Market Recap - Week of April 20 - 24, 2026

Gordon Achtermann
Apr 28
4 min read

The S&P 500 index rose 0.55% this week to another round of fresh highs, led by the energy and technology sectors as oil prices climbed and Intel's (INTC) earnings topped views.

The S&P 500 ended Friday's session at 7,165.08, its highest closing level yet. The market benchmark also reached a fresh intraday high on Friday at 7,168.59.

This marks the S&P 500's fourth weekly gain in a row. It's up 9.8% for April and 4.7% for the year.

US retail sales last month logged the largest rise since March 2025, data released earlier this week showed. The increase, however, came amid a surge in spending at gasoline station as the Middle East conflict led to higher prices.

US consumer sentiment improved from an initial April estimate, and consumer sentiment remained at a record low as near-term inflation expectations logged the biggest monthly increase in a year, according to final University of Michigan survey results.

The energy sector led the week's advance, rising 3.2%, followed by a 3.1% increase in technology and a 1.2% rise in consumer staples. Utilities and materials also edged higher.

The energy sector's increase came as crude oil futures rose amid continued uncertainty in the Middle East.

The technology sector was boosted by stronger-than expected first-quarter results from Intel amid artificial intelligence-driven demand. The chip maker also issued an upbeat Q2 outlook. Its shares jumped 21% on the week.

On the downside, health care fell 3.1%, followed by a 1.9% drop in financials and a 1.5% slip in real estate. Communication services, industrials and consumer discretionary also edged lower.

Last Week’s Economic Reports

U.S. retail sales rose by 1.7% m/m
S&P Manufacturing PMI was 54.0, up from 52.7*
S&P Services PMI was 51.3, down from 54.0*

*PMI idexes above 50 indicate growth, below 50 incates contraction.

Up Next

Economic data will include Q1 gross domestic product, March personal consumption expenditures and April consumer confidence, among other reports.

The Federal Reserve's Federal Open Market Committee will hold a two-day rate policy meeting, concluding on Wednesday.

S&P 500 Stylebox and Sector Returns

Once again, I'll note that so far this year, value has outperformed growth across the board, and it's not even close for large and midsize companies.

How to read the stylebox: The horizontal axis represents investment style, which can be value, blend, or growth for stocks and mutual funds. The vertical axis represents market capitalization for stocks, categorized into large, medium, and small companies. The number in each box represents the percentage growth of the category at the intersection of the column and row. For example, large-cap value is in the top-left corner box of the 9 boxes, so the large-cap value category is up (or down) by the percentage shown in that box.

Thought of the Week

When the U.S. launched its initial strikes on Iran on February 28, markets sold off broadly. Equities, fixed income and gold fell, while oil rose on fears of supply disruptions and weaker growth. Investors are now looking past the war, but the rebound has been uneven. Risk assets have recovered as growth risks appear manageable, AI remains a tailwind and earnings have held up. Rate-sensitive assets have lagged and oil has pulled back from its peaks but remains above pre-conflict levels, keeping inflation concerns alive and reinforcing expectations for a Fed on pause.

U.S. equities have led since bottoming on March 30, returning to net positive territory as investors see the conflict as unlikely to derail economic and earnings growth. The AI theme is back as a primary driver, with tech, communication services and consumer discretionary leading gains. Notably, these sectors also drove much of the initial drawdown due to previously elevated valuations. Emerging market equities have also turned net positive with AI-linked strength in Asia, while developed ex-U.S. equities remain net negative since the crisis started, amid concerns around energy sensitivity.

Rate-sensitive assets, such as Treasuries and investment grade credit, have been slower to heal. Growth fears have faded, but inflation remains top of investors' minds given elevated oil prices, causing reluctance to reprice toward Fed rate cuts. Gold also remains well below pre-conflict levels after starting the period with elevated pricing, reinforcing the need for multiple portfolio diversifiers.

President Trump extended the cease fire with Iran last Tuesday, and additional headlines may keep markets choppy. Still, the cross-asset recovery made one thing clear: The investors who fared well were not the ones with perfect geopolitical insight, but the ones who stayed invested in diversified assets through uncertainty.

Source: JP Morgan (edited)

Thank you to all who attended this month's market Update webinar!

You can watch the replay here:

Markets Fall & Gas Prices Rise As Iran War Rages On – Monthly Market Update Webinar – April 2026

The episode is also available wherever you listen to podcasts!