After a rough first quarter of 2026, April saw the best monthly gain in major indexes in more than five years. Is it a sign that investors are refocusing on fundamentals and not overreacting to every geopolitical headline? On the latest episode of WashingtonWise, Liz Ann Sonders, Schwab's chief investment strategist, joins host Mike Townsend for an engaging discussion about the market, the economy, and whether the latest rally can be sustainable. Liz Ann shares her perspective on the strong corporate earnings season, the implications of tariff refunds for companies, how to think about the evolving "AI trade," and what the change in leadership at the Federal Reserve could mean for interest rates and the markets. They also discuss sector performance and how the historic axiom that the markets perform more poorly in summer months than in winter months doesn't fit today's markets. And Liz Ann offers a strong viewpoint on the important distinction between investing and gambling. Mike also provides updates from Washington on several key issues, including the timeline for confirming the new Fed chair, the president's executive order on retirement savings, and the latest round of the gerrymandering wars as states vie to redraw their Congressional district lines."

WashingtonWiseis an original podcast for investors from Charles Schwab. For more on the series, visit schwab.com/WashingtonWise.

If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts

DISCLOSURES

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

This material is intended for general informational and educational purposes only. This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.

All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

​Past performance is no guarantee of future results.

Investing involves risk, including loss of principal.

All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.

Diversification and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets.

Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy.

Schwab does not recommend the use of technical analysis as a sole means of investment research.

Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.

Indexes are unmanaged, do not incur management fees, costs, and expenses (and/or "transaction fees or other related expenses"), and cannot be invested in directly. For more information on indexes, please see ​schwab.com/indexdefinitions

The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.

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A rocky first quarter for the equities markets gave way to a surprisingly strong start to April, despite ongoing uncertainty from the Middle East conflict, stubborn gas prices, and supply chain disruptions. On this episode, host Mike Townsend is joined by Joe Mazzola, head trading and derivatives strategist at Charles Schwab, for a discussion about what's driving the market right now and whether the April rally is sustainable. Joe shares his insights on relief rallies, the start to earnings season, consumer sentiment, and how companies are embracing the "higher for longer" outlook from the Federal Reserve. He also discusses new rules for day traders, the potential impact of mega IPOs on the market, and the three things he's watching for to see if the April rally can sustain its momentum. And Mike provides his perspective on the latest news out of Washington, including Kevin Warsh's confirmation hearing to become the next Fed chair, the opening of the government's tariff refund portal, and the increasing interest among lawmakers in regulating the fast-growing prediction markets.

WashingtonWise is an original podcast for investors from Charles Schwab. For more on the series, visit schwab.com/WashingtonWise.

If you enjoy the show, please leave a ★★★★★ rating or review on Apple Podcasts

DISCLOSURES

The policy analysis provided by the Charles Schwab & Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.

This material is intended for general informational and educational purposes only.

This should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned are not suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decisions.

All expressions of opinion are subject to change without notice in reaction to shifting market, economic or political conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

Past performance is no guarantee of future results.

Investing involves risk, including loss of principal.

All names and market data shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security.

Diversification and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets.

Performance may be affected by risks associated with non-diversification, including investments in specific countries or sectors. Additional risks may also include, but are not limited to, investments in foreign securities, especially emerging markets, real estate investment trusts (REITs), fixed income, municipal securities including state specific municipal securities, small capitalization securities and commodities. Each individual investor should consider these risks carefully before investing in a particular security or strategy.

Commodity-related products carry a high level of risk and are not suitable for all investors. Commodity-related products may be extremely volatile, may be illiquid, and can be significantly affected by underlying commodity prices, world events, import controls, worldwide competition, government regulations, and economic conditions.

Forecasts contained herein are for illustrative purposes only, may be based upon proprietary research and are developed through analysis of historical public data.

Currency trading is speculative, very volatile and not suitable for all investors

Indexes are unmanaged, do not incur management fees, costs, and expenses (and/or "transaction fees or other related expenses"), and cannot be invested in directly. For more information on indexes, please see ​schwab.com/indexdefinitions

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Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.