview)

US & World Equity Indexes; 3-Month; 1 Year S&P 500 TR USD; -4.3%; 17.8% Russell 2000 TR USD; 0.9%; 25.7% MSCI ACWI NR USD; -3.2%; 20.0% MSCI EAFE NR USD; -1.2%; 21.3% MSCI Germany NR USD; -8.5%; 8.0% MSCI Japan NR USD; 1.4%; 25.9% MSCI France NR USD; -5.4%; 10.2% MSCI China NR USD; -8.9%; 3.8% MSCI India NR USD; -18.1%; -13.4%

Key Economic Statistics; Most Recent; Prior Period National (1) Producer Price Index; 0.5%; 0.5% Consumer Price Index; 0.9%; 0.3% Unemployment Rate; 4.3%; 4.4% ISM Manufacturing Index; 52.7; 52.4 ISM Services Index; 54.0; 56.1 Change in Non-Farm Payroll Emp.; 178,000; -133,000 New York State CPI, New York-Newark-Jersey City (1); 0.8%; 0.7% Unemployment Rate (2); 4.6%; 4.6% Empire State Manufacturing Survey (1); -0.2; 7.1 (1) Most Recent is March 2026 and Prior Period is February 2026 (2) Most Recent is January 2026 and Prior Period is December 2025

US & World Bond Indexes; 3-Month; 1 Year BBg US Agg Bond TR USD; 0.0%; 4.3% BBg Muni Bond TR USD; -0.2%; 4.3% BBg US Corporate High Yield TR USD; -0.5%; 7.0% BBg Global Treasury Ex US TR USD; -2.2%; 2.3% BBg US Treasury US TIPS TR USD; 0.3%; 3.0% BBg EM USD Sovereign+Quasi-Sov TR USD; -1.5%; 8.0% BBg EM Local Currency Govt TR USD; -1.1%; 6.4%

Select Equity Market Statistics; S&P 500; MSCI EAFE Dividend Yield*; 1.17%; 2.67% Forward Price / Earnings Ratio; 19.67; 14.73 Forward Price / Earnings 5 Yr Avg; 19.94; 14.00 Price / Book Ratio; 5.01; 2.08 Price / Book 5 Yr Avg; 4.54; 1.85 Price / Cash Flow; 17.15; 10.00 Price / Cash Flow 5 Yr Avg; 16.22; 9.97 *All statistics calculated using Ishares ETFs as proxies. IVV for S&P 500 & EFA for MSCI EAFE

Selected Interest Rates; 3/31/26; 3/31/25 SOFR; 3.7%; 4.4% Fed Funds Rate; 3.6%; 4.3% 2-Yr US Treasury; 3.8%; 3.9% 10-Yr US Treasury; 4.3%; 4.2% 30-yr US Treasury; 4.9%; 4.6%

The information herein was obtained from various sources believed to be accurate; however, Mariner does not guarantee its accuracy or completeness. This report was prepared for general information purposes only. Neither the information nor any opinion expressed constitutes an offer to buy or sell any securities, options, or futures contracts. The data release date has been noted. TR=Total Return, NR=Net Return, BBg=Bloomberg, USD=US Dollar. Past performance does not guarantee future results. For further information, visit Mariner.com or call 866-586-8100 and ask for David W. Henion, CPA, or Larry H. Rabinowitz, CPA/PFS.

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