Your 5 weekly reads:
Inflation hits four-year high amid rising oil costs due to the Iran conflict.
Q1 market look back: What we got right (and wrong) with CIO Taresh Batra.
Market winners: Why small-cap and international equities led in Q1.
Essential equity strategy ahead of blockbuster IPOs.
Rai can update your Range account.
1. MARKET ROUNDUP
Inflation hit a four-year high
Inflation hit a four-year high in March as CPI surged 0.9% (3.3% YoY), the largest monthly increase in four years, driven by rising oil prices.
Wall Street's five biggest banks are expected to report a record $18 billion in stock-trading revenue for Q1 in next week’s earnings reports.
U.S. consumer spending rose just 0.1% in February after stagnating in January, as inflation and job cuts slashed real disposable income by 0.5% — its sharpest monthly drop in nearly a year.
Range Takeaway: The rise in headline CPI may seem alarming, but Core CPI, the Fed's preferred gauge that strips out volatile food and energy prices, rose just 0.2% for the month and 2.6% year-over-year, both a tenth below forecast. Surging oil prices haven’t yet been embedded into the broader economy — the door to rate cuts isn't open today, but core inflation is at least holding it unlocked.
2. THE BIG TAKE
A look back at Q1
What a quarter. Between the largest oil price shock in history, software underperformance that rivaled the Great Financial Crisis, and private credit bank runs, Q1 delivered more turbulence than most investors bargained for.
With the first quarter behind us, we revisited our 2026 Playbook from January. The rotation we expected at the start of the year played out: small-caps and international equities held up while U.S. mega-cap tech bore the brunt of the selloff. In a quarter where the S&P 500 fell 4.6%, the NASDAQ dropped nearly 6%, diversified portfolios escaped with minimal damage.
But the quarter also brought variables we didn't see coming. We expected policy clarity and a cooperative Fed. What we got instead was a macro whirlwind.
So where do we stand heading into Q2? We're not rewriting the playbook — not yet. Read our full Q1 review, where CIO Taresh Batra discusses:
Why the Fed may be more likely to cut than the market expects
Why we see multiple ways to win with bonds from here
Why we still have a constructive outlook for the rest of 2026
3. BY THE NUMBERS
Small Cap + International Wins
2.6%: Q1 international developed market gains.
4.6%: S&P 500 losses following a tough Q1.
38%: Q1 surge in the energy sector, which boosted small-cap gains.
4. FROM THE RANGE TEAM
Are You Ready for an Equity Windfall?
IPO headlines are back in a big way — from SpaceX to Anthropic and OpenAI. If you hold RSUs or stock options, the next few months could be consequential, not just because of what your equity could be worth, but also because of how much of it you could lose to taxes and timing mistakes.
The planning that changes outcomes happens before the liquidity event. Here are a few moves that matter:
ISO holders: Depending on your income and strike price, you may be able to exercise a certain number of shares each year without triggering AMT — that's your "sweet spot." Most people don't calculate it, exercise too many at once, and get a tax bill they weren't expecting. It's worth finding that number before you make any moves.
RSU holders: The flat 22% federal withholding at vest often isn't enough — particularly if you're in a higher bracket or a high-tax state like New York or California. The gap between what's withheld and what you'll actually owe can be meaningful, and quarterly estimated payments may be worth setting up.
Concentrated positions: It can help to write your selling rules before the lockup expires — not after. Some people commit to trimming a fixed percentage each month until the position is below a certain share of their net worth. The specifics vary, but the principle is the same: decide the plan before the stock is publicly traded, so you can avoid emotionally reacting to price swings.
Looking to create an equity strategy that works seamlessly with the rest of your financial picture? Book your free Range demo today.
5. RANGE TIPS & TRICKS
Rai Can Manage Your Account For You
In addition to giving you personalized advice, Rai can now update your account details so that Range has the latest context when building new plans or engaging in future conversations. By chatting with Rai, members can now:
Update your goals: From buying a vacation home to supporting your child through college or retiring at 55. Let us know what we're working towards.
Update your income sources and amounts: Got a raise? Started a business? New side-hustle? Just send Rai a message, and you'll see it reflected in your account.
Update tax withholdings and tax payment info: Tell Rai if you've made interest, dividend, or capital gains income that hasn’t been reflected in your account, or if you’re planning to change your filing status from single to married filing jointly, so Rai can account for those changes when creating future tax projections.
Want to learn more about Rai? Join us later today for a guided tour of the Range platform.
RAI PROMPT OF THE WEEK
Rai can help you strategize around tax loss harvesting. Range account executive Brian Rauzi asked: “If I had invested $1M in an S&P 500 direct indexing portfolio four years ago, how many taxable losses could that have generated?”
By creating a year-by-year breakdown based on historical data, Rai will share estimated losses harvested per year, plus specific notes to keep in mind based on your portfolio. Rai’s analysis can help you determine whether tax loss harvesting is a strategy that makes sense for your household.*
Before we go…
🗓️ Tax Day is Wednesday 4/15. If you need extra time, don’t panic. Here’s how to file an extension without penalties.
⛳ Our partner, Michael Kim, played at The Masters this week and Rangers had a blast cheering him on.
🏠 From Bloomberg: For China’s Rich, the New Must-Have Is a Luxury Home in Zimbabwe
🎤 Join our webinar at 12PM ET today to get a tour of the Range platform, meet the Range team, and ask questions live. RSVP here.
Range
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*Please see Range Advisory’s ADV Part 2A for important risk disclosures and risks related to the use of AI. Recommendations depend on the accuracy and completeness of the information you provide to us. Recommendations based on incorrect or incomplete data may not be accurate.
Disclaimer:
The information contained in this communication is for informational purposes only. This content may not be relied on in any manner as specific legal, tax, regulatory, or investment advice. While we strive to present accurate and timely content, tax laws and regulations are subject to change, and individual circumstances can vary.
Please see Range Advisory’s ADV Part 2A for important risk disclosures related to the use of AI. Recommendations depend on the accuracy and completeness of the information you provide to us. Recommendations based on incorrect or incomplete data may not be accurate.
While we strive to present accurate and timely content, tax laws and regulations are subject to change, and individual circumstances can vary. You should not rely solely on the information contained here when making decisions regarding your taxes or financial situation. We strongly recommend consulting with a certified tax professional, accountant, or legal advisor to address your specific needs and ensure compliance with applicable laws.
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