With positioning dynamics improving and geopolitical risk still in the background, how are you thinking about risk exposure into the back half of April?

Stocks opened slightly higher this morning as optimism about a ceasefire and stable Treasury yields helped extend Monday’s tone. Markets also got a fresh read on wholesale inflation: March PPI ticked higher but came in below expectations, while core matched February’s revised figure despite ongoing geopolitical disruptions.

On the earnings front, JPMorgan beat estimates but guided FY net interest income lower, sending shares down. Wells Fargo missed on earnings and key revenue lines, adding to the cautious mood.

With positioning dynamics improving and geopolitical risk still in the background, how are you thinking about risk exposure into the back half of April?