Weekly Market Performance | April 24, 2026

LPL Research provides its Weekly Market Performance for the week of April 20, 2026. Markets experienced another volatile week amid busy Mideast headlines, rising oil prices, and a busy earnings calendar. U.S. equities managed to push to record highs late in the week, supported by artificial intelligence enthusiasm and broadly strong first-quarter earnings, while ceasefire hopes offset ongoing tensions around the Strait of Hormuz that pressured sentiment. International markets were more mixed, with Europe weighed down by higher crude prices and Asia supported by strength in technology shares. Meanwhile, Treasury yields rose, the dollar strengthened, and commodities bounced.

Stock Index Performance

S&P 500 Index Sectors

Fixed Income and Commodities

Source: LPL Research, Bloomberg 4/24/26 @3:18 p.m. ET
Disclosures: Indexes are unmanaged and cannot be invested in directly.

U.S. and International Equities

U.S. Equities:  Choppy trading on Wall Street continued for another week as headline noise remained in high supply and earnings season kicked into high gear. The Strait of Hormuz stalemate remained top of mind for investors, keeping a lid on equity markets as oil prices rose in response to the U.S. Navy reportedly seizing multiple Iranian vessels and tankers over the last five days while the peace talk path remained cloudy. Nonetheless, on the upside, the S&P 500 and Nasdaq posted record gains after President Trump extended the ceasefire and on upbeat artificial intelligence (AI) takeaways around a potential custom chip collaboration between Alphabet (GOOG/L) and Marvell (MRVL), along with Oracle (ORCL) expanding its partnership with the Google-parent company. The S&P 500 returned above the weekly unchanged point to end the week on renewed hopes that Washington and Tehran will return to the negotiating table in a potential weekend meeting.

In earnings, first quarter results across corporate America continue to track a strong beat rate, featuring strong results for Boeing (BA) after delivering the most aircraft since 2019 last quarter, blowout results and guidance from chipmaker Intel Corp. (INTC), and better-than-expected earnings from UnitedHealth Group (UNH), General Electric (GE), and Northrop Grumman (NOC), to name a few.

Also among highlights was the first Magnificent Seven report from Tesla (TSLA). The electric vehicle maker topped earnings estimates, but shares dropped on a spending plan hike aimed at supporting AI and robotics-related ambitions.

International Equities: Across the pond, prolonged uncertainty in the Middle East and rising crude prices continued to weigh on European stocks. Cyclical pockets of the market underperformed amid developments around naval blockades in the Strait of Hormuz and weak economic data points — dragging travel, automotive, and banking shares to the bottom of the leaderboard as energy names rallied. Corporate news was also in focus with high-profile takeaways around the tech space. German software firm SAP posted healthy cloud backlog growth, which eased investor worries around AI disruption, while chip equipment maker ASML dropped in response to Taiwan Semiconductor stating it will hold off on using ASML’s latest chipmaking gear until 2029 to save money.

Asian markets ended the week mixed with tech-leaning markets outperforming. Taiwan outperformed on the back of a Friday surge led by Taiwan Semiconductor after regulators eased single-stock fund holding limits, while South Korea also rallied on broad enthusiasm resulting from an earnings surge by chipmaker SK Hynix, and strong economic growth results. Meanwhile, Hong Kong was dragged down by tech shares on regulatory driven profit concerns and few directional drivers. Mainland China posted a moderate gain, while Japan’s tech-heavy Nikkei posted a healthy advance on support from INTC suppliers and technology broadly.

Fixed Income, Currency, and Commodity Markets

Fixed Income: Core bonds, measured by the Bloomberg Aggregate Index, traded lower on the week. Since the start of the Iran conflict, the 10-year Treasury yield has risen by more than 35 basis points, down from a peak increase of nearly 50 basis points through March 27. Elevated near-term inflation expectations and the pricing out of Fed rate cut expectations have been the primary drivers of higher yields. Interestingly, interest rate volatility (as measured by the MOVE index), after jumping sharply at the onset of the conflict, has fallen back below levels seen before the war began. Likewise, the Treasury term premium (the additional compensation investors require to hold longer-term Treasury securities) is only around its average level over the past year and well below recent highs.

Falling interest rate volatility combined with a declining Treasury term premium typically signals a market environment characterized by increasing confidence in central bank policy, reduced recession fears, and improved market liquidity. Stated differently, this dynamic suggests that investors are requiring less compensation to hold long-term bonds because they perceive lower risks of extreme interest rate fluctuations or unexpected inflation shocks. As a result, given the ongoing uncertainty surrounding the depth and duration of the Iran conflict, markets may be underpricing upside risks to the 10-year Treasury yield. We remain neutral on duration relative to benchmarks.

Commodities and Currencies: The broader commodities complex bounced back from last week’s drop with a strong gain over the last five days. Focus was little changed as oil prices remained in the spotlight. West Texas Intermediate (WTI) and Brent crude each rose well over 10% as the U.S. and Iran maintained blockades of the Strait of Hormuz, restricting crude exports and extending a historic energy supply shock. Uncertainties around U.S.-Iran negotiations and volatile rhetoric from both sides continued to support prices, with late-week reports of potential talks over the weekend doing little to ease upward pressure. Gasoline futures also surged this week, nearing four-year highs. Elsewhere, gold prices turned lower as a lack of concrete progress in the Mideast keeps inflation and global rate hike worries on the table. In currencies, the U.S. dollar strengthened as optimism of a near-term deal outweighed fears of a prolonged conflict and energy disruptions, while the yen and euro weakened against the greenback.

Economic Weekly Roundup

Federal Reserve (Fed) Chair nominee Kevin Warsh’s confirmation hearing before the Senate Banking Committee on Tuesday was among the economic highlights this week. Among the key takeaways was his vow to remain independent and potentially restructure the Federal Open Market Committee (FOMC). Plus, despite displaying his dislike for forward guidance, Warsh effectively offered forward guidance himself by arguing that AI-driven productivity could give the economy a boost to growth without inflation pressures. He clearly signaled future policy decisions based on a specific reason which is, by definition, forward guidance. Kevin Warsh’s confirmation hearing comes at a moment when U.S. monetary policy is already notably restrictive relative to most other advanced economies, sharpening the political and market sensitivity around the Federal Reserve’s (Fed) next steps.

Looking ahead at international markets, the Bank of Japan (BOJ) is expected to keep its policy rate unchanged at around 0.75% at the April 27–28 meeting, marking a likely third consecutive pause, as it assesses the economic impact of higher oil prices despite still accommodative real interest rates. The BOJ is expected to raise its 2026 fiscal year inflation forecast in the forthcoming Outlook Report, but policymakers remain cautious given volatile crude oil prices, Middle East geopolitical risks, and concerns about potential stagflation.

The Week Ahead

The following economic data is slated for the week ahead:

• Monday: Dallas Fed Manufacturing Activity (Apr)
• Tuesday: ADP Weekly Employment Change (Apr 11), FHFA House Price Index (Feb), S&P Case-Shiller 20-City and National Home Price Index (Feb), Richmond Fed Manufacturing Index and Business Conditions (Apr), Conference Board Consumer Confidence Report (Apr), Dallas Fed Services Activity (Apr)
• Wednesday: MBA Mortgage Applications (Apr 24), Retail Inventories (Mar), Advance Goods Trade Balance (Mar), Wholesale Inventories (Mar preliminary), Housing Starts (Feb and Mar), Durable Goods Orders (Mar preliminary), Building Permits (Mar preliminary), Capital Goods Orders and Shipments (Mar preliminary), FOMC Rate Decision
• Thursday: Personal Income and Spending (Mar), Headline and Core PCE Price Indexes (Mar), Initial Jobless Claims (Apr 25), Continuing Claims (Apr 18), Employment Cost Index (1Q), GDP Annualized (1Q first reading), Headline and Core GDP Price Index (1Q first reading), Personal Consumption (1Q first reading), MNI Chicago PMI (Apr), Leading Index (Mar)
• Friday: S&P Global U.S. Manufacturing PMI (Apr final), ISM Manufacturing Index (Apr), Wards Total Vehicle Sales (Apr)

Important Disclosures

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors. To determine which investment(s) may be appropriate for you, please consult your financial professional prior to investing.

Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk.

Indexes are unmanaged and cannot be invested into directly. Index performance is not indicative of the performance of any investment and does not reflect fees, expenses, or sales charges. All performance referenced is historical and is no guarantee of future results.

This material was prepared by LPL Financial, LLC. All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

Unless otherwise stated LPL Financial and the third party persons and firms mentioned are not affiliates of each other and make no representation with respect to each other. Any company names noted herein are for educational purposes only and not an indication of trading intent or a solicitation of their products or services.

Asset Class Disclosures –

International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.

Bonds are subject to market and interest rate risk if sold prior to maturity.

Municipal bonds are subject and market and interest rate risk and potentially capital gains tax if sold prior to maturity. Interest income may be subject to the alternative minimum tax. Municipal bonds are federally tax-free but other state and local taxes may apply.

Preferred stock dividends are paid at the discretion of the issuing company. Preferred stocks are subject to interest rate and credit risk. They may be subject to a call features.

Alternative investments may not be suitable for all investors and involve special risks such as leveraging the investment, potential adverse market forces, regulatory changes and potentially illiquidity. The strategies employed in the management of alternative investments may accelerate the velocity of potential losses.

Mortgage backed securities are subject to credit, default, prepayment, extension, market and interest rate risk.

High yield/junk bonds (grade BB or below) are below investment grade securities, and are subject to higher interest rate, credit, and liquidity risks than those graded BBB and above. They generally should be part of a diversified portfolio for sophisticated investors.

Precious metal investing involves greater fluctuation and potential for losses.

The fast price swings of commodities will result in significant volatility in an investor’s holdings.

This research material has been prepared by LPL Financial LLC.

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