Here is Schwab's early look at the markets for Wednesday, April 15.

Earnings roll on today as Bank of America and Morgan Stanley step to the plate, along with chip industry equipment maker ASML. Results from several large banks Tuesday gave a mixed picture, while investors monitored tidings from the Middle East and pondered Tuesday's lighter-than-expected inflation data.

Major indexes open near all-time highs after another rally Tuesday on hopes for more peace talks that President Trump said could be announced soon. In another lift, Vice President Vance reported "a lot of progress" from weekend talks with Iran, though the two sides remain far apart on issues like uranium enrichment, media reports said. Traffic through the Strait of Hormuz remained virtually halted as of late Tuesday, but crude oil prices fell sharply to near $92 per barrel, giving stocks a boost.

Tuesday's March Producer Price Index, or PPI, monitors what those businesses pay at the wholesale level and presented a distinct contrast to last week's hot headline Consumer Price Index, or CPI.

March PPI rose 0.5% for headline and 0.1% for core, well below the consensus of 1.2% headline and 0.4% core, which excludes food and energy.

"The March PPI report was tame compared to last week's CPI release," said Collin Martin, head of fixed income research and strategy, Schwab Center for Financial Research (SCFR). "With so much uncertainty around the outlook on the conflict in the Middle East, this report shouldn't change the timing of the next move by the Fed. We continue to expect the Fed to hold rates steady for several meetings."

On an annual basis, core PPI rose 3.8%, unchanged from February, while headline PPI rose 4%, up from 3.4% in February. "Energy was the key driver, as expected," Martin said. "The report is positive if viewed in a vacuum, but the CPI report suggests that inflationary pressures are still very much present for consumers."

Last week's March CPI, showed a sharp monthly increase in the headline number, driven by an 18% rise in the price of gasoline from February. Future PPI figures will likely be watched closely in coming months if oil stays elevated, because wholesale prices measured by PPI have a history of leaking into consumer prices over time. It's also possible the report doesn't reflect the full impact of higher oil prices in March, and that April's report might provide more clarity on costs companies face.

Also, some of the PPI components feeding into the Federal Reserve's favorite inflation metric, the Personal Consumption Expenditures (PCE) price index, climbed moderately to sharply last month, These include airfares and hospital outpatient care, both up from February. Inpatient care and nursing home care fell month over month, however.

Stay tuned late tonight U.S. time for updated economic data from China, including a reading on first quarter gross domestic product, or GDP, growth. Consensus is for a reading of 4.8%, up from the prior 4.5% but still below the long-term growth rate of 5%. Industrial production is also seen growing less quickly than it did previously.

Earnings from big banks today will likely be checked for net interest income, or NII, after JPMorgan Chase cut its NII forecast yesterday. NII measures the money banks make lending minus what they pay to customers. Bank of America guided for 7% NII growth year-over-year in the first quarter.

Loan loss provisions also could be tracked closely after two banks raised provisions yesterday. If banks sharply increase their loan loss provisions in the first quarter, which they tend to do when they're afraid of a rise in defaults, it could be evidence they're preparing for an economic slowdown. This can weigh on earnings growth. However, JPMorgan Chase set aside less for loan losses than analysts had expected.

ASML, which makes tools required to manufacture advanced chips, enjoyed a solid share price rally early this year and its earnings today could be monitored for order trends, measured by bookings. That reading topped analysts' estimates last time, and another beat might reassure investors that AI chip demand hasn't diminished. However, the company's last 2026 revenue guidance was very wide, so investors might check if that narrowed to something more clear over the last quarter.

Transports rumble into view later today when JB Hunt Transport Services reports, giving investors a direct look at the impact of spiking diesel prices on business. And chips take the stage again tomorrow morning with earnings from Taiwan Semiconductor Manufacturing, which last week reported solid annual first quarter revenue gains of more than 35%. Don't discount that revenue report from TSM when considering the recent strength in chip stocks, as it's a bellwether for the industry. So is ASML, for that matter.

Another earnings report to watch is Netflix after tomorrow's close. Shares have rallied since the company failed in its attempt to buy Paramount Skydance earlier this year, and this will be the first company earnings since that bid fell through. In its last earnings report, Netflix impressed with subscribership and ad revenue, two metrics to watch tomorrow.

As of late Tuesday, odds of a rate pause at this month's Fed meeting were near 100%, which would make April the third straight meeting to keep the target range between 3.5% and 3.75%. Chances of any rate cut this year stood near one in three by late Tuesday, with the market pricing in little chance of a hike anytime in 2026, according to the CME FedWatch Tool.

In other Fed-related news, the Senate Banking Committee will hold a confirmation hearing next week for Kevin Warsh, President Trump's nominee to succeed Fed Chairman Jerome Powell, Bloomberg reported Tuesday.

Later today, the Fed releases its Beige Book, providing a ground-level view of the U.S. economy drawn from all 12 Fed districts. The release, due at 2 p.m. ET, could give investors a sense of how the war and rise in oil prices are affecting businesses surveyed by the Fed over the last few weeks, though investors should remember these anecdotes can be misleading and should be scrutinized for recurring themes.

Treasury yields fell Tuesday as crude sank, though the 10-year yield remains well above recent lows. The 10-year yield is likely to continue trading in its longer-term range between 4% and 4.5%. It slipped four basis points to 4.26% yesterday

In trading Tuesday, major indexes continued their April advance, though conviction might be questioned as volume at the New York Stock Exchange (NYSE) stayed on the light side. Nasdaq volume exceeded the average through midday. Advancers outpaced decliners by an impressive four-to-one at Nasdaq through midday. For the second day in a row, tech and small-cap stocks led the way, and the Nasdaq Composite is up 10 sessions in a row. That's the longest win streak since 2021.

Though stocks are back above pre-war levels and crude is down from peaks, investors shouldn't be sanguine about the war's impact on the world economy. "The economic fallout from the war is yet to come," said Michelle Gibley, director of international equity research at the Schwab Center for Financial Research (SCFR).

Reinforcing that view, the International Monetary Fund, or IMF, said Tuesday that the war will slow global economic growth, adding that the "outlook has abruptly darkened" and the war interrupted what had been a steady growth trajectory.

Eight of 11 S&P 500 sectors rose Tuesday, with only materials and energy in the red. Cyclical sectors that tend to perform well in a growing economy performed best, with communication services up a dramatic 3% on strength from leaders Meta Platforms and Alphabet and discretionary and info tech advancing 2.5% and 1.7%, respectively.

Checking individual movers Tuesday, JPMorgan Chase fell 0.3%. Earnings per share and revenue beat expectations, but investors seemed disappointed in the firm's NII forecast.

"The U.S. economy remained resilient in the quarter, with consumers still earning and spending and businesses still healthy," CEO Jamie Dimon said in the earnings release. "At the same time, there is an increasingly complex set of risks." In the company's earnings call, Dimon—whose economic observations often influence investors--said he doesn't see systemic risk from the recent private credit issues and that consumer spending is strong, based on the company's credit card data.

Wells Fargo sank around 5% as the bank beat Wall Street's earnings per share consensus but lagged on revenue. The company reaffirmed its NII guidance and slightly raised its provision for credit losses.

BlackRock climbed 3.6% after earnings beat analysts' consensus, while Citigroup added 2.6% following earnings and revenue that topped estimates, marked by solid trading growth during the quarter. Provisions for credit losses rose slightly.

United Airlines climbed 2%, with CNBC citing reports that the company was making a pitch to buy competitor American Airlines. Shares of AAL rose nearly 8%. Delta also rose sharply, up more than 6%, as all airlines seemed lifted by hopes for peace.

Consumer names including automobile makers, cruise lines, restaurants and some retailers enjoyed firm gains Tuesday.

The PHLX Semiconductor Index chipped in another new all-time high, fueled in part by Nvidia's 3.8% gains. Shares of Nvidia approached their late February high, which is just below $198, but remain below last fall's peak of $212.

Globalstar climbed 9% on a CNBC report that Amazon plans to buy the telecom infrastructure provider to boost its satellite business.

Tesla rose 3.3% after an upgrade from UBS.

Novo-Nordisk rose 3% on news it will partner with OpenAI to accelerate drug discovery.

Energy shares took a collective tumble Tuesday as crude oil prices fell.

Precious metals climbed Tuesday, with copper futures back above $6 a pound.

The Dow Jones Industrial Average® ($DJI) gained 317.74 points Tuesday (+0.66%) to 48,535.99; the S&P 500 Index (SPX) climbed 81.14 points (1.18%) to 6,967.38, and the Nasdaq Composite® ($COMP) added  455.35 points (+1.96%) to 23,639.08.

The S&P 500 is within shouting distance of its all-time high close of just below 6,979 posted January 27. This could be a level to watch today.