Weekend Update, April 27th, 2026

April 27, 2026

AI Chips Lead, All-time Highs Hold

Key Takeaways Last Week

U.S. stocks finished largely up, with the S&P 500 and Nasdaq reaching fresh record highs. The S&P 500 rose +0.5%, Nasdaq gained +1.5%, Dow fell -0.4%, and Russell 2000 rose +0.4% for the week ending Friday, April 24, 2026. Year to date, the S&P 500 is +4.7%, Nasdaq +6.9%, Dow +2.4%, and Russell 2000 +12.3%. Breadth remained somewhat narrow and geopolitical risk remained unresolved into the weekend.

  • Intel surged after strong earnings and guidance, reigniting semiconductor and AI leadership.
  • S&P 500 and Nasdaq both closed at new all-time records, while the value biased Dow lagged.
  • Geopolitical uncertainty around Iran and the Strait of Hormuz kept oil and risk sentiment volatile.
  • Treasury yields moved lower late in the week after the DOJ dropped its Powell probe.
  • Earnings caused winners in semiconductors and gold miners, while cable, defense, and retailers lagged.

U.S. Stock Performance – Index and Sector Moves

Financial markets improved during the week ending 4/24

Seeking Alpha table.

Source: Seeking Alpha

The S&P 500 rose +0.5% to 7,165.08. The Dow Jones Industrial Average fell -0.4% to 49,230.71. The Nasdaq Composite rose +1.5% to 24,836.60, and the Russell 2000 gained +0.4% to 2,787.00.

Year to date, the S&P 500 is up +4.7%; the Dow is up +2.4%; the Nasdaq is up +6.9%; and the Russell 2000 is up +12.3%.

Sector leadership was driven by semiconductors, AI infrastructure, technology, and select commodity-linked earnings winners. Laggards included cable, defense, select industrials, and consumer names tied to weaker earnings or guidance.

US Equity Sectors table.

Source: Seeking Alpha

S&P 500 Weekly Leaders and Laggards Ranked (best available weekly % change ordering):

  • Intel (INTC): Rose sharply after stronger Q1 results, better guidance, and renewed AI/CPU demand optimism; Friday gain alone was about +23.6%.
  • Qualcomm (QCOM): Gained about +11.1% Friday, helped by chip-sector momentum and edge-AI optimism.
  • Newmont (NEM): Rallied on 1q26 Q1 earnings, record gold-driven cash flow, and a larger buyback authorization.
  • Baker Hughes (BKR): Rose after Q1 earnings and revenue beat expectations, with strength in orders and power systems.
  • Nvidia (NVDA): Hit a record close as the semiconductor rally broadened; shares gained about +4.3%

Bottom S&P 500 – WTD Laggards (Last Week) –

  • Charter Communications (CHTR), -23.9% WTD: Fell after subscriber losses, an EPS miss, and competition concerns.
  • Tractor Supply (TSCO), -18.4% WTD: Dropped after weak earnings, softer pet sales, and slower same-store sales.
  • Northrop Grumman (NOC), -13.8% WTD: Sold off with defense names despite demand, as investors questioned future spending politics.
  • Lockheed Martin (LMT), -13.5% WTD: Fell after missing Q1 earnings and revenue expectations and reporting weak free cash flow.
  • TE Connectivity (TEL), -13.5% WTD: Declined despite earnings strength, due disappointment around timing of AI/data-network growth.

US Equity Factors table.

Source: Seeking Alpha

International/Global

International markets were mixed as investors monitored Iran ceasefire talks, Middle East oil risk, and global technology leadership. European and Asian markets remained sensitive to oil, defense spending, and semiconductor demand. Global investors continue to monitor the Strait of Hormuz because disruptions there could affect oil supply, inflation, shipping, and global growth expectations.

Volatility & Risk Sentiment

Risk sentiment was better. The VIX closed at 18.71 on April 24, reflecting contained but elevated demand for downside protection compared with calmer bull-market periods.

Bond market volatility / MOVE Index: Closed near 65.

Bonds, Credit & Interest Rates

Treasury yields ended the week near recent ranges. The 2-year Treasury yield ended at near 3.78%, the 10-year near 4.31%, and the 30-year near 4.91%. The 2-year Treasury yield rallied 6bps on Friday as President Trump dropped his motions against Fed Chair Powell.

The 2s/10s curve remained inverted. Credit conditions appeared stable, though private credit, geopolitical risk, and oil-driven inflation remain key watch items.

Economic Data, Monetary Policy & Earnings

Economic data was secondary to earnings and geopolitics. Consumer sentiment weakened amid war-related anxiety, while investors also watched the delayed retail-sales calendar and Fed leadership headlines.

The DOJ dropped its investigation into Fed Chair Jerome Powell, which markets viewed as reducing one source of Fed-leadership uncertainty and potentially clearing the way for Kevin Warsh’s confirmation process. The Fed meets this week and will likely do nothing with rates.

Important earnings reports include almost 50% of the S&P500. Too many names to list.

Commodities, Currencies & Macro Assets

Oil remained volatile because of U.S.-Iran uncertainty and Strait of Hormuz risk. WTI / Brent weekly closed near $94/$105bbl.

Gold remained elevated, supported by geopolitical uncertainty and strong miner earnings. Friday gold closed at $4740/oz.

The Dollar Index / DXY was near 98.8 during the week.

Bitcoin ended near $78,000, while Ethereum traded near $2,350.

Commodities table.

Source: Seeking Alpha

Liquidity Conditions

Equity liquidity conditions remained supportive for large-cap technology and semiconductor shares. Treasury liquidity appeared stable.

Flows & Positioning

The market posted its fourth straight positive week for the S&P 500 and Nasdaq. Positioning continued to favor AI, semiconductors, and mega-cap technology, while weaker earnings punished cable, defense, and select consumer names.

What Matters This Week

Markets will focus on:

  • Mega-cap technology earnings, including Apple, Amazon, Google/Alphabet, Microsoft, and Meta.
  • Federal Reserve meeting and rate guidance.
  • Iran talks, Strait of Hormuz developments, and oil-price volatility.
  • Semiconductor follow-through after Intel’s breakout.
  • Breadth, as the rally remains heavily influenced by AI and chip leadership.

Bottom Line

Markets held near record highs for another week, led by technology and semiconductor strength. Intel’s earnings helped revive confidence in the AI infrastructure trade and pushed the Nasdaq and S&P 500 to fresh records. However, leadership remains narrow, the Dow lagged, and stock-specific earnings risk remains high. Geopolitical risk around Iran and oil continues to create headline volatility, while Treasury yields and Fed leadership remain important macro drivers.

Stock Talk

It’s an AI Bubble!?, so why are so many investors cautious?

Past performance is no guarantee of future results. Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. The preceding discussion is for informational purposes only. Investing involves risk and no reference to any security listed above should be considered a buy or sell recommendation. Advisory services are provided through Oak Harvest Investment Services, LLC, a registered investment adviser.