Week Ending April 3rd, 2026

Friday's Market Moves

S&P 500 – 6,582.69 (+0.11%)

Dow Jones – 46,504.67 (-0.13%)

NASDAQ – 21,879.18 (+0.18%)

• Markets closed: Major U.S. financial markets were closed on Friday in observance of Good Friday ahead of the Easter holiday.
• U.S.-Iran tensions: Rising tensions between the U.S. and Iran escalated after President Trump threatened further attacks on critical infrastructure, signaling potential escalation despite stalled diplomatic efforts.
• Labor market strength: The U.S. labor market showed unexpected strength in March, with solid job growth and a lower unemployment rate, though underlying weaknesses and external risks persist.
• Coca-Cola campaign: Coca-Cola launched a multi-chain advertising campaign to boost high-margin drink sales as declining restaurant traffic pressures both the company and its restaurant partners.
• Airline fees rise: Airlines are raising baggage fees to offset surging fuel costs, passing higher expenses on to travelers as industry pressures continue.
• Starbucks bonuses: Starbucks is introducing bonuses and expanded tipping options to improve employee pay and support its broader turnaround strategy.
• Oil spikes: WTI crude hit $113/bbl amid Strait of Hormuz supply concerns; further gains possible if disruptions persist. 
• Energy rally: Exxon Mobil +3%, Chevron +2%, Devon, ConocoPhillips, Occidental +3%+. 
• Airlines hit: Delta, United, Alaska Air all down ≥3%.
• Bonds & dollar: Global bonds weaken on inflation fears; U.S. bonds hold, dollar strengthens. 
• Mortgage rates: Above 6% for the fifth consecutive week. 
• Tech & AI movers: Globalstar jumps on Amazon acquisition talks; Penguin Solutions rises on strong Q2 results. 
• Volatility: Cboe VIX jumps 12% to 27.5, signaling heightened risk. 
• Automakers: GM Q1 sales -10%, Ford Q1 sales -9% (F-series trucks -16%). 
• Pharma & chips: Eli Lilly slightly down after FDA approval gain; Micron, WD, SanDisk retreat >5% after strong rally. 
• Market breadth: 28% of S&P 500 above 50-day MA, <50% above 200-day MA. 
• Consumer & M&A: Coca-Cola launches multi-chain ad campaign; OpenAI acquiring TBPN; SpaceX in talks with Saudi PIF for $5B stake; Bed Bath & Beyond buys The Container Store, Elfa, Closet Works for $150M. 

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“Easter is meant to be a symbol of hope, renewal, and new life.” 

— Janine di Giovanni

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Notable Stocks

• Nvidia (NVDA)
• General Motors (GM)
• Ford (F)
• Tesla (TSLA)
• Eli Lilly (LLY)

Weekly Notables

Airlines Raise Bag Fees as Fuel Costs Surge

United Airlines has increased its checked bag fees by $10, citing a sharp rise in fuel costs that continues to pressure the airline industry. The move makes United the second major U.S. carrier in a week to raise baggage fees. Under the new pricing, most domestic passengers will pay $45 for a first checked bag if they prepay, or $50 if they add it within 24 hours of departure. The higher fees apply across routes in the U.S., Mexico, Canada, and Latin America for tickets purchased starting April 3.

Coca-Cola Teams Up with Restaurant Chains to Drive Drink Sales Amid Slump

Coca-Cola has launched a new advertising campaign featuring 13 restaurant chains, aiming to boost soda sales as the industry grapples with declining customer traffic and slow revenue growth. This marks the first time the company has promoted multiple restaurant partners together in a single campaign. The ads highlight customers ordering meals across a variety of chains, all ending with the same line: “And a Coke.” Participating brands include Arby’s, Culver’s, Domino’s, Five Guys, Jack in the Box, Jimmy John’s, Panda Express, Popeyes, Sonic, Wendy’s, Whataburger, White Castle, and Wingstop.

Earnings Spotlight: Delta Air Lines (DAL)

Delta Air Lines (DAL) is expected to announce earnings on April 8th. The company is predicted by Wall Street analysts to post quarterly earnings of $0.63 per share, reflecting an increase of 37% compared to the same period last year. Revenues are forecasted to be $14.82 billion, representing a year-over-year increase of 5.6%. The consensus EPS estimate for the quarter has been revised 12.3% lower over the last 30 days to the current level.

What's Ahead

April 6: No major earnings or data expected.
April 7: No major earnings or data expected.
April 8: Expected earnings from Delta Air Lines (DAL), Constellation Brands (STZ), and Applied Digital (APLD).
April 9: Fourth quarter GDP-third estimate, February PCE prices.
April 10: March CPI and core CPI, preliminary April University of Michigan Consumer Sentiment.