{"id":23241,"date":"2024-04-26T15:08:50","date_gmt":"2024-04-26T20:08:50","guid":{"rendered":"https:\/\/www.eoption.com\/market-review-april-26-2024\/"},"modified":"2024-04-26T15:08:50","modified_gmt":"2024-04-26T20:08:50","slug":"market-review-april-26-2024","status":"publish","type":"post","link":"https:\/\/www.eoption.com\/market-review-april-26-2024\/","title":{"rendered":"Market Review: April 26, 2024"},"content":{"rendered":"\n
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Closing Recap<\/span><\/b><\/p>\n

Friday, April 26, 2024<\/span><\/b><\/p>\n\n\n\n\n\n\n\n
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Index<\/span><\/p>\n<\/td>\n

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Up\/Down<\/span><\/p>\n<\/td>\n

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%<\/span><\/p>\n<\/td>\n

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Last<\/span><\/p>\n<\/td>\n<\/tr>\n

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DJ Industrials<\/span><\/b><\/p>\n<\/td>\n

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153.86<\/span><\/p>\n<\/td>\n

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0.40%<\/span><\/p>\n<\/td>\n

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38,239<\/span><\/p>\n<\/td>\n<\/tr>\n

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S&P 500<\/span><\/b><\/p>\n<\/td>\n

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51.54<\/span><\/p>\n<\/td>\n

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1.02%<\/span><\/p>\n<\/td>\n

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5,099<\/span><\/p>\n<\/td>\n<\/tr>\n

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Nasdaq<\/span><\/b><\/p>\n<\/td>\n

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316.14<\/span><\/p>\n<\/td>\n

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2.03%<\/span><\/p>\n<\/td>\n

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15,927<\/span><\/p>\n<\/td>\n<\/tr>\n

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Russell 2000<\/span><\/b><\/p>\n<\/td>\n

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20.88<\/span><\/p>\n<\/td>\n

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1.05%<\/span><\/p>\n<\/td>\n

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2,002<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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U.S. stocks were on cruise control higher all day, led by gains in technology\/communications after GOOGL and MSFT earnings results\/AI commentary\/cloud revs were well received and helped boost semis (SOX +2.6%) and software stocks. Market gains were mostly broad-based (energy and utilities led declines), but tech was the clear leader. Inflation data did not show an easing of prices as the U.S. personal consumption expenditures (PCE) price index increased 0.3% last month, in line with forecasts, a development that is unlikely to change expectations that the Federal Reserve will hold off cutting interest rates until September. U.S. Treasury yields slipped after the data was released, but the dollar rose, mostly on gains against the Japanese yen after the Bank of Japan failed to intervene in forex markets as the yen tumbled further. It was a non-stop rally all day for major averages as the Nasdaq climbed over 300 points or 2% while the S&P (SPX) rallied over 1% back above 5,100, with all major averages posting strong weekly returns (for the week, the S&P 500 gained 2.69%, the Nasdaq climbed 4.23%, and the Dow climbed 0.67%%). FactSet noted so far for Q1 2024 (with 46% of S&P 500 companies reporting actual results), 77% of S&P 500 companies have reported a positive EPS surprise and 60% of S&P 500 companies have reported a positive revenue surprise. After the 6-day losing streak for the S&P and Nasdaq was snapped last Friday, fear has been erased once again with the CBOE Volatility index (VIX) back down below the 15 level after topping 21 last Friday. Stocks did pullback off highs in the final minutes with the S&P closing right around the 5,100 level. <\/p>\n

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Economic Data<\/p>\n