Weekly Market Recap – Week Ending April 24, 2026
U.S. equity markets delivered a mixed but constructive performance over the past week, with strength concentrated in technology and growth-oriented sectors while several cyclical and defensive segments lagged. Mega-cap tech and semiconductor-linked names continued to drive momentum, supported by strong investor appetite for AI and innovation themes, as reflected in the solid gains in technology ETFs. Meanwhile, sector dispersion remains elevated, with energy and select defensive areas showing resilience, while financials, communication services, and real estate faced pressure. This environment highlights an increasingly selective market backdrop, where leadership is narrowing and stock-specific performance is playing a more critical role in overall returns.
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In the below tables we use major ETF’s as a proxy for some major indexes as well as each of the sector groups into which we divide the overall markets. Tracking these over time provides a more defined picture of the US markets than simply tracking major indexes. This is followed by notable individual stock movers over the past month, and finally our full strategy outlook.
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Strategy Note – Is a Stalemate Good for the US Stock Market?
Despite geopolitical friction, the U.S. stock market enters the final week of April 2026 at record highs, fueled by “Mag 7” earnings optimism and hopes for a diplomatic resolution to the U.S.-Iran stalemate. Markets are currently “shrugging off” the Iran conflict, operating under the assumption that the worst-case escalation is off the table. With some of the largest Mag 7 companies and other major brands due to report this week, investors are shifting their focus back to corporate fundamentals. While earnings are a massive focus, the Federal Reserve decision on April 30 will likely share center stage. In fact, 178 S&P 500 companies are scheduled to report this week while more than 300 more companies from the iShares FTSE Russell 3000 Index ETF (IWV) also will be reporting.
Of the “magnificent 7”, Alphabet (GOOGL) will be the first to report this week. The number is due out on Tuesday. GOOGL stock is rated 5 (Strong Buy) by our forecast model. Wednesday brings reports from Amazon (AMZN, rated 4 (Buy)), along with 3-rated (Hold) Microsoft (MSFT) and Meta Platforms (META). Apple (AAPL), reporting Thursday under new CEO John Ternus, is also rated 3.
Other major reporters this week include: Western Digital (WDC); Caterpillar (CAT); AbbVie (ABBV); Lilly (LLY); Exxon Mobil (XOM); Chevron (CVX); VISA (V); MasterCard (MA); Coca-Cola (KO); QualComm (QCOM); and Amgen (AMGN). WDC and CAT get our highest ranks. The rest of these stocks are all rated 3.
Beyond company reports, Thursday’s big watchful eye will be on the FOMC Rate Decision and Friday’s job report. One warning from a State Street Global Advisors strategist is that if peace talks in the Middle East gain momentum, Energy (XLE) is prone to a sharp reversal, while Tech (XLK) may see further gains as “war risk” premiums fade. XLK is rated 5 while XLE is rated 3. The sector with the lowest rating is Consumer Staples (XLP) with a rating of 1. However, that is assuming the market continues its gains. If the market should take a nosedive, portfolio managers will sell their most overvalued stocks. In that event, XLP has a good chance of outperforming by losing less than any other sector
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