Market Pulse

Index	Last Week	1-Month (Trailing)	YTD
DJIA	-0.44%	+6.73%	+2.43%
S&P 500	+0.55%	+9.28%	+4.67%
Nasdaq	+1.50%	+14.13%	+6.86%
Russell 2000	+0.36%	+11.24%	+12.29%
MSCI EAFE	-2.44%	+6.82%	+5.98%
MSCI EM	+0.16%	+12.77%	+15.90%
Bloomberg U.S. Agg	-0.26%	+0.84%	+0.67%
Bloomberg U.S. Corp HY	-0.21%	+1.65%	+1.21%

Data as of: Friday, April 24, 2026

See important disclosures below.

Weekly Recap

04/20/2026 - 04/24/2026

U.S. Economy

• Retail sales, PMIs exceeded expectations

• Warsh hearing highlighted Fed independence concerns

Equity Market

• S&P, Nasdaq hit fresh all-time highs

• Semiconductors surged, SOX up about 10%

Bond Market

• Treasury yields rose modestly across curve

• Markets expect Fed hold through mid-2026

Around the Globe

• Crude oil jumped on Iran developments

• Dollar strengthened; gold and silver declined

The Week Ahead…

04/27/2026 - 05/01/2026

• Mon

  • Verizon, Domino’s Pizza

  • Asia unemployment, manufacturing production

• Tue

  • Coca-Cola, UPS, General Motors, Starbucks, Visa

  • Consumer Confidence (Apr)

  • FHFA House Price Index (Feb)

• Wed

  • Microsoft, Amazon, Meta, Alphabet, Qualcomm

  • FOMC rate decision

  • Durable Orders, Housing Starts (Mar)

• Thu

  • Apple, Mastercard, Eli Lilly, Merck, Caterpillar

  • GDP (Q1 advance), Core PCE (Mar)

  • Jobless Claims, Chicago PMI (Apr)

• Fri

  • Exxon Mobil, Chevron, Colgate-Palmolive, Moderna, Estée Lauder

  • ISM Manufacturing Index (Apr)

  • PMI Manufacturing Final (Apr)

The week ahead brings one of the busiest stretches of the quarter, highlighted by a peak in Q1 earnings and a heavy slate of macro data. Markets will be closely focused on results from several of the largest technology companies, with Microsoft, Amazon, Meta, and Alphabet reporting midweek, followed by Apple on Thursday. The tone of these releases will be critical in validating the recent move to new highs in major indices and the durability of AI-driven growth expectations.

On the policy front, the Federal Reserve meeting on Wednesday stands out as the key macro event. While no rate change is expected, investors will be parsing the statement and press conference for any shift in tone, particularly as markets have pushed out expectations for rate cuts. The backdrop remains one of resilient economic data and lingering inflation concerns, which could keep policymakers cautious.

Economic data is also dense, with first-quarter GDP, Core PCE inflation, and consumer-related indicators like confidence and spending all on deck. Together, these releases will help shape the narrative around growth momentum and inflation trends heading into the summer, while also influencing rate expectations and broader market sentiment.

-Matt Shaw, CFA

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