The S&P 500 Index ($SPX) (SPY) today is up +0.41%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -0.33%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.36%. June E-mini S&P futures (ESM26) are up +0.38%, and June E-mini Nasdaq futures (NQM26) are up +1.35%.
Stock indexes are mostly higher today, with the Nasdaq 100 posting a new all-time high. Intel is up more than +22% at a record high to lead chipmakers higher after forecasting Q2 revenue of $13.8 billion to $14.8 billion, well above expectations of $13.04 billion. The surge in Intel has reignited optimism over the economic potential of artificial intelligence for semiconductor manufacturers.
Stocks added to their gains today on optimism that the US and Iran are moving toward talks after days of deadlock. Bloomberg reported that Iranian Foreign Minister Abbas Araghchi is expected to arrive in Pakistan on Friday night for a possible second round of peace talks between the US and Iran.
Stocks maintained their gains today as bond yields fell, following the Department of Justice (DOJ) announcement that it was dropping its investigation into Fed Chair Powell over cost overruns in the Federal Reserve's renovation. The ending of the DOJ probe into Fed Chair Powell may now persuade Senator Tillis to drop his opposition to appointing Fed nominee Warsh as the next Fed Chair, as Tillis had vowed to block Warsh’s confirmation unless the DOJ investigation was dropped.
Today’s US economic news was supportive of stocks. The University of Michigan US Apr consumer sentiment index was revised upward by +2.2 to 49.8, stronger than expectations of 48.5. The University of Michigan US Apr 1-year inflation expectations were revised downward by -0.1 to 4.7% from 4.8%. The Apr 5-10 year inflation expectations were revised upward by +0.1 to a 6-month high of 3.5% from 3.4%.
The US and Iran are locked in a battle for control of the Strait of Hormuz, with both sides blocking the waterway to gain leverage during an extended ceasefire. The US increased pressure on Iran with its naval blockade as it seeks to get Iran to agree to talks, while Israel and Lebanon are set to extend a ceasefire for three weeks.
WTI crude oil prices (CLM26) gave up a +1% advance today and are down more than -1% after Pakistan officials said a second round of US-Iran talks was expected. The Strait of Hormuz remains essentially closed, threatening to deepen the global energy crisis. The ongoing blockade could exacerbate global oil and fuel shortages, as about a fifth of the world’s oil and liquefied natural gas transits through the strait. Goldman Sachs estimates that crude output in the Persian Gulf has been curtailed by about 14.5 million bpd, or more than 50%, so far in April, and that the current disruption has drawn down nearly 500 million bbl from global crude stockpiles, which could hit a billion bbl by June.
Earnings season continues this week. So far, 81% of the 123 S&P 500 companies that reported Q1 earnings have beaten estimates. Q1 S&P 500 earnings are projected to climb +12% y/y, according to Bloomberg Intelligence. Stripping out the technology sector, Q1 earnings are projected to increase around +3%, the weakest in two years.
The markets are discounting a 1% chance for a +25 bp FOMC rate hike at the April 28-29 policy meeting.
Overseas stock markets are mixed today. The Euro Stoxx 50 fell to a 2-week low and is down -0.25%. China's Shanghai Composite closed down -0.33%. Japan's Nikkei Stock 225 closed up +0.97%.
Interest Rates
June 10-year T-notes (ZNM6) today are up +5 ticks. The 10-year T-note yield is down -2.0 bp to 4.305%. Jun T-notes recovered from early losses today and moved higher, and the 10-year T-note yield fell from a 1.5-week high of 4.353% and turned lower. T-notes rebounded today after WTI crude oil gave up a +1% advance and turned lower, easing inflation concerns. Gains in T-notes accelerated today after the DOJ said it was dropping its investigation of Fed Chair Powell over building-renovation costs at the Federal Reserve. The ending of the investigation into Fed Chair Powell may persuade Senator Tillis to drop his opposition to appointing Fed nominee Warsh as the next Fed Chair, as Tillis had vowed to block Warsh’s confirmation unless the DOJ investigation was dropped.
European government bond yields are moving lower today. The 10-year German bund yield is down -0.9 bp to 3.000%. The 10-year UK gilt yield fell from a 4-week high of 4.993% and is down by -1.2 bp to 4.927%.
The German Apr IFO business confidence index fell -1.9 to a nearly 6-year low of 84.4, weaker than expectations of 85.7.
ECB Governing Council member Peter Kazimir said the war in Iran might necessitate a slight increase in ECB interest rates.
UK Mar retail sales ex-autos rose +0.2% m/m, stronger than expectations of no change m/m.
Swaps are discounting an 8% chance of a +25 bp ECB rate hike at its next policy meeting on April 30.
US Stock Movers
Intel (INTC) is up more than 22% to lead chip stocks higher and gainers in the S&P 500 and Nasdaq 100 after forecasting Q2 revenue of $13.8 billion to $14.8 billion, well above expectations of $13.04 billion. Also, Advanced Micro Devices (AMD) and ARM Holdings Plc (ARM) are up more than +13%, and Qualcomm (QCOM) is up more than +7%. In addition, Nvidia (NVDA), Lam Research (LRCX), KLA Corp (KLAC), and Micron Technology (MU) are up more than +4%, and Applied Materials (AMAT) and ASML Holding NV (ASML) are up more than +2%.
Organon & Co. (OGN) is up more than +17% after the Economic Times reported that Sun Pharma is planning to submit a binding offer of $13 billion for the company.
Chemed Corp (CHE) is up more than +11% after reporting Q1 adjusted EPS of $5.65, stronger than the consensus of $5.30.
Edwards Lifesciences (EW) is up more than +5% after reporting Q1 adjusted EPS of 78 cents, better than the consensus of 73 cents.
Hims & Hers Health (HIMS) is up more than +6% after JPMorgan Chase initiated coverage on the stock with a recommendation of overweight and a price target of $35.
Principal Financial Group (PFG) is up more than +4% after reporting Q1 adjusted operating EPS of $2.07, better than the consensus of $2.01.
Procter & Gamble (PG) is up more than +3% after reporting Q3 net sales of $21.24 billion, above the consensus of $20.50 billion.
Charter Communications (CHTR) is down more than -21% to lead losers in the S&P 500 and Nasdaq 100 after reporting Q1 EPS of $9.17, weaker than the consensus of $9.52.
HCA Healthcare (HCA) is down more than -7% after reporting Q1 net income of $1.62 billion, below the consensus of $1.63 billion.
Comcast (CMCSA) is down more than -7% after Deutsche Bank downgraded the stock to hold from buy.
Eli Lilly (LLY) is down more than -4% after weekly data showed total prescriptions for the company’s Zepbound obesity drug fell -2% compare to the prior week.
Boyd Gaming (BYD) is down more than -4% after reporting Q1 revenue of $997.4 million, below the consensus of $1 billion.
Earnings Reports(4/24/2026)
Charter Communications Inc (CHTR), First Hawaiian Inc (FHB), Gentex Corp (GNTX), Hasbro Inc (HAS), HCA Healthcare Inc (HCA), Norfolk Southern Corp (NSC), Procter & Gamble Co/The (PG), SLB Ltd (SLB), Southern Copper Corp (SCCO), Western Union Co/The (WU).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
