Market Dashboard
New every Monday with last week’s recap and notes on the week ahead.
Last update: 4/27/2026
U.S. stocks rose on artificial intelligence momentum and strong earnings last week. Bond yields inched higher as inflation expectations remained elevated. Rate cut expectations jumped Friday, as Senate confirmation of a new, rate-cut-friendly Fed chair appeared likelier. Oil rose sharply and gold fell, while the dollar and bitcoin held steady.
Stocks rise on AI and earnings momentum
- U.S. equities rose for the week on renewed hopes for U.S.-Iran peace talks, strong corporate earnings, and a revival of artificial intelligence (AI)-linked momentum.
- The S&P 500 Index rose 0.5% to a new all-time high of 7,165, marking its longest streak of weekly advances since 2024 and bringing year-to-date gains to 4.7%.
- The Nasdaq Composite Index gained 1.5% as AI-related stocks strengthened.
- The small-cap Russell 2000 Index advanced 0.4%.
- Mega-cap tech and software stocks outperformed as valuations recovered.
- Market breadth stayed narrow: Just over half of the S&P 500 Index traded above its 50-day moving average, even as the index hit record highs.
- Retail investor sentiment improved: The American Association of Individual Investors bull-bear spread turned positive for the first time since early February.
- The Cboe Volatility Index (VIX Index), a gauge of implied stock market volatility, edged higher, hovering around 19.
Oil jumps, gold slips, dollar and bitcoin hold steady
- Brent crude rose sharply, ending the week above $105 per barrel.
- Gold fell over the week to $4,710 per ounce.
- The U.S. Dollar Index (DXY) and bitcoin ended the week roughly unchanged.
Yields rise as inflation expectations firm
- Inflation expectations continued to influence fixed income markets. Five-year “inflation breakevens,” often used as a market-based gauge of expected inflation, ended the week elevated around 2.6%.
- The two-year U.S. Treasury yield climbed 7 basis points to 3.78% last week, remaining above the federal funds rate. The 10-year U.S. Treasury yield rose 5 basis points to 4.30%.
- After dipping earlier in the week, market-implied odds of a 2026 Federal Reserve interest rate cut jumped to more than 45% on Friday afternoon.
- The jump came after the U.S. Justice Department ended its investigation of Fed Chair Jerome Powell, potentially clearing the way for Kevin Warsh’s confirmation as the next chair. Warsh is seen as supporting lower rates.
Earnings beats rise, but stock reactions are muted
- First-quarter 2026 corporate earnings showed broad-based strength.
- The blended S&P 500 earnings-per-share (EPS) growth rate rose to 15.1%, above the 13.2% expected at quarter-end. (The blended growth rate combines reported actual results with estimates for companies that have yet to report.)
- Of the 28% of S&P 500 companies that had reported late Friday, 84% had beaten EPS estimates—above the five-year average of 78%.
- Despite strong beats, stock price reactions were somewhat lackluster versus prior quarters, suggesting good news may already be priced in.
Retail sales surge as consumers stay resilient
- March retail sales rose 1.7% month over month, the strongest pace since January 2023, driven by higher gasoline prices, above-average tax refunds, and resilient services spending.
- Gas station spending rose 15.5%, accounting for a large share of the increase, but gains were broad-based.
- Control group sales rose 0.7%, beating forecasts and pointing to firm underlying consumer demand across furniture, general merchandise, online, and discretionary categories.
PMIs improve as inflation pressures persist
- Flash April S&P Global purchasing managers’ indexes (PMIs), which track business activity in the manufacturing and services sectors, beat expectations, with the composite index rising to a three-month high of 52.0, signaling expansion.
- Manufacturing led: The index climbed to 54.0, its highest level in nearly four years, supported by a surge in new orders. Services rose modestly to 51.3.
- Reports noted improved business activity, but inflation pressures persisted, with input costs hitting an 11-month high, while employment signals suggested weak demand.
CRC# 5429637 (04/2026)
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Cross-Asset Performance Table
Returns and prices of the most popular indices and assets as of 04/24/26.
1) Annualized 3-year % return. 2) Option Adjusted Spread (OAS): OAS is a measurement of the spread of a fixed income security rate and the risk-free rate of return, which is adjusted to take into account an embedded option. Equity risk premium is the excess return that an individual stock or the overall stock market provides over a risk-free rate. The risk-free rate represents the interest an investor would expect from an absolutely risk-free investment over a specified period of time. Past performance is not indicative of future results.
S&P 500 Sector Performance
Energy and Information Technology were the strongest-performing S&P 500 sectors last week, while Health Care and Financials lagged.
Past performance is not indicative of future results.
Russell US Equity Style Performance
Large-cap stocks outperformed small-cap equities.
Past performance is not indicative of future results.
US Equity Valuation
S&P 500 Equity Risk Premium
Bonds continue to appear attractive relative to equities.
Past performance is not indicative of future results.
P/E Relative to Rest of World
The S&P 500 remains expensive relative to the rest of the world.
Past performance is not indicative of future results.
US Fixed Income Valuation
The two-year U.S. Treasury yield climbed 7 basis points to 3.78% last week, while the 10-year U.S. Treasury yield rose 5 basis points to 4.30%.
†Interest Rate Volatility as measured by ICE BofAML Option Volatility Estimate Index (MOVE); *Mortgage-backed securities (MBS) are debt obligations that represent claims to the cash flows from pools of mortgage loans, most commonly on residential property. Mortgage loans are purchased from banks, mortgage companies, and other originators and then assembled into pools by a governmental, quasi-governmental, or private entity; **Options Adjusted Spread (OAS): A measurement of the spread of a fixed income security rate and the risk-free rate of return, which is adjusted to take into account an embedded option. Past performance is not indicative of future results.
Latest Economic Data
March retail sales rose 1.7% month over month, the strongest pace since January 2023, driven by higher gasoline prices, above-average tax refunds, and resilient services spending.
The Week Ahead
Key economic readings this week include the Conference Board Consumer Confidence surveys (April), the personal consumption expenditures (PCE) price index (March), and gross domestic product (GDP) for the first quarter of 2026. The next Federal Open Market Committee (FOMC) meeting will be held April 28–29. Earnings season continues, with several “Magnificent Seven” companies expected to report.
- Dallas Fed Manufacturing Activity Survey at 10:30 AM ET
- Richmond Fed Business Conditions Survey at 10:00 AM ET
- Conference Board Consumer Confidence Surveys at 10:00 AM ET
- Dallas Fed Services Activity at 10:30 AM ET
- U.S. housing starts at 8:30 AM ET
- U.S. durable goods orders at 8:30 AM ET
- Alphabet Inc. Reports Earnings
- Microsoft Corporation Reports Earnings
- Amazon.com, Inc. Reports Earnings
- Meta Platforms, Inc. Reports Earnings
- U.S. personal income and spending at 8:30 AM ET
- U.S. PCE at 8:30 AM ET
- U.S. initial and continuing jobless claims at 8:30 AM ET
- U.S. GDP at 8:30 AM ET
- Apple Inc. Reports Earnings
- Eli Lilly and Company Reports Earnings
- ISM Manufacturing at 10:00 AM ET
Index benchmarks
Cross-Asset Performance
S&P 500: A market capitalization-weighted index of 500 widely held stocks often used as a proxy for the stock market. It measures the movement of the largest issues. Standard and Poor's chooses the member companies for the 500 based on market size, liquidity and industry group representation. Included are the stocks of industrial, financial, utility, and transportation companies. Since mid-1989, this composition has been more flexible and the number of issues in each sector has varied. The returns presented for the S&P 500 are total returns, including the reinvestment of dividends each month.
Dow Jones Industrial Average: Computed by summing the prices of the stocks of 30 companies and then dividing that total by an adjusted value—one which has been adjusted over the years to account for the effects of stock splits on the prices of the 30 companies. Dividends are reinvested to reflect the actual performance of the underlying securities.
NASDAQ Composite: Measures the performance of all issues listed in the NASDAQ Stock Market, except for rights, warrants, units, and convertible debentures. Morningstar reports the NASDAQ Composite as a price return.
MSCI Europe IMI: This index captures large, mid and small cap representation across 16 Developed Markets countries in Europe. With 1,372 constituents, the index covers approximately 99% of the free float-adjusted market capitalization across the Developed Markets countries of Europe.
MSCI Japan IMI: This index is designed to measure the performance of the large, mid and small cap segments of the Japan market. With 1,134 constituents, the index covers approximately 99% of the free float-adjusted market capitalization in Japan.
MSCI EM (Emerging Markets) Index: A free float-adjusted market-capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 23 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. For more information, visit the MSCI web site.
MSCI EAFE (Europe, Australasia, Far East) Index: A free float-adjusted market-capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. For more information, visit the MSCI website.
S&P 400 Index: This index provides investors with a benchmark for mid-sized companies. The index measures the performance of mid-sized companies, reflecting the distinctive risk and return characteristics of this market segment.
S&P 600 Index: This index measures the small-cap segment of the U.S. equity market. The index is designed to track companies that meet specific inclusion criteria to ensure that they are liquid and financially viable.
S&P 500 Growth: This index is a style-concentrated index designed to track the performance of stocks that exhibit the strongest growth characteristics by using a style-attractiveness-weighting scheme.
S&P 500 Value: This index is a style-concentrated index designed to track the performance of stocks that exhibit the strongest value characteristics by using a style-attractiveness-weighting scheme.
Bloomberg Commodity Index: Made up of 22 exchange-traded futures on physical commodities. The index currently represents 20 commodities, which are weighted to account for economic significance and market liquidity.
US Trade-Weighted Dollar Index: A weighted average of the foreign exchange value of the US dollar against a subset of the broad index currencies that circulate widely outside the US.
MSCI Emerging Markets Currency Index: sets the weights of each currency equal to the relevant country weight in the MSCI Emerging Markets Index.
Bloomberg US Aggregate Index: The US Aggregate Index covers the dollar-denominated investment-grade fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS pass-through securities, asset-backed securities, and commercial mortgage-based securities. These major sectors are subdivided into more specific sub-indices that are calculated and published on an ongoing basis. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. This index is rebalanced monthly by market capitalization.
Bloomberg US Corporate High Yield Bond Index: This index is composed of fixed-rate, publicly issued, non-investment grade debt.
S&P Sector Performance
The S&P 500 Consumer Discretionary sector comprises those companies included in the S&P 500 that are classified as members of the consumer discretionary sector.
The S&P 500 Consumer Staples sector comprises those companies included in the S&P 500 that are classified as members of the consumer staples sector.
The S&P 500 Energy sector comprises those companies included in the S&P 500 that are classified as members of the energy sector.
The S&P 500 Financials sector comprises those companies included in the S&P 500 that are classified as members of the financial sector.
The S&P 500 Health Care sector comprises those companies included in the S&P 500 that are classified as members of the health care sector.
The S&P 500 Industrials Sector comprises those companies included in the S&P 500 that are classified as members of the industrials sector.
The S&P 500 Information Technology Sector comprises those companies included in the S&P 500 that are classified as members of the information technology sector.
The S&P 500 Materials Sector comprises those companies included in the S&P 500 that are classified as members of the materials sector.
The S&P 500 Communications Services Sector comprises those companies included in the S&P 500 that are classified as members of the telecommunications services sector.
The S&P 500 Utilities Sector comprises those companies included in the S&P 500 that are classified as members of the utilities sector.
The S&P 500 Real Estate Sector comprises those companies included in the S&P 500 that are classified as members of the real estate sector.
US Equity Style Performance
Weekly and monthly style performance charts use Russell 1000, Russell Mid Cap, and Russell 2000 style indexes to represent large cap, mid cap, and small cap respectively.
Russell 1000: Consists of the 1000 largest companies within the Russell 3000 index. Also known as the Market-Oriented Index, because it represents the group of stocks from which most active money managers choose. The returns we publish for the index are total returns, which include reinvestment of dividends. Frank Russell Company reports its indexes as one-month total returns.
Russell 1000 Growth: Market-capitalization weighted index of those firms in the Russell 1000 with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 includes the largest 1000 firms in the Russell 3000, which represents approximately 98% of the investable US equity market.
Russell 1000 Value: Market-capitalization weighted index of those firms in the Russell 1000 with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 includes the largest 1000 firms in the Russell 3000, which represents approximately 98% of the investable US equity market.
Russell 2000: Consists of the smallest 2000 companies in the Russell 3000 Index, representing approximately 7% of the Russell 3000 total market capitalization. The returns we publish for the index are total returns, which include reinvestment of dividends.
Russell 2000 Growth: Market-weighted total return index that measures the performance of companies within the Russell 2000 Index having higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Index includes the 2000 firms from the Russell 3000 Index with the smallest market capitalizations. The Russell 3000 Index represents 98% of the of the investable US equity market.
Russell 2000 Value: Market-weighted total return index that measures the performance of companies within the Russell 2000 Index having lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Index includes the 2000 firms from the Russell 3000 Index with the smallest market capitalizations. The Russell 3000 Index represents 98% of the of the investable US equity market.
Russell Midcap: Measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 25% of the total market capitalization of the Russell 1000 Index. As of the latest reconstitution, the average market capitalization was approximately $4.0 billion; the median market capitalization was approximately $2.9 billion. The largest company in the index had an approximate market capitalization of $12 billion.
Russell Midcap Growth: Market-weighted total return index that measures the performance of companies within the Russell Midcap Index having higher price-to-book ratios and higher forecasted growth values. The Russell Midcap Index includes firms 201 through 1000, based on market capitalization, from the Russell 3000 Index. The Russell 3000 Index represents 98% of the of the investable U.S. equity market.
Russell Midcap Value: Market-weighted total return index that measures the performance of companies within the Russell Midcap Index having lower price-to-book ratios and lower forecasted growth values. The Russell Midcap Index includes firms 201 through 1000, based on market capitalization, from the Russell 3000 Index. The Russell 3000 Index represents 98% of the of the investable U.S. equity market.
P/E Relative to Rest of World
TOPIX: This free-floated-adjusted index tracks all domestic companies of the exchange’s First Section.
US Fixed Income Valuation
ICE BofAML Option Volatility Estimate Index (MOVE): A yield curve-weighted index of the normalized implied volatility on one-month treasury option.
An investment cannot be made directly in a market index.