MARKET SUMMARY
The U.S. equity market delivered a mixed but resilient performance on April 24, 2026, with strong leadership from the information technology—and specifically semiconductor—sector offsetting broad-based weakness elsewhere. The Dow Jones Industrial Average fell 168.63 points (-0.34%) to 49,141.69, pressured by a dramatic 76% intraday collapse in Avis Budget (CAR), which plunged from $847.70 on April 22 to $203.00 on April 24. In contrast, the Nasdaq Composite surged 240.96 points (+0.99%) to 24,679.47 and the S&P 500 advanced 29.64 points (+0.42%) to 7,138.04, helped by strong performance in mega-cap tech and semiconductor stocks. Intel (INTC) led the charge with a +21.22% gain on soaring earnings and guidance, while AMD (+10.76%), QCOM (+8.45%), and LRCX (+4.10%) also contributed significantly. The Philadelphia Semiconductor Index rose 4.0%—part of a 36% surge since March 31—and drove a 2.0% gain in Information Technology, the most heavily weighted sector in the S&P 500. Meanwhile, sectors such as Health Care (-1.4%), Industrials (-0.9%), Financials (-0.5%), and Energy (-0.5%) underperformed. Geopolitical headlines—including speculation of U.S.-Iran talks in Pakistan and the DOJ dropping its criminal probe of Fed Chair Powell—played secondary roles to earnings-driven momentum, though Avis Budget’s collapse weighed disproportionately on the Dow Transportation Average (-6.5% for the week). Market breadth remained tepid: NYSE advancers (1,363) declined decliners (1,272) by a slim margin, while the Nasdaq saw 2,128 advancers vs. 2,170 decliners.
MARKET SNAPSHOT
| Index | Level | Change | % Change |
|——-|——-|——–|———-|
| Dow Jones Industrial Average | 49,141.69 | -168.63 | -0.34% |
| S&P 500 | 7,138.04 | +29.64 | +0.42% |
| Nasdaq Composite | 24,679.47 | +240.96 | +0.99% |
| NYSE | Adv: 1,363 / Dec: 1,272 | Vol: 177M | — |
| Nasdaq | Adv: 2,128 / Dec: 2,170 | Vol: 4.36B | — |
WaveFinder Breadth Metrics (2026-04-24)
- Primary Sentiment: Very Bullish (1,068 Bulls vs. 685 Bears)
- % above 40 SMA: 68.94%
- % above 20 SMA: 30%
- 9M Bull Follow-Through: 14.29%
SECTOR PERFORMANCE
Strongest Sectors (by performance):
1. Information Technology (+2.0%): Led by semiconductors (Philadelphia Semiconductor Index +4.0%)
2. Consumer Discretionary (+0.23% ATR, “flat” but outperformed broadly; driven by AI/infrastructure stories)
3. Utilities (+2.8% in prior day’s after-hours report; continued strength into midday)
4. Consumer Staples (+1.7% in prior day’s after-hours report)
5. Real Estate (+1.3% in prior day’s after-hours report)
Weakest Sectors (by performance):
1. Health Care (-1.4%)
2. Industrials (-0.9%)
3. Financials (-0.5%)
4. Energy (-0.5%)
WaveFinder ATR Volatility Highlights:
- Technology: ATR +4.07% (rising, percentile 100)
- Financials: ATR +1.70% (rising, percentile 74)
- Real Estate: ATR +1.59% (rising, percentile 79)
- Consumer Discretionary: ATR +0.23% (flat, percentile 68)
- Health Care, Industrials, Energy, Communication Services, Materials, Consumer Staples: ATR flat or falling
KEY EARNINGS & MOVERS
- Intel (INTC): $80.95, +14.17 (+21.22%) – Q1 EPS beat by $0.27, revenue $13.6B, Q2 guidance above consensus; Data Center & AI revenue up 22% YoY; margin surprise (41% vs. guided ~38%).
- AMD: $338.17, +32.84 (+10.76%) – Semiconductor sector coattail effect.
- Qualcomm (QCOM): $145.27, +11.32 (+8.45%) – Strong AI infrastructure demand.
- Lam Research (LRCX): $269.16, +10.60 (+4.10%)
- KLA Corp (KLAC): $1,875.52, +60.09 (+3.31%)
- Applied Materials (AMAT): $412.20, +8.29 (+2.05%)
- MaxLinear (MXL): Pre-market +76% (as of April 23); Q1 revenue +43% YoY to $137.2M, Q2 guidance $160–170M (vs. ~$146M estimate), +76% surge driven by AI infrastructure ramps.
- Avis Budget (CAR): $203.00, -76% (from $847.70 peak on 4/22) – heavily shorted, speculative short squeeze unraveling.
- ServiceNow (NOW): $84.94, -18.13 (-17.59%) – software sector weakness post-earnings.
- Tesla (TSLA): $373.60, -13.91 (-3.59%) – Q1 earnings beat offset by capex concerns.
- lululemon (LULU): $141.66, -21.79 (-13.33%) – CEO changeReaction.
STOCK SPOTLIGHT
MaxLinear (MXL) delivered its largest EPS beat in five quarters, with Q1 revenue jumping 43% YoY to $137.2M and Q2 revenue guidance of $160–170M—well above estimates—signaling accelerating demand for its optical interconnect, storage, and wireless infrastructure businesses. The company raised its 2026 optical data center revenue outlook to $150–170M, citing improved visibility and customer orders for its Keystone PAM4 DSP platform, now ramping across U.S. and Asian hyperscalers for 400G/800G deployments. Infrastructure is now MXL’s largest segment, up 136% YoY in Q1. While the stock’s sharp rally reflects genuine pivot success, analysts warn that expectations are elevated, and continued flawless execution on data center ramps—and avoiding customer concentration risk—will be critical to sustaining the momentum. MXL’s breakout is emblematic of the AI infrastructure buildout wave, distinct from broader semiconductor cycles.
BOND MARKET & TREASURIES
10-year yield ended the session at 4.306% after closing the prior day at 4.323%. Key movements:
- 2-year: 3.79% (-4 bps)
- 5-year: 3.93% (-3 bps)
- 10-year: 4.306% (-1 bp)
- 30-year: 4.91% (-1 bp)
Treasuries stabilized near flat lines after an initial slip, supported by modest weakness in equities and improved sentiment around geopolitical risks. The final April University of Michigan Consumer Sentiment Index revision to 49.8 (vs. preliminary 47.6) provided minor support, suggesting slight improvement in consumer outlook despite near-historic lows. USD/JPY traded at 159.42, EUR/USD at 1.1715.
COMMODITIES
| Asset | Price | Daily Change | Notes |
|——-|——-|————–|——-|
| WTI Crude | $95.76/bbl | +2.75% | Dropped below $94 on U.S.-Iran talk speculation, then recovered; settled up 3.0% on Thursday. |
| Natural Gas | $2.62 | -0.11 | — |
| Gold | $4,723.00/oz | -30.80 (-0.65%) | After-hours report; down in early April 24 trading. |
| Silver | $73.59 | -2.56 (-3.37%) | — |
| Copper | $6.08/lb | -0.05 (-0.82%) | — |
OVERSEAS MARKETS
Asia-Pacific (April 23 close):
- Japan’s Nikkei: +1.0% (fresh record high; +2.1% for week)
- Hang Seng (HK): +0.2% (weekly: -0.7%)
- Shanghai Composite: -0.3% (weekly: +0.7%)
- India’s Sensex: -1.3% (weekly: -2.3%)
- Korea’s Kospi: UNCH (weekly: +4.6%)
- Australia’s ASX All Ordinaries: -0.2% (weekly: -1.8%)
Europe (April 23):
- Germany’s DAX: -0.2%
- UK’s FTSE: -0.2%
- France’s CAC: +0.9%
- U.K. Retail Sales (March): +0.7% MoM (vs. 0.0% est), but YoY core growth decelerated to 1.7% (from 2.7%), raising stagflation concerns.
Key drivers included TSMC’s strong Taiwan performance (regulatory cap increase), BSP rate hike to 4.50% (Philippines), and weak German/UK sentiment data.
ECONOMIC DATA
- Final April University of Michigan Consumer Sentiment Index: 49.8 (vs. preliminary 47.6, consensus 47.6); March final: 53.3. Slight improvement from gas-price easing post-ceasefire, but still near 2022 trough.
- Initial Jobless Claims (week ending 4/18): 214,000 (+6K vs. est. 212K); Continuing Claims: 1.821M (+12K). Labor market remains resilient.
- Prelim April S&P Global U.S. Manufacturing PMI: 54.0 (vs. 52.3 prior).
- Prelim April S&P Global U.S. Services PMI: 51.3 (vs. 49.8 prior).
- China’s March FDI: -7.3% YTD (vs. -5.7% prior).
- Japan March CPI: +1.5% YoY, Core CPI +1.8% YoY (exceeding 1.7% est).
- UK March Retail Sales (MoM): +0.7%, but YoY core growth slowed to +1.7%.
LOOKING AHEAD
- Earnings: American Airlines (AAL), American Express (AXP), and ASGN report; Intel (INTC) and MaxLinear (MXL) to host follow-up investor communications.
- Geopolitical: Potential U.S.-Iran talks in Pakistan this weekend—market sensitivity remains high.
- Data: No major U.S. macro releases scheduled for April 27, but focus remains on oil, Fed communication, and TCM/10Y yield dynamics.
- Futures Fair Value (as of April 24, 10:30 ET):
– S&P 500: +1.03% over fair value (7,142 fair value → 7,138 current)
– Nasdaq 100: +232.97 pts over fair value (26,932 fair value → 26,699 current)
– DJIA: -0.32% below fair value (49,481 fair value → 49,142 current)
- Risk Note: Avis Budget’s collapse and Dow Transportation weakness warrant monitoring for spillover into discretionary/transportation names; sentiment may pivot if Iran talks falter or semiconductor leadership stalls post-multiple expansion.