S&P 500 – 7,165.08 (+0.80%)

Dow Jones – 49,230.71 (-0.16%)

NASDAQ – 24,836.60 (+1.63%)

• MARKET SNAPSHOT: RECORD HIGHS DESPITE GEOPOLITICAL UNCERTAINTY: U.S. equities moved higher, with the S&P 500 and Nasdaq hitting new record highs as investors balanced optimism around potential U.S.–Iran diplomacy with broader macro uncertainty.
• GEOPOLITICS: U.S.–IRAN TALKS STALL AS DIPLOMATIC TENSIONS ESCALATE: Talks between the U.S. and Iran stalled after Donald Trump canceled a planned delegation, raising tensions and casting doubt on near-term diplomatic progress.
• EARNINGS & TECH: INTEL SURGES ON AI TURNAROUND MOMENTUM: Intel shares surged to their strongest gain in decades after delivering upbeat results fueled by accelerating AI-driven demand, reinforcing investor confidence in a major turnaround story.
• CORPORATE NEWS: NIKE CUTS 1,400 JOBS IN GLOBAL RESTRUCTURING PUSH: Nike is eliminating 1,400 roles as part of a global restructuring effort aimed at streamlining operations and reigniting long-term growth.
• ENERGY & MACRO: OIL EASES AS CEASEFIRE EXTENSION COOLS PRICE: Oil’s recent surge—WTI up 13% last week—lost momentum on Friday after reports that the Israel-Lebanon ceasefire was extended by three weeks and renewed diplomatic activity emerged from Iran. Energy stocks weakened alongside crude, with ConocoPhillips down 2% as investors rotated away from the sector.
• TECHNOLOGY & SEMICONDUCTORS: AI RALLY DRIVES BROAD MARKET LEADERSHIP: Technology stocks led Friday’s gains, especially semiconductors, after Intel’s strong outlook reignited sector momentum. Advanced Micro Devices jumped 12%, while Arm, Marvell, Super Micro Computer, ASML, and Taiwan Semiconductor all rose at least 3.5%. The PHLX Semiconductor Index extended its winning streak to 17 sessions, now up 6% for the week. In Asia, Taiwan Semiconductor Manufacturing gained 5% following regulatory easing on fund holdings.
• EQUITIES & EARNINGS: STRONG PROFITS OFFSET MARKET HEADWINDS
• Despite geopolitical risks and commodity volatility, strong corporate earnings continued to support equities. S&P 500 earnings are expected to rise about 14% year-over-year, marking a sixth consecutive quarter of double-digit growth, while technology profits are projected to surge roughly 46% driven by AI infrastructure demand.
• CORPORATE MOVES: META AND QUALCOMM JOIN BROADER TECH STRENGTH: Meta Platforms rose after announcing plans to cut 8,000 jobs while expanding AI-driven internal tools, while Qualcomm also gained amid sector-wide strength in technology and semiconductors.
• INDUSTRIALS: RAILROADS SURGE ON STRONG EARNINGS BEATS: Railroad companies rallied, with Union Pacific and CSX rising 8% and 7% respectively, as both reported strong earnings supported by improved volumes, higher margins, and upgraded guidance.
• CONSUMER & RETAIL: STRONG SPENDING BUT WEAK SENTIMENT: Retail sales rose 1.7% in March, the strongest gain in a year, driven largely by higher gasoline prices and solid core demand. However, consumer sentiment fell sharply to 49.8, reflecting ongoing concern over war risks and rising costs.
• ECONOMY: MIXED DATA SHOWS RESILIENCE WITH INFLATION PRESSURE: Manufacturing PMI hit a 47-month high at 54.0, while services PMI rose back above expansion at 51.3. However, both input costs and output prices climbed sharply, signaling persistent inflation pressures across the economy.
• LABOR MARKET: JOBLESS CLAIMS EDGE HIGHER: Initial jobless claims rose to 214K, slightly above expectations, while continuing claims increased to 1.821M, indicating a modest cooling in labor market conditions.
• CRYPTO & DIGITAL ASSETS: MIXED WEEK WITH SECURITY CONCERNS: The Bitwise 10 Large Crypto Index was flat week-over-week, with bitcoin slightly higher and ether lower. However, sentiment was shaken after a major exploit targeting KelpDAO’s cross-chain bridge, highlighting ongoing security risks in decentralized finance.
• LOOKING AHEAD: KEY EARNINGS, FED DECISION, AND DATA DELUGE AHEAD: Markets now turn toward a packed week featuring major tech earnings from Microsoft, Amazon, Meta, Alphabet, and Apple, alongside the Federal Reserve policy decision and a heavy slate of economic data that could determine whether record highs hold or volatility returns.

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“Turn on, tune in, drop out.” 

— Timothy Leary

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Notable Stocks

• Apple (AAPL)
• Nvidia (NVDA)
• Intel (INTC)
• Meta (META)
• Nike (NKE)

Weekly Notables

FDA Speeds Up Psychedelic Drug Research Following Policy Shift

The U.S. Food and Drug Administration announced new measures to accelerate research into psychedelic-based treatments for serious mental health conditions. The move follows an executive order from Donald Trump directing federal agencies to expand access to emerging therapies. The initiative marks a notable shift in federal health policy. Officials say the effort is aimed at advancing treatments for conditions such as treatment-resistant depression, PTSD, and substance use disorders.

Nvidia Hits $5 Trillion Valuation as AI Chip Rally Accelerates

Nvidia shares surged to a new record on Friday, closing up 4.3% at $208.27 and pushing the company’s market value past $5 trillion for the first time since October. The milestone underscores the continued surge in demand for artificial intelligence infrastructure and positions Nvidia at the center of the AI boom. The rally was fueled in part by strong results from Intel, whose shares soared 24%, their best performance in decades. Intel’s earnings helped reignite investor enthusiasm across the semiconductor space, signaling that AI-related demand remains strong beyond just one dominant player.

Earnings Spotlight: Alphabet Inc. (GOOGL)

Alphabet Inc. (GOOGL) is scheduled to release its financial results post-market on April 29 ET. Analysts estimate the company to post revenue of USD106.91B for 2026Q1, up 18.48% YOY; EPS is estimated to be USD2.619, down 6.8% YoY.

What's Ahead

Attention will remain on major technology companies this new week, as Microsoft, Amazon, Alphabet, and Meta report earnings on April 29, followed by Apple on April 30.

Economic:

• Monday (April 27): no reports
• Tuesday (April 28): Consumer Confidence, FHFA Housing Price Index, S&P Case-Shiller Home Price Index
• Two-day FOMC meeting starts; policy decision and press conference Wednesday 2:00 ET
• Wednesday (April 29): Advanced International Trade in Goods, Advanced Retail Inventories, Advanced Wholesale Inventories, Building Permits, Durable Goods, EIA Crude Oil Inventories, Housing Starts, MBA Mortgage Applications Index, New Home Sales
• Thursday (April 30): Chicago Purchasing Managers' Index (PMI), Continuing Claims, EIA Natural Gas Inventories, Employment Cost Index, Q1 GDP—Advanced, Initial Claims, PCE Prices, Personal Income, Personal Spending
• Friday (May 1): Construction Spending, ISM Manufacturing Index

Earnings:

• Monday (April 27): Alliance Resource Partners LP (ARLP), Cadence Design Systems Inc. (CDNS), Celestica Inc. (CLS), Cincinnati Financial Corp. (CINF), Domino's Pizza Inc. (DPZ), Easterly Government Properties Inc. (DEA), Lakeland Financial Corp. (LKFN), Nucor Corp. (NUE), Public Storage (PSA), Ventas Inc. (VTR), Verizon Communications Inc. (VZ)
• Tuesday (April 28): American Tower Co. (AMT), Booking Holdings Inc. (BKNG), BP PLC (BP), Coca-Cola Co. (KO), Corning Inc. (GLW), Novartis AG (NVS), S&P Global Inc. (SPGI), Seagate Technology Holdings PLC (STX), Sherwin-Williams Co. (SHW), Spotify Technology SA (SPOT), Starbucks Corp. (SBUX), Vale SA (VALE), United Parcel Services (UPS), Visa Inc. (V), Waste Management Inc. (WM), Welltower Inc. (WELL)
• Wednesday (April 29): Abbvie Inc. (ABBV), Alphabet Inc. (GOOGL), Amazon.com Inc. (AMZN), Amphenol Corp. (APH), Automatic Data Processing (ADP), Banco Santandar SA (SAN), GSK PLC (GSK), General Dynamics Corp. (GD), KLAC Corp. (KLAC), Meta Platforms Inc. (META), Microsoft Corp. (MSFT), Qualcomm Inc. (QCOM), Regeneron Pharmaceuticals Inc. (REGN), UBS Group AG (UBS)
• Thursday (April 30): Agnico-Eagle Mines Ltd. (AEM), Amgen Inc. (AMGN), Apple Inc. (AAPL), Bristol-Myers Squibb Co. (BMY), Caterpillar Inc. (CAT), Conoco Phillips (COP), Eli Lilly & Co. (LLY), Mastercard Inc. (MA), Merck & Co. (MRK), Parker-Hannafin Corp. (PH), SanDisk Corp. (SNDK), Western Digital Corp. (WDC)
• Friday (May 1): AON PLC (AON), Ares Management Corp. (ARES), Chevron Corp. (CVX), Colgate-Palmolive Co. (CL), Dominion Energy Inc. (D), Exxon Mobil Corp. (XOM), Linde PLC (LIN), Natwest Group PLC (NWG), TC Energy Corp. (TRP)