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Perspectives

Iranian Conflict, the Strait of Hormuz, and its Impact on the Markets and Economy

by Fortem Financial March 16, 2026

February was a relatively quiet month for markets — the S&P 500 slipped -0.9%, the Nasdaq fell -3.4%, and the Dow edged up +0.2%. Then everything changed on February 28, 2026, when the United States and Israel launched joint military strikes on Iran. Within days, the Strait of Hormuz — the narrow waterway through which approximately one-fifth of the world's daily oil supply normally flows — was effectively closed to shipping. The questions we've been hearing from clients are understan… View More

$100-Per-Barrel Oil is Temporary and Should Start to Decline in the Very Near Future

by Fortem Financial March 9, 2026

Summary Stocks declined for the second straight week (S&P 500 -1.99%; its worst performance since October). The war in Iran hit equities and other risk markets hard last week. The ratcheting up of geopolitical tensions added to pre-existing investor nervousness about excesses in AI-related equities, mounting strains in private credit, and high valuations. This triggered widespread selling pressure as investors rotated to cash. Best sectors were energy (+1.00%) and technology (-0.35%), worst… View More

Israel and the United States Launched an Attack on Iran

by Fortem Financial March 2, 2026

Over the weekend, Israel and the United States launched an attack on Iran. Retaliation from Iran followed with missiles targeted at US military assets in the region and Israel. The Houthis have announced the closure of the Bab el-Mandeb Strait in the Red Sea with the intention of targeting US and Israeli ships. As we have noted repeatedly, the US does not move this level of military assets into a region to bluff. The placement of the USS Gerald R. Ford aircraft carrier and F-22 Raptors in the r… View More

Higher Tariffs Not Dead

by Fortem Financial February 23, 2026

The Trump Tariffs are dead - long live the Trump Tariffs? As we expected, the Supreme Court struck down most of the new tariffs President Trump had imposed since taking office thirteen months ago. While Congress granted the President “emergency” powers to regulate trade in a 1977 law, the Court ruled 6-3 that the statute does not explicitly authorize the use of tariffs under those powers. As a result, many of the recently imposed tariffs exceeded the authority Congress delegated to the exec… View More

Weekly Market Commentary

by Fortem Financial February 17, 2026

Q4 Earnings Reporting ~75% Complete & 4Q Growth Being Reported As Strong With roughly 75% of S&P 500 companies having reported earnings, results are coming in strong. Earnings growth is once again tracking in the double digits for a fifth consecutive quarter, an outcome that’s somewhat unusual at this stage of the economic cycle. The impact of AI-driven capex is clearly showing up in the numbers. The strongest growth rates are concentrated in the Technology, Communications, and Indust… View More

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Fortem Financial Group, LLC, has adopted this policy with recognition that protecting the privacy and security of the non-public personal information we obtain about our customers is an important responsibility.

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