Market Summary — Post market — 2026-04-25

MARKET SUMMARY

Post-market on Friday, April 25, 2026, U.S. equities closed at record highs, led by a powerful rally in mega-cap technology and semiconductor stocks. The S&P 500 advanced +56.68 to 7165.08 (+0.80%), while the Nasdaq Composite surged +398.09 to 24836.60 (+1.63%)—extending its record-stretch to new all-time highs. In contrast, the Dow Jones Industrial Average retreated -79.61 to 49230.71 (-0.16%), reflecting the market’s pronounced leadership imbalance: cap-weighted indices thrived on AI momentum and strong earnings from mega-caps, while equal-weighted measures and the Dow lagged, slipping modestly. The rally was fueled by Intel’s extraordinary +23.64% surge following its better-than-expected Q1 earnings and outlook, which triggered a broad semiconductor rally (SOX +4.3%). Additional tailwinds included DOJ’s decision to drop the criminal probe of Fed Chair Powell, renewed optimism around potential U.S.-Iran talks in Pakistan, and solid earnings from Procter & Gamble. Despite elevated geopolitical uncertainty and mixed consumer sentiment, the market displayed resilience—clinging to the view that de-escalation risks would not derail the macro backdrop.

MARKET SNAPSHOT

| Index | Level | Change | % Change |
|—————|————|————-|———-|
| DJIA | 49230.71 | -79.61 | -0.16% |
| S&P 500 | 7165.08 | +56.68 | +0.80% |
| Nasdaq Comp. | 24836.60 | +398.09 | +1.63% |
| 10-yr Yield | 4.31% | -1 bp | — |
| NYSE Vol. | 1.06B | — | — |
| Nasdaq Vol. | 10.2B | — | — |

Advance/Decline (NYSE): Advancers 1,486 | Decliners 1,247
Advance/Decline (Nasdaq): Advancers 2,687 | Decliners 2,001

Market Breadth (WaveFinder, 2026-04-24):

• Primary Sentiment: Bullish
• Primary Bulls: 943 | Bears: 296
• 40% Sentiment: Bullish
• % Above 40 SMA: 70.5%
• % Above 20 SMA: 51%
• 9M Bull Follow-Through: 22.58%

SECTOR PERFORMANCE

Strongest Sectors:

• Information Technology (+2.5%)
• Consumer Discretionary (+1.4%)
• Communication Services (+0.9%)

Weakest Sectors:

• Health Care (-1.4%)
• Industrials (-0.9%)
• Financials (-0.6%)
• Consumer Staples (-0.4%)
• Real Estate (-0.4%)
• Energy (-0.3%)

WaveFinder Sector ATR (Volatility, 2026-04-24):

• Technology: ATR +3.78% (P100, rising)
• Real Estate: ATR +1.52% (P79, rising)
• Financials: ATR +1.95% (P79, rising)
• Health Care: ATR -0.82% (P53, flat)

KEY EARNINGS & MOVERS

• Intel (INTC): $82.57 (+15.79, +23.64%) — beat Q1 earnings and raised outlook, sparking半导体 rally (SOX +4.3%).
• NVIDIA (NVDA): $208.26 (+8.62, +4.32%) — part of semiconductor leadership, SOX lifted by AI/earnings/momentum.
• Procter & Gamble (PG): $148.11 (+2.40, +1.65%) — Q3 EPS beat, revenue +7.4% y/y, organic growth +3% (strongest in 5 years); reaffirmed FY26 outlook at low end due to cost pressures.
• Amazon (AMZN): $263.99 (+8.91, +3.49%)
• Meta Platforms (META): $675.05 (+15.90, +2.41%)
• Microsoft (MSFT): $424.60 (+8.85, +2.13%)
• Alphabet (GOOGL): $344.40 (+5.51, +1.63%)
• Eli Lilly (LLY): $884.18 (-33.47, -3.65%) — contributor to HCA sector weakness
• HCA Healthcare (HCA): $432.50 (-41.53, -8.76%) — weak patient volumes and earnings disappointment
• Tesla (TSLA): $392.49 (-8.13, -2.03%) — ahead of earnings, oil-sensitive pullback

STOCK SPOTLIGHT

HCA Healthcare (HCA) dropped -8.76% despite solid headline EPS growth (+10.8% y/y) and revenue growth (+4.3% y/y). The selloff stemmed from critical operational misses: admissions rose just +0.9% (vs. typical seasonal lift), inpatient surgeries fell -0.3%, and outpatient surgeries dropped -1.7%. Respiratory admissions plunged 42%, and exchange-related dynamics (exchange admissions -15%, uninsured +16%) created a $150M EBITDA headwind. Analysts noted that while management reaffirmed FY26 guidance, it effectively “de-risked” expectations by acknowledging slower volume growth and persistent payer-mix pressure. The move reflects investor recalibration—not a one-off miss, but a reset in confidence around the durability of demand. Cost discipline helped offset inefficiencies, but margin pressure persists as non-recurring supplemental payments underpin earnings quality. The sharp selloff underscores sensitivity to volume disruptions, especially in the absence of typical seasonal catalysts.

BOND MARKET & TREASURIES

U.S. Treasuries ended a down week on a bounce—short-end yields fell more than long-end, driving a flattening curve.

• 2-yr Yield: -5 bps to 3.78% (up +8 bps for the week)
• 10-yr Yield: -1 bp to 4.31% (up +6 bps for the week)
• 30-yr Yield: Flat at 4.92%

Key drivers:

• DOJ dropped criminal probe of Fed Chair Powell (relief, yield resistance)
• University of Michigan Consumer Sentiment final reading: 49.8 (vs. preliminary 47.6 and consensus 47.6) — slight improvement, but still near 2022 trough
• Oil easing post-ceasefire extension: WTI down 1.4% on the day, helping Treasury yields reverse early-session weakness
• International developments: BSP raised rate to 4.50% (Philippines); BoE’s Breeden warned equities are overvalued

COMMODITIES

• WTI Crude: $94.42/bbl (↓1.4% daily, ↑$9.82 weekly net)
• Gold: $4,739.80/ozt (+0.4% daily)
• Copper: $6.03/lb (↓0.8% daily)
• Note: WTI flirted with $98.00 early in the week, but news of U.S.-Iran talks and ceasefire extension reversed gains; crude settled down for the day despite +$10 weekly swing.

OVERSEAS MARKETS

While not explicitly listed with index values in the data, the WaveFinder Weekly Wrap and Page One sections reference regional dynamics:

• Early-week uncertainty (Monday, Apr 22) was triggered by U.S.-Iran talks stalling over weekend, prompting selloff; rebound occurred after delegates confirmed travel to Pakistan for weekend talks
• Israel–Lebanon extended ceasefire 3 weeks (Wednesday) — supported risk appetite
• Germany’s April ifo Business Climate fell to 84.4 (vs. 86.3 expected) — dragging European sentiment
• Japan’s March CPI rose 1.5% y/y (core 1.8%); BoJ maintaining policy but external pressure building
• Singapore URA Property Index rose 0.9% q/q (vs. 0.3% expected) — signaling resilient Asia ex-JP real estate

ECONOMIC DATA

• University of Michigan Final April Consumer Sentiment Index: 49.8 (vs. preliminary 47.6 and consensus 47.6; March final: 53.3)

→ Interpretation: Slight improvement tied to easing gas prices post-ceasefire, yet still ~4.5% below year-earlier level—consumer sentiment remains structurally weak, near the 2022 trough

• WTI Crude Inventories: Weekly draw not specified, but price dropped 1.4% on Friday despite +$10 weekly net gain
• PCE & GDP data deferred to Week Ahead (see below)

LOOKING AHEAD

• Monday (Apr 28):

– $69B 2-yr note auction (11:30 ET)
– $70B 5-yr note auction (13:00 ET)

• Tuesday (Apr 29):

– FHFA HPI (Feb), Case-Shiller HPI (Feb)
– April Consumer Confidence (10:00 ET)
– $44B 7-yr note auction (13:00 ET)

• Wednesday (Apr 30):

– Housing Starts & Building Permits (Feb/Mar), Durable Orders (Mar)
– International Trade, Retail & Wholesale Inventories (Mar)
– New Home Sales (Feb/Mar)
– Weekly crude inventories (10:30 ET)
– April FOMC Decision (14:00 ET; consensus 3.50–3.75%)

• Earnings Focus:

– Tesla (post-market, Apr 28)
– Additional tech and industrial sectors expected to report

• Geopolitical Watch:

– U.S.-Iran talks in Pakistan (Weekend of Apr 26–27) — outcome critical to crude and equity risk sentiment
– Ceasefire extension in Lebanon—monitor escalation or de-escalation signals

Market takeaway: While mega-cap leadership persists, participation remains narrow—investors will closely monitor volume trends, yield curve shape, and geopolitical developments ahead of key macro releases and FOMC decision.