Closing Recap
Wednesday, April 22, 2026
Index | Up/Down | % | Last |
DJ Industrials | 340.96 | 0.69% | 49,490 |
S&P 500 | 73.88 | 1.05% | 7,137 |
Nasdaq | 397.60 | 1.64% | 24,657 |
Russell 2000 | 20.38 | 0.74% | 2,785 |
U.S. stocks remain on cruise control higher for the month of April, with the Nasdaq Comp hitting a fresh all-time high today after a brief blip lower Monday, as the Nasdaq 100 (QQQ) is now up 19% in less than a month, with continued massive gains in semis (SOX +30% MTD and up 16 straight days, +39% YTD), a big rebound in software (IGV +10% MTD), and big rallies in Mag 7 heavily weight names this month AAPL, AMZN, GOOGL, META, MSFT, NVDA, TSLA (earnings tonight) – ahead of earnings for many of them next week. Market strength was till broad based, but it was tech doing most of the heavy lifting (XLK +2.2%) while REITs (XLRE) and Industrials (XLI) lagged. Crypto saw a notable bounce, with Bitcoin rising to best levels since late February hitting highs of $79,480. Overall, stocks rebounded today as President Trump's cease-fire extension announced late Monday helped U.S. stocks rebound after two straight days of declines. Oil prices, however, finished higher after three ships were targeted in the Strait of Hormuz. Important tech earnings picking up tonight, with plenty of reads for software, semi caps and semis. Shares of NOW and IBM will provide key reads on software while in semis, TXN key data points on the health of analog semis, but less so for auto industrial and more for DC and power reads to ON, STM, Renesas. Lastly, LRCX reports in semi equipment after good results last week for ASML. Tomorrow morning, we get AXP, BX in financials, HON, UNP, LMT in industrials, FCX, DOW in materials.
Commodities, Currencies & Treasuries
- June gold prices rose $33.40 or 0.7% to settle at $4,753 an ounce after falling to more than a one-week low Monday, boosted by a fall in longer-dated U.S. Treasury yields and bargain-hunting even as investors await a possible resumption of U.S.-Iranian peace talks. On Tuesday, gold recorded its largest daily loss since March 26 and have fallen close to 11% since the U.S.-Israeli war on Iran began on February 28, as rising oil prices have stoked inflation fears.
- Oil prices managed to finish higher as WTI crude oil futures settle at $92.96/bbl, up $3.29, or 3.67% while Brent crude rose $3.43 or 3.48% to settle at $101.91 per barrel on no new structured peace deals with Iran. Also, weekly oil inventory data by the EIA was overly bullish as well for the energy complex as Crude inventories saw a -1.93M draw vs. consensus of 1.0M draw; gasoline inventories a larger -4.57M draw vs. consensus of 1.83M draw and Distillates -3.43M draw vs. consensus of -1.85M draw.
Macro | Up/Down | Last |
WTI Crude | 3.29 | 92.96 |
Brent | 3.43 | 101.91 |
Gold | 33.40 | 4,753.00 |
EUR/USD | -0.00028 | 1.1715 |
JPY/USD | 0.05 | 159.44 |
10-Year Note | 0.004 | 4.296% |
Sector News Breakdown
Retail, Consumer Staples & Restaurants:
- In Tobacco; PM beats Q1 sales and profit expectations, helped by steady demand for its Zyn nicotine pouches and IQOS heated tobacco devices (Q1 EPS $1.96/$10.15B vs. est. $1.83/$9.91B); Children in Britain who are 17 or younger, and anyone born in the future, will never be able to legally buy cigarettes after lawmakers approved new stricter restrictions on smoking.
- Consumer Products: IPAR announced Q1 sales results of $345M (+2%) vs Street estimate of $354.3M as mgmt noted that they estimate the Middle East conflict to have a 1 point drag on sales this quarter and also noted that FX had a 4.6 point tailwind for sales..
Homebuilders, Building Products, Home Furnishing:
- In Building Products: MAS beat Q1 estimate, helped by improving demand for its small-ticket building materials as Q1 sales $1.92B topped the $1.84B estimate and EPS $1.04 above $0.88 consensus while reaffirmed its 2026 adjusted profit forecast of $4.10 to $4.30 per share; sales at its plumbing products segment, a major revenue contributor, rose 9% from a year ago.
Autos, Leisure, Gaming & Lodging:
- In Auto Services: car rental company CAR, which is part of the Dow Transports, and has surged from levels around $115 three weeks ago to highs of $847 in one of the biggest short squeeze stories of all time, saw shares fall over -30% this afternoon to trade under $500.
- DRVN shares slipped after provided preliminary unaudited results for Q4 2025 and Q1 2026, which missed expectations modestly and also received an expected notification of deficiency from Nasdaq related to the delayed filing of its annual report on Form 10-K for fiscal year 2025.
- Electric Vehicles: in charging sector, CATL’s (CYATY) new LFP battery can charge from 10 to 98% in less than 7 minutes - The self-heating Shenxing battery still performs even in Arctic temperatures.
- Cruise lines: VIK was initiated at Positive and $100 tgt at Susquehanna as the firm says they prefer premium-oriented cruise lines and those with strong brand loyalty, product depth, solid balance sheets, and, importantly, management teams with a proven operational track record.
- OSB/Casino operators: shares of SRAD tumbled today following two separate short reports; Callisto Research said on X, “We are short Sportradar Group AG (SRAD), a Swiss provider of gambling data and services with top sports league partners like the NBA, NHL, and FIFA. We believe Sportradar’s curated image as leader in “sports integrity” and a force against illegal gambling is misleading” https://tinyurl.com/236hrejs ; Muddy Waters later said they were also short the shares of SRAD in a separate post.
- In Hotels & Travel: In airlines, UAL Q1 adj EPS $1.19 vs est $1.07 on revs $14.6B vs est $14.37B, capacity +3.4%; plans 5-point capacity reduction for rest of year; sees Q3/Q4 capacity flat to +2%; guides Q2 adj EPS $1.00-2.00 and FY adj EPS $7.00-11.00; TH shares slid as 7M share offering priced at $14.00 each for gross proceeds of $98M; ABNB was upgraded to Overweight from Equal Weight at Wells Fargo (tgt to $178 from $136) saying the company is accelerating its pace of innovation, which makes upside options a reality.
Energy
- Midstream & Renewable sector: Morgan Stanley upgraded shares of WBI to Overweight from Equal Weight and raised both AM and DTM to EW from Underweight and raise price tgts saying given strong performance in early 2026 across both midstream and renewable infrastructure, they favor an increasingly selective approach that prioritizes differentiated long-term growth and compounding potential. For midstream infrastructure, the firm sees a median of 19.9% one-year total return upside for the sector, including a 5.0% dividend yield. Morgan Stanley also moves TRGP and HASI to top picks.
Financials
- Brokers & Exchanges: CME reported Q1 revs rose 14% y/y, just short of analyst expectations while did not provide specific financial guidance for the current or future periods; Q1 average daily volume rose 22% to a record 36.2 mln contracts, with records in all six asset classes; Non-U.S. average daily volume hit a record 11.4 mln contracts, with APAC up 33% and EMEA up 29%.
- In Insurance sector: PRU downgraded to Underweight from Equal Weight at Barclays and lower tgt to $91 from $110 driven by a combination of factors which include the risk of higher costs and the potential for more persistent financial impacts stemming from regulatory discipline at Prudential of Japan, pressure on cash flow that may require a reduction in share repurchases. Jefferies also downgrades shares to Hold ahead of earnings, saying they remain constructive on US Life with top picks remain LNC, UNM and AMP.
- Crypto sector: Bitcoin prices rose over 3% this morning above $78,200, its best levels since the end of February and giving a boost the crypto sector (MSTR, COIN, and miners CLSK, RIOT, MARA, etc.); HOOD venture fund invested $75 million in ChatGPT maker OpenAI.
- Financial Services: shares of FICO came under pressure after both FNMA and FMCC both said they will soon let borrowers use alternative credit scores to apply for loans -- a move that could open the housing market to more Americans but challenges the effective control that Fair Isaac Corp. has held on the mortgage market until now. Both GSEs announced upcoming updates to its Selling Guide to allow for the use of VantageScore 4.0, effective immediately, and the future use of FICO Score 10T credit scores for loans delivered to Fannie Mae. Note in early 2026 (especially March), the three major credit bureaus (EFX, EXPN, TRU — VantageScore’s owners) began aggressively cutting VantageScore 4.0 pricing (reports of ~$0.99 or even free bundles with FICO) and has heightened fears of pricing-power erosion and faster adoption in GSE/mortgage space
- In REITs: ADC reported 1Q26 earnings that beat consensus by $0.03, though management maintained FY26 AFFO guidance at $4.56 and FY26 investment guidance of ~$1.5B due to increased dilution from TSM. ADC remained active in 1Q26, with investments accelerating to $424M ($377M prior) at a stable cap rate of 7.1%.
Biotech & Pharma:
- BIIB was upgraded to Buy with upped PT to $225 (from $185) at UBS based on increasing conviction on a slew of pipeline catalysts coming over the next 12-15 months which they think should move the stock higher into 2027.
- INBX shares rose after Reuters reported Drugmakers including MRK, Merck KGaA and Ono Pharma are eyeing its experimental cancer drug INBRX-106; INBRX-106 is being tested with Keytruda, a widely used immune-based cancer drug, aimed at helping the immune system better attack tumors. https://tinyurl.com/mpz2fh94
- KYTX said its experimental cell therapy miv-cel showed strong results in a mid-stage study for stiff person syndrome, a rare neurological disorder that causes severe muscle stiffness and painful spasms; says a single dose led to rapid and lasting improvements in walking and mobility for most patients in the trial.
- VALN was downgraded to Sell from Neutral at Goldman Sachs as they believe the company's outlook, following multiple disappointments (notably the Ixchiq withdrawal and more recent VALOR miss in Lyme disease) in the last 12 months, is challenging and comes with significant uncertainty.
- Marijuana/cannabis stocks got a boost (MSOS, CGC, CRON, CURLF, GTBIF, TCNNF, TLRY) after Axios reported President Trump set to reclassify marijuana soon.
Healthcare Services & MedTech movers:
- In Managed Care: ELV reported Q1 adj EPS $12.58 tops consensus $10.81 on better revs $49.5B vs est. $47.98B; raised its annual adjusted profit to be at least $26.75 per share, compared with at least $25.50 prior (est. $25.73); UNH was upgraded to Buy from Hold at Argus with a $400 price target after the company reported strong Q1 as it pursues higher margins in its insurance lines, and believes UnitedHealth is implementing disciplined pricing and exiting unprofitable Medicare Advantage markets.
- In Hospitals/Facilities: CYH reported Q1 EPS loss (-$0.43) vs. est. loss (-$0.09); Q1 rev $2.96B vs. est. $2.95B; Q1 adj EBITDA $309M vs. est. $347.1M; On a same-store basis, Q1 admissions decreased 1.3% and adjusted admissions decreased 0.5%; NHI announced the planned sale of a portfolio of mostly SNFs to NHC (i.e., the lessee; ~12% of NOI) for $560M. The sale follows ongoing lease negotiations between the two parties ahead of the expiration on December 31.
- In MedTech: ISRG reported Q1 revenue and EPS beat of ~6% and ~18%, respectively, delivered robust Y/y growth of 23% and 38% on sales and EPS, respectively and procedure volumes grew 17% Y/y driven by strong dV5 utilization; BSX said Q1 net income roughly doubled as demand continued to grow worldwide for its stents, catheters and other cardiology devices, but the company cut its adjusted earnings growth projection for the year as now sees year EPS $3.34-$3.41 from prior $3.43-$3.49; Q1 MedSurg surgery equipment unit rose 7.8% to $1.7B, sales grew in all regions, with the Latin America and Canada region seeing a 19% increase. TFX shares rose after Bloomberg reported Private equity firms CVC Capital Partners and GTCR have submitted a joint bid to take the medical device maker private.
Industrials & Materials
- Tankers/shipping: Evercore downgraded DHT and FRO to In Line (from Outperform) and NAT to Underperform (from In Line) as the risk/rewards skews unfavorable from here. Evercore noted Investor interest in tanker stocks has been greater over the last two months than at any time since the floating storage boom of April 2020.
- In Aerospace sector: BA reported smaller-than-expected Q1 EPS loss of (-$0.20) vs. est. loss (-$0.83) on better revs $22.22B (est. $21.87B) as backlog grew to $695B; said expect certification of 737-7 & 737-10 in 2026, first delivery in 2027; 737 program continues to produce at 42/month rate; Q1 neg adj free cash flow -$1.45B, better than estimate est. for negative -$2.61B. SpaceX obtains rights to buy coding startup Cursor for $60B later this year or pay $10B for work companies do together. ASTS shares jumped as the FCC grants them commercial authority for direct-to-device Cellular Broadband from space in U.S. as approval enables coverage using 700/800 MHz spectrum with Verizon, AT&T, and FirstNet. JOBY said one of its top executives intends to step down before the planned start of commercial passenger service expected as soon as this year
Materials, Metals & Mining
- In Packaging & Containers: SON shares fell as Q1 EPS $1.20 was in-line with consensus $1.20 and revs $1.67B miss the est. $1.71B and guides FY26 adjusted EPS at the low end of $5.80-$6.20, vs. consensus $5.94; reaffirms FY26 revenue $7.25B-$7.75B, vs. consensus $7.46B; still sees FY cash flows from operating activities $700M-$800M.
- In Lithium sector: Redburn downgraded ALB to Neutral and maintain SQM at Neutral as their refreshed lithium supply/demand modelling reveals that: (1) overproduction in the battery industry will reverse in 2027e; (2) EV sales growth is slowing in 2026, with weakness in China and US; and (3) battery sizes will barely grow in the medium term as affordable EVs with smaller packs outsell larger EVs. With demand decelerating and production ramping up, we see the market back in surplus in 2027. This means near-term downside for lithium prices.
Internet, Media & Telecom
- In AI space: The Information reported that BABA and TCEHY are in talks to invest in DeepSeek, the Ai Upstart that recently started fundraising for the first time, according to four people with knowledge of the conversations. DeepSeek, owned by Chinese hedge fund High-Flyer Capital Management, is now seeking to raise funding at a valuation of more than $20B, after its initial discussions with prospective investors generated immense interests, one of the people said. The Information reported on Friday that DeepSeek started talks to raise outside capital for the first time, targeting to raise at least $300M at a valuation of at least $10B. OpenAI is introducing workspace agents in ChatGPT. Teams can now create shared agents that handle complex tasks and long-running workflows, all while operating within the permissions and controls set by their organization (impacts CRM,
- In Telecom & Towers: AT reported Q1 adj EPS $0.57 tops est. $0.55; Q1 revs rose 3% y/y to $31.5B vs est. $31.25B; Q1 postpaid phone net adds 294,000 vs est. 270,000; Q1 advanced connectivity operating revs $28.5B, up 4.7%. TMUS shares fell after Deutsche Telekom AG is weighing a merger with T-Mobile US (Deutsche Telekom is a partner with T-Mobile and its largest shareholder, with 53% of the shares) https://tinyurl.com/5n7ur25p ; In Towers, SBAC was upgraded to Buy from Hold at Truist and raise PT to $247 from $193 as see multiple paths to upside: 1) a potential sale of the company, as referenced by press reports (Bloomberg Barron's) and, 2. Truist believes SBAC is set to see positive inflections in AFFO/share growth next year, as churn abates and debt refi headwinds moderate.
Hardware & Software movers:
- Enterprise software: ADBE board approves $25B stock repurchase authorization through April 30, 2030; PEGA reported 1Q C.C. ACV growth of 10.6% y/y, a meaningful deceleration from 4Q's 13.8%; Q1 Pega Cloud C.C. ACV growth of 27%, stepped down modestly from 28% in 4Q, but Q1 FCF of $206.5M came in above Street $194M
- Infrastruture Software: TWLO was upgraded to Buy from Underperform at Bank America and raised tgt to $190 from $110 saying thinks Twilio will prove to be one of the key infrastructure layers for AI-driven voice and messaging uses cases; GTLB was downgraded to Neutral from Buy at Bank America as growth deceleration, GTM execution risks, and AI risks limit upside for now.
- In Security Software: ZS was downgraded to Equal Weight from Overweight at Morgan Stanley as believes the company's platform story is not playing out given Red Canary's lack of traction. The analyst does not see a material positive catalyst in the near term for Zscaler shares. UBS previewed the quarter saying into the first week of cyber earnings, are more positive on VRNS while leaning tactically more mixed on TENB and GEN and cautious on RPD and QLYS. Previewed the firewall names earlier this month, and lean cautious on both CHKP and FTNT.
- In Power/Data Center: VRT shares slipped on guidance as Q2 sales seen $3.25B-$3.45, mid the midpoint below the $3.38B estimate and Q2 adj EPS $1.37-1.43 vs. est. $1.42 following better Q1 results; expects FY2026 net sales $13.50-$14B, and organic sales growth 29%-31%; GEV shares rose on results as Q1 revs $9.34B topped est. $9.22B and raises FY26 revs view to $44.5B-$45.5B above prior $44B-$45B view and vs est. $44.49B and FY free cash flow $6.5B-$7.5B. META begins construction on $1B data center in Tulsa, Oklahoma to enhance AI infrastructure
Semiconductors:
- Industry note at Barclays as they upgraded shares of SWKS, QRVO, and STX in HDD space to Overweight, downgraded shares of PENG to Equal Weight and reinstated QCOM at Underweight as the firm says drives are the most interesting play in the storage/memory hierarchy as there is additional pricing leverage, Rf names look interesting once Sept. miss is understood and there is no near-term catalyst for QCOM with lots of Auto/IoT baked in, reinstate UW. For SWKS, QRVO, believes Apple's pushed out lower-end phone launch timing creates a buy the cut event as both face positive catalysts from the foldable iPhones, an iPhone 20 anniversary cycle. Raised price tgt for STX to $625 from $425 and WDC to $405 from $325 in HDD sector.
- ASML shares pulled back this afternoon after Reuters reported TSM showed its newest generation of chip manufacturing technology, saying it expects to be able to create smaller, faster chips without requiring expensive new machines from ASML. TSM showed two improvements of chipmaking technology: One called A13, which will go into production in 2029 and likely be used for artificial intelligence chips, and one called N2U, a more affordable option that can be used to make chips for phones and laptops, as well as AI chips.
- In DRAM/memory: MU is a driving force pushing the U.S. Congress to pass legislation that would put new export restrictions on equipment its Chinese competitors use to make their chips, according to reports from Reuters citing people familiar with the matter. A U.S. House of Representatives panel began a session where it is set to vote on the "MATCH Act," a bill designed to close gaps in restrictions on chipmaking equipment. It would also pressure foreign companies that sell equipment to Chinese chipmaking facilities to align with export curbs on U.S. companies like AMAT and LRCX.