Brent Surges Past $120 as Stocks Rally 10%+ in April Amid Yield Climb

Brent crude has topped $120/barrel, a four-year high before pullback, intensifying headwinds for US stocks despite their strong April rally: S&P 500 up over 10%, Nasdaq over 15%. Starting from early March's modest gains—S&P +0.8%, Nasdaq +1.3%, Brent pausing at $81.40 with 10-year yields at 4.379%—markets shifted bullish on robust Q1 earnings (20% YoY growth) and jobs data expectations (73k consensus). However, yields near 4.4%, softening Fed rate-cut hopes, and over 100 S&P firms reporting next week raise inflation and consolidation risks.