Weekly Market Update – April 24, 2026

Quick Takes

• U.S. stocks continue to climb on strong earnings and resilient economic data, but rising yields, higher oil prices, and persistent inflation fears are creating crosscurrents for global markets.  International stocks had a tougher week amid a stronger dollar and higher energy prices.
• Most major U.S. stock indexes finished higher, with several notching new all-time highs. The Nasdaq Composite led gains, rising +1.5% for the week, followed by the S&P 500 up +0.6%. Small-company stocks lagged but still edged higher, with the Russell 2000 up +0.4%. 
• Bond markets struggled as yields moved higher across most maturities during the week. Although Treasury yields dipped on Friday amid shifting expectations for future Federal Reserve leadership and potential rate cuts, that late-week rally was not enough to offset earlier losses.

Source: Bloomberg. Data as of April 24, 2026.
Price Returns for Equity, Total Returns for Bonds.
* The term basis points (bps) refers to a common unit of measure for interest rates and other percentages in finance. One basis point is equal to 0.01%. Bond prices and bond yields are inversely related. As the price of a bond goes up, the yield decreases.

Stocks extend winning streak on solid economic and earnings reports

U.S. stocks logged their longest weekly advance since 2024, powered by generally upbeat economic data, continued momentum in artificial-intelligence-related shares, and better-than-expected corporate earnings. While U.S. markets pushed to fresh highs, international stocks and bonds had a tougher week amid rising yields, a stronger dollar, and renewed volatility tied to energy prices. Below is a breakdown of the week’s key market and economic developments.

U.S. Stocks: Records driven by tech and earnings

Most major U.S. stock indexes finished higher, with several notching new all-time highs. The Nasdaq Composite led gains, rising +1.5% for the week, followed by the S&P 500 up +0.6%. Small-company stocks lagged but still edged higher, with the Russell 2000 up +0.4%.

Markets began the week cautiously after a strong three-week rally, as hopes for quick de-escalation in the Middle East faded. Sentiment improved midweek after a ceasefire extension helped calm nerves, even as geopolitical uncertainty continued to ebb and flow.

A renewed global appetite for technology stocks provided a powerful tailwind. The SOX semiconductor index rose for an 18th consecutive day, with Intel hitting a record high. Overseas tech names also contributed to optimism: SAP reported better-than-expected cloud revenue growth, and Taiwan Semiconductor Manufacturing surged after Taiwan’s regulator eased limits on single-stock fund holdings.

Earnings were another bright spot. Nearly 20% of S&P 500 companies reported results during the week. According to FactSet, 84% beat expectations, with blended year-over-year earnings growth running at +15.1%—on track for a sixth straight quarter of double-digit gains.

International Stocks: Lagging amid economic softness and currency pressure

Stocks outside the U.S. failed to keep pace with their domestic peers. Developed-market shares, measured by the MSCI EAFE Index, fell -2.9% for the week, reversing much of the prior week’s gains.

Europe was a notable drag. The MSCI Europe Index dropped -3.1%, erasing the previous week’s advance. Spain fell -5.1%, France declined -3.9%, and Germany slid -3.0%. Weak economic signals weighed on sentiment, including sharply higher Spanish producer prices, a steep drop in French consumer confidence, and German business confidence sinking to its lowest level since the pandemic.

Emerging markets fared better but still showed signs of slowing momentum. The MSCI Emerging Markets Index rose +0.8%, following much larger gains in the two prior weeks. Strength in Taiwan (+7.7%) and South Korea (+3.1%) offset declines in China (-1.7%) and Latin America (-3.4%).

Currency and commodity moves also played a role. The U.S. Dollar Index rose +0.4%, creating a headwind for non-U.S. assets. Meanwhile, oil prices surged—WTI crude jumped +12.6% to around $94, and Brent crude climbed +17.2% to about $105 per barrel—a particular challenge for emerging economies that rely heavily on imported energy.

Bonds: Rising yields pressure returns

Bond markets struggled as yields moved higher across most maturities during the week. Although Treasury yields dipped on Friday amid shifting expectations for future Federal Reserve leadership and potential rate cuts, that late-week rally was not enough to offset earlier losses.

For the week:

• The 10-year Treasury yield rose +5 basis points to 4.30%
• The 2-year yield climbed +7 basis points to 3.78%
• The 30-year yield increased +2 basis points to 4.91%

Because bond prices move inversely to yields, these increases translated into negative returns. Investment-grade and high-yield corporate bonds also declined but held up better than Treasuries.

The Bloomberg U.S. Aggregate Bond Index fell -0.3%, following gains in the prior two weeks. International bonds were weaker still, with the Bloomberg Global Aggregate ex-U.S. Index down -1.0% after two strong weeks of gains.

Economy: Consumer spending strong, inflation concerns resurface

Economic data painted a picture of surprising strength in consumer activity alongside renewed inflation worries.

U.S. retail sales surged +1.7% in March, far exceeding expectations and marking the strongest monthly gain since early 2023. Even after stripping out gas stations, sales rose a solid +0.6%. The closely watched control group—which feeds into GDP—climbed +0.7%, and prior months were revised higher, suggesting the economy entered the year on firmer footing than previously thought.

Other reports echoed resilience:

• Business inventories rose +0.4% in February, double expectations.
• S&P Global’s flash Composite PMI for April rose to 52.0, a three-month high, led by a strong rebound in manufacturing activity to a nearly four-year high. Services activity improved more modestly.

Consumer confidence, however, remained fragile. The University of Michigan’s Index of Consumer Sentiment slipped to 49.8 in April, down -3.5 points from March. While sentiment improved midmonth following the ceasefire announcement, inflation concerns intensified. One-year inflation expectations jumped to 4.7% from 3.8%, and long-run expectations rose to 3.5%, the highest level since October 2025.

The Bottom Line

U.S. stocks continue to climb on strong earnings and resilient economic data, but rising yields, higher oil prices, and persistent inflation fears are creating crosscurrents for global markets.

Chart of the Week

The Commerce Department reported that US Retail Sales for March jumped +1.7%, beating Wall Street expectations for +1.4%, and up sharply from +0.7% the prior month (which was revised higher from the originally reported +0.6%). Retail sales represent about one-third of all consumer spending and offer clues on the strength of the economy. Retail Sales Ex-Autos were up +1.9%, beating expectations for +1.4% and up from +0.7% the prior month (revised higher from +0.5%). Sales Ex-Autos and Gas were up +0.6%, twice the expectations for a +0.3% rise and steady with the prior month after it was revised up from +0.4%. Year-over-Year, retail sales were up +4.0%, matching the prior month’s annual rate. The Control Group, a figure used to calculate Gross Domestic Product (GDP), rose +0.7%, above expectations for just a +0.2% rise and up from a +0.6% gain the prior month (revised higher from +0.5%). The key takeaway from the report is that total retail sales were driven by a +15.5% surge in gasoline station sales in March, following a +1.3% increase in February. But even excluding the higher gas prices as a primary driver, retail sales were up a solid +0.6% for the month and the prior month was revised higher. Moreover, nearly every category in the report — from furniture to electronics to general merchandise — posted increases, suggesting consumer spending remained robust even as prices at the pump rose.

Retail Sales Jump by Most in a Year

Purchases were stronger than expected, with broad-based gains 

Source: U.S. Department of Commerce, Bloomberg, Trading Economics.

The Week Ahead

The economic calendar picks up from last week’s sleepy level, although it starts slowly with just the Dallas Fed Manufacturing Activity report on Monday. The Richmond Fed Manufacturing Index comes on Tuesday, along with Home Price Indexes from S&P Global Case-Shiller and FHFA, as well as April Consumer Confidence from the Conference Board.

Wednesday gets busy with Census Bureau reports including Durable-Goods Orders for March, along with Building Permits and Housing Starts for February and March (after February’s report was delayed). The bureau will also publish advance data on Wholesale Inventories for March. On Wednesday afternoon, the Federal Open Market Committee (FOMC) monetary-policy decision will be announced, and potentially Jerome Powell’s last press conference as Fed Chair. The FOMC is expected to keep interest rates unchanged

Thursday is particularly busy and includes the main economic release of the week — the Fed’s preferred measure of inflation, the Personal Consumption Expenditures (PCE) Price Index, released by the Bureau of Economic Analysis. The initial estimate of first-quarter Gross Domestic Product (GCP) is also due Thursday along with weekly Jobless Claims, the Chicago Business Barometer, the Employment Cost Index, and the Leading Economic Index (LEI) from the Conference Board (both February and March results will be released). Friday wraps up with U.S. manufacturing PMIs for April from ISM and S&P Global.

Besides the FOMC rate decision on Wednesday, the Bank of Japan meets on rates on Monday, the Bank of Canada interest rate announcement comes Wednesday, and on Thursday the Bank of England and European Central Bank announce rate decisions.

In addition to the economic and central bank action, investors get a plethora of earnings reports this week with about one-third of S&P 500 companies reporting results, including five of the Magnificent Seven. On Monday, reports include Verizon, Nucor, Cadence Design Systems, Domino’s, and Bed Bath & Beyond. Reports Tuesday will include Visa, T-Mobile, Coca-Cola, Starbucks, General Motors, Robinhood, Mondelez, Spotify, UPS, Hilton, Corning, Sherwin-Williams, Kimberly-Clark, and Caesars Entertainment. Wednesday is the Mag7 day with Alphabet, Microsoft, Amazon, and Meta all reporting after the bell. Other Wednesday reports include Qualcomm, Ford, General Dynamics, Regeneron, Chipotle, Allstate, eBay, Humana, Phillips 66, and Avis. Thursday will see reports from Apple, Caterpillar, Mastercard, Eli Lilly, Royal Caribbean, Merck, Valero, ConocoPhillips, L3Harris, Bristol-Myers Squibb, Hershey, Roku, Sandisk, Reddit, and Atlassian. Friday wraps up the heavy earnings week with Exxon Mobil, Chevron, Estee Lauder, Colgate-Palmolive, Lazard, Moderna, and TPG.

Did You Know?

SUPREME LITIGATION – The compensation that law firms are offering to lure star Supreme Court litigators to their shops now exceeds $10 million. These attorneys bring a special kind of prestige even in an era where corporate dealmakers drive the bottom line. The poaching has created a game of musical chairs for lawyers on this rarefied roster. (Source: The Wall Street Journal)

BUY THE (DISTILLERY) DIP – After a 20-year boom, the American whiskey market has tipped into oversupply as consumption and export demand have declined. Distilleries have responded by sharply cutting output, producing -28% less from January through October 2025 versus the same period a year earlier. For consumers, this shift has created a rare window of opportunity, with better prices and broader availability. Now may be an attractive time for enthusiasts to stock up for future occasions or build their personal whiskey library. (Source: Bloomberg)

UNCLE SAM’S WINDFALL – The U.S. government is sitting on roughly $27 billion in paper profits after Intel’s stock surged to about $83, turbocharged by strong earnings and rising demand for its CPUs. The gains stem from a deal in which $8.9 billion in unpaid Chips Act grants were converted into nearly a 10% equity stake at $20.47 a share. Intel shares have now roughly quadrupled from that entry price, pushing the government’s stake to an estimated $36 billion in value. (Source: The Wall Street Journal)

This Week in History

RING THE BELL – On April 23, 1956, the New York Stock Exchange allowed an outside guest to ring the opening bell for the first time. Leonard Ross, who won $100,000 on a TV quiz show largely on the strength of his knowledge of stock-market trivia, got the honor. (Source: The Wall Street Journal)

Economic Review

• The preliminary “flash” S&P Global U.S. Purchasing Managers Index (PMI) improved in April, but output prices saw the sharpest rise since mid-2022. The overall S&P Global U.S. Composite PMI rose to 52.0, up from 50.3 the month before. That was better than Wall Street expectations for it to tick up to 50.6 and marks 39 consecutive months in expansion territory (results above 50 signal economic expansion). The Manufacturing PMI improved to 54.0 from 52.3 the prior month, beating expectations of 52.5. Meanwhile, the Services PMI rose to 51.3, up from 49.8 the prior month, and above expectations to come in at 50.6. Manufacturing New Orders saw the largest increase since May 2022, but were driven by domestic demand, as Export Sales of goods fell at an increased rate. Purchasing activity rose at the second fastest rate seen for nearly four years, surpassed only by the jump in buying activity seen shortly after last spring’s tariff announcements. In contrast, service sector New Orders growth remained subdued, up only marginally and at the slowest rate seen over the past two years, led by an ongoing decline in exports. The increased output though didn’t translate to increased Employment which remained near flat for a second straight month — the worst back-to-back readings since late 2024. Manufacturing headcounts fell for the first time in nine months, and only a marginal return to jobs growth was reported in the service sector. Supply Chains continued to deteriorate, with supplier delivery times the worst since August 2022 — now eight months of consecutive lengthening. Factories reported the greatest lengthening of Supplier Delivery Times since August 2022, extending a trend that now stretches to eight months. On the inflation front, Input Prices hit an 11-month high and the second highest in over three years, while Output Prices rose at the fastest rate since July 2022. While manufacturers reported an especially steep jump in goods prices, with the rate of inflation at a ten-month high, service sector selling price inflation also accelerated to reach a 45-month high. Sentiment improved slightly but remained historically low, with manufacturing the most optimistic since February 2025, while services “remained especially low.”
• The final reading of the April University of Michigan Consumer Sentiment Index improved to 49.8 from the preliminary reading of 47.6, but is down from 53.3 in March. That beat expectations to come in at 48.5. In the same period a year ago, the index stood at 52.2. The Current Economic Conditions component rose to 52.5 from the preliminary reading of 50.1 but is down from the final reading of 55.8 the prior month. The Consumer Expectations component moved up to 48.1 from the preliminary reading of 46.1 but is down from 51.7 from the prior month. One-year inflation expectations dipped to 4.7% from the preliminary 4.8% but were up from 3.8% the prior month. The five-year inflation expectations increased to 3.5% from the preliminary 3.4% but is up from 3.2% the prior month. The bottom line is that April consumer sentiment improved slightly from the preliminary report two weeks earlier as gas prices eased and hopes improved for an Iran war resolution. Still, the April final level remains the lowest on record.
• The Federal Reserve Bank of Chicago reported that US economic activity fell in March, with its Chicago Fed National Activity Index (CFNAI) dropping to -0.20 from +0.03 in February (revised up from -0.11). That was worse than Wall Street expectations for a reading of -0.13 (readings below zero indicate below-trend growth in the national economic activity). Only one of the four broad categories of indicators used to construct the index rose from February, and three categories made negative contributions in March. The Production and Income category dropped to -0.20, down from +0.13 the prior month. The Employment, Unemployment, and Hours category contributed +0.02, an increase from -0.15 the prior month. The Personal Consumption and Housing category detracted -0.1, down from -0.01 the prior month. The Sales, Orders, and Inventories category contribution was -0.01, down from +0.05 the prior month. Overall breadth of the index improved slightly with 34 of the 85 individual indicators making positive contributions, versus 31 the prior month, while 51 made negative contributions. Improvements in the individual indicators were poor as well, with 43 indicators improving, while 40 indicators deteriorated, and two were unchanged. The CFNAI three-month moving average fell to -0.03 from +0.03 the prior month. During the last 20 years, there has been a 91% correlation between the three-month index level and the quarterly change in real GDP. 
• The Kansas City Fed Manufacturing Survey fell to +10 in April from an unrevised +11 reading the prior month. The composite index is an average of the Production, New Orders, Employment, Supplier Delivery Time, and Raw Materials Inventory indexes. The month-over-month indexes all fell except for Supplier Delivery Time. Production slipped to +14 from +23, and Volume of New Orders was down to +15 points from +23. The Employment index slipped to -1 from +9. The Prices Paid index surged to +63 from +37 while the Prices Received index increased to +25 from +19. The Kansas City Fed Service Sector Outlook Survey fell to +3 from +15, breaking four straight months of increases.
• The National Association of Realtors (NAR) reported that Pending Home Sales rose +1.5% in March after the prior month’s +2.5% rise (revised up from +1.8%). That was three times’ Wall Street expectations for a +0.5% increase and a four-month high. On a non-seasonally adjusted basis, the year-over-year rate of change in sales slipped -1.1%, down from the prior month’s -0.1% annual rate. The results were mixed across census regions: the Midwest fell -1.3% and the West was down -2.6%, while the Northeast was up +4.4% and the South was up +3.9%. Sales decreased year-over-year in the Northeast, Midwest, and West, but increased in the South. “Contract signings rose in March despite higher mortgage rates, pointing to pent-up housing demand,” said NAR Chief Economist Dr. Lawrence Yun. “A greater supply of inventory will help translate that demand into more home sales,” he added. Because houses typically go under contract a month or two before they’re sold, the pending home sales data tend to be a leading indicator of closings that are captured in the monthly previously owned home sales reports. The NAR will release April Existing Home Sales on May 11.
• Weekly MBA Mortgage Applications jumped +7.9% for the week ending April 17, after increasing +1.8 the prior week. The Purchase Index surged +10.1% after slipping -1.0% the prior week. The Refinance Index rose +5.8% following a +5.1% increase the prior week. The average 30-Year Mortgage Rate slipped to 6.35% from 6.42% the prior week and has now fallen for three straight weeks.
• Weekly Initial Jobless Claims were up +6,000 to 214,000 for the week ending April 17, which was worse than expectations for 212,000. The prior week was revised up by +1,000. The number of people already collecting unemployment claims (i.e., Continuing Claims) rose by +12,000 to 1,821,000 for the week ending April 10, which was worse than expectations for 1,815,000. The prior week’s reading was revised lower by -1,000.

Asset Class Performance

Source: Bloomberg.
Asset‐class performance is presented by using market returns from an exchange‐traded fund (ETF) proxy that best represents its respective broad asset class. Returns shown are net of fund fees for and do not necessarily represent performance of specific mutual funds and/or exchange-traded funds recommended by The Retirement Planning Group. The performance of those funds may be substantially different from the performance of the broad asset classes and to proxy ETFs represented here. US Bonds (iShares Core US Aggregate Bond ETF); High‐Yield Bond (iShares iBoxx $ High Yield Corporate Bond ETF); Intl Bonds (Vanguard Total International Bond ETF); Large Growth (iShares Russell 1000 Growth ETF); Large Value (iShares Russell 1000 Value ETF); Mid Growth (iShares Russell Mid-Cap Growth ETF); Mid Value (iShares Russell Mid-Cap Value ETF); Small Growth (iShares Russell 2000 Growth ETF); Small Value (iShares Russell 2000 Value ETF); Intl Equity (iShares MSCI EAFE ETF); Emg Markets (iShares MSCI Emerging Markets ETF); and Real Estate (iShares US Real Estate ETF). The return displayed as “Allocation” is a weighted average of the ETF proxies shown as represented by 24% US Bonds, 10% International Bonds, 6% High Yield Bonds, 13.8% Large Growth, 13.8% Large Value, 3.6% Mid Growth, 3.6% Mid Value, 1.2% Small Growth, 1.2% Small Value, 16.8% International Stock, 4.2% Emerging Markets, 1.8% Real Estate.
* The term basis points (bps) refers to a common unit of measure for interest rates and other percentages in finance. One basis point is equal to 0.01%. Bond prices and bond yields are inversely related. As the price of a bond goes up, the yield decreases.