The Markets (as of market close April 24, 2026)
Stocks continued their upward momentum last week, supported by cautious optimism surrounding a potential de-escalation of U.S. involvement in the Middle East. Encouraging inflation data and the early stages of what is expected to be a resilient earnings season also helped drive gains. Mega-cap technology stocks led the charge, pushing the NASDAQ to a 10-day winning streak—its longest in several years.
The S&P 500 finished just shy of its January record high, while the Russell 2000 posted modest gains. In contrast, the Dow and Global Dow edged slightly lower. Sector performance was led by information technology, energy, and consumer staples, while health care and financials lagged. Oil prices and the U.S. dollar moved higher, while gold and silver prices declined as investors shifted toward risk assets.
Last Week’s Economic News
- Retail sales rose in March, with a 4.0% increase year-over-year, signaling continued consumer strength.
- Online retail sales surged 10.1% from last year, while food services and dining increased 2.4%.
- Weekly jobless claims rose slightly to 214,000, but remain at relatively low levels, reflecting a stable labor market.
- Continuing claims increased modestly, indicating some softening but not deterioration in employment trends.
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Gasoline prices averaged lower than the prior week but still higher than a year ago.
Eye on the Week Ahead
Stock traders and speculators will be focused on the first estimate of first-quarter GDP, following a modest 0.5% growth rate in the fourth quarter. Additionally, the Personal Income and Outlays report will be released, including the Federal Reserve’s preferred inflation measure—the PCE price index—which will provide further insight into the direction of inflation and potential monetary policy decisions.
Have a nice week!
Sincerely,
Robert G. Carpenter