Last Friday, the Nasdaq composite nailed down a record close after vaulting 1.6%. The move was slightly higher than its weekly lift of 1.5%. The tech-concentrated index is well above its 50-day moving average and has jumped nearly 19% over the past four weeks. It’s now up 6.9% for the year so far.
The S&P 500 also made a record closing high last Friday, rising 0.8%. The benchmark index pulled further clear of its major moving averages, with its 12.5% gain over the past four weeks being the largest such advance on record. It is now up 4.7% in 2026.
Design software stocks, fiber optics companies, data storage plays and contract electronics manufacturers were among the strongest performers Friday.
Chip equipment and fabless semiconductor stocks were also standouts following a powerful post-earnings move from Intel (INTC). The stock rocketed 23.6% after earnings and guidance beat Wall Street expectations.
The 10-year Treasury yield retreated two basis points last Friday to 4.31%. Oil prices also gave up slight ground, with West Texas intermediate futures slipping 0.5% to $95.34 per barrel.
Last week was light on economic data, beginning with a strong increase in retail sales. Pending home sales increased month-over-month (M/M), even as mortgage rates remained elevated.
Both S&P Global’s U.S. preliminary April Purchasing Managers’ Indexes (PMI) rose, with both showing modest expansion.
The Chicago Fed National Activity Index (CFNAI) for March indicated below-trend growth in the national economy.
The Department of Justice dropped its criminal investigation into Federal Reserve (Fed) Chairman Jerome Powell. This removes a key roadblock to the confirmation of Trump’s nominee for the role, Kevin Warsh.
The news comes ahead of the two-day Federal Open Market Committee meeting, which concludes Wednesday. Powell will make what may be his final post-meeting media conference appearance, where he will surely be asked about whether he intends to remain on the Fed’s Board of Governors.
Other noteworthy economic data on deck includes the release of The Conference Board’s Consumer Confidence Index for April, which drops Tuesday, and Thursday’s release of March’s personal consumption expenditures (PCE) price index. This is the Fed’s preferred inflation gauge, and could give an early insight into the Iran war’s impact on prices.
Earnings season is also hitting top gear. Noteworthy reports due in the coming week include Apple (AAPL), Microsoft (MSFT), and Chevron (CVX).
If you click on the Looking Ahead link below, you will find a report written by WellsFargo Investment Institute below are excerpts from that research.
Week in review: April 20-24
Economic news
- Retail sales for March rose sharply by 1.7% M/M, surpassing the prior month’s growth of 0.6%.
- This marks the highest growth since March 2025. The surge was driven primarily by gasoline, which rose 15.5% amid escalating energy prices.
- Consumer spending remained solid, likely due to larger-than-usual refunds.
- Pending Home sales rose by 1.5% M/M in March, significantly outperforming expectations of 0.5%.
- The contract signings index increased to a four-month high of 73.7. The average 30-year mortgage rate rose above 6.5% during the month as rising energy costs fueled inflation concerns.
- April‘s preliminary manufacturing and services PMIs from S&P Global both rose, with the services reading recovering from March’s slower growth amid heightened Middle East tensions.
- The manufacturing sector’s reading increased to 54.0 from the previous 52.3, driven by new orders and price increases.
- The services sector rose to 51.3 after printing 49.8 in March.
- The CFNAI declined to -0.20 in March, marking the lowest level since November 2025.
- Production-related indicators, sales, orders, and personal consumption contributed to the decline. The only improvement was employment indicators, which contributed 0.02.
- Mortgage Banker Association mortgage applications rose by 7.9% for the week ending April 17, extending the 1.8% increase from the prior week.
Looking Ahead to this week: April 27 to May 1
U.S.
- The highlight of the week will be the Fed’s April 28-29 meeting. Attention will then shift to Thursday’s advance reading of Q1 GDP and the March PCE Deflator, personal income, and personal spending.
- Also on tap: April‘s consumer confidence, vehicle sales, and measures of economic activity from regional Fed banks; and March’s advanced goods trade balance, durable goods orders, and preliminary wholesale inventories.
- Rounding out the docket is a flurry of housing market data, including dual measures of February home prices, February and March housing starts, and preliminary March building permits.
Asia
- In China, April PMIs for the manufacturing and services sectors will be in focus, including the official government releases and private manufacturing data, along with March industrial profits.
- The Bank of Japan will hold a policy meeting, while economic data out from the country includes March’s jobless rate, retail sales, housing starts, and preliminary industrial production.
- Elsewhere in the region, South Korea’s April trade balance and March industrial production and retail sales hit the tape, along with Australia’s first-quarter Consumer Price Index (CPI) and Producer Price Index (PPI).
Europe
- In Europe, the highlight will be Thursday’s policy meeting for both the European Central Bank, and the bank of England. Economic updates include regional preliminary April CPIs and advanced readings of Q1 GDPs, along with the euros zones, March unemployment rate, and April economic confidence.
- From France, also watch for March’s PPI and consumer spending, while additional German releases include April‘s unemployment claims and May’s consumer confidence.
- Economic data from the U.K. Includes April’s house prices and March’s mortgage approvals, and consumer credit.
