Summary
Equities finished higher on the week, led by the Nasdaq (+1.86% WTD) and S&P 500 (+1.42% WTD), while the Dow added +0.69%. Rates moved modestly higher, with the 10-year Treasury yield ending at 4.37% (+5 bps WTD). Economic data remained mixed but generally resilient, with firm inflation prints (PCE +3.5% YoY; Core PCE +3.2% YoY), Q1 GDP tracking +2.0%, and housing signals diverging as housing starts jumped +10.0% while building permits fell -10.8%. The Fed held policy steady for the 3rd consecutive meeting amid elevated uncertainty tied to the Middle East and rising energy prices, while mega-cap earnings were mixed—strength from Google and Amazon contrasted with capex-driven weakness in Meta and Microsoft. In broader markets, safe havens weakened (gold -1.6%, silver -2.4%) alongside softer bitcoin (-1.4%) and a weaker dollar (-0.70%), while WTI crude oil surged +10% on renewed geopolitical supply concerns.
10-Year Treasury Yield
- Current Rate: 4.37% (as of April 30, 2026)
- Week-to-Date Movement: +5bps (from 4.32% on April 23, 2026)
Major U.S. Equity Indices Performance
- S&P 500: 7,108.40 → 7,209.01 (+1.42% WTD)
- Dow Jones Industrial Avg: 49,310.32 → 49,652.14 (+0.69% WTD)
- Nasdaq Composite: 24,438.50 → 24,892.31 (+1.86% WTD)
Notable Market Events
Macroeconomic Data:
The FHFA House Price Index showed home prices were unchanged in February, coming in below the +0.1% estimate. Consumer Confidence in April edged higher by +0.6 points to 92.8 (from 92.2 in March), despite ongoing concern around rising energy prices. MBA Mortgage Applications fell -1.6% for the week ending April 24th, reversing the prior week’s +7.6% gain. Housing starts surged +10.0% in March following a -3.0% decline in February, while preliminary Building Permits data for March fell -10.8% after a +11.0% increase in February. On inflation, PCE (the Fed’s preferred gauge) rose +0.7% in March and +3.5% year-over-year, in line with estimates; Core PCE increased +0.3% in March and +3.2% year-over-year, also in line. Q1 GDP showed the economy expanded +2.0%, slightly below the +2.3% consensus but above the prior quarter’s +0.5%. The Leading Economic Index declined -0.6% in March, pressured by weaker building permits, softer consumer expectations, and lower stock prices.
Economic Policy:
The Federal Reserve held rates steady for the 3rd consecutive meeting. Four officials dissented in favor of an alternative policy outcome, marking the first time since 1992 that this many dissents have occurred on a hold decision. Three members also opposed including an explicit “easing bias” in the policy statement. The Fed pointed to developments in the Middle East as a key source of elevated uncertainty in the outlook and flagged rising energy prices as a specific area of concern. It also upgraded its inflation assessment, shifting from “somewhat elevated” to stating that inflation “is elevated”.
Business:
Amazon (NYSE: AMZN) edged up +0.8% after a “beat-and-raise” quarter that topped Wall Street estimates. Its chip business surpassed a $20 billion annual revenue run rate, while the company has delivered more than 1 billion items via same-day or overnight shipping year-to-date. Google (NYSE: GOOG) led the Mag 7, rising ~10% after a standout quarter driven by a +63% year-over-year surge in Google Cloud revenue; the company also reported a +$37.7 billion net gain from its equity investments. Meta (NYSE: META) fell -8.5% after guiding to higher 2026 capex, which drove the sell-off, though management noted the headcount reductions announced last week should help offset rising AI infrastructure spend. Microsoft (NYSE: MSFT) slipped ~4% despite a solid report, pressured by a 2026 capex forecast of $190 billion (up +61% versus 2025).
Markets:
Risk assets were broadly lower for the week, with spot gold and silver down -1.6% and -2.4%, respectively. Bitcoin and the dollar also weakened, falling -1.4% and -0.70%. WTI crude oil was the clear outlier, rising +10% after Iran peace talks fell through and the war in the Middle East showed no signs of resolution.
Stock Sector Performance
All performance figures and market events are sourced from Bloomberg as of market close 4/2/2026, using the prior Friday’s market open as the start date.
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