Weekly Roundup April 20th-24th
The Market Holds Onto Record Highs | Retail Sales Maintain in April | Anxious Consumer Sentiment | Standstill in Iran
By: Hollis Costa
Apr. 26, 2026
Market Recap: S&P 500 -0.01% | NASDAQ Composite +0.50% | Dow Jones Industrial -0.43 | WTI Crude Oil +8.18% | Gold -1.42% | 10 Yr Treasury +1.17% | VIX -40.95%
Economy at a Glance
The S&P 500 and Nasdaq both finished the week essentially flat, holding onto the strong gains from the previous week. Despite the lack of movement in equities, there were still some notable shifts under the surface. The biggest move came from the VIX, commonly viewed as a consumer fear index, which dropped sharply as market anxiety eased faster than expected.
Crude oil also stood out, rising over 8% on renewed Middle East supply concerns. At the same time, the 10-year Treasury yield moved higher, reflecting continued caution around inflation and broader economic uncertainty. Even with all of this in play, the market overall felt relatively stable despite the ongoing global tensions and mixed economic signals.
Retail Sales Maintain in April
The Census Bureau released its Advance Monthly Sales for Retail and Food Services for March 2026 on Tuesday. The report showed approximately $752 billion in sales, representing a 1.7% increase month-over-month and a 4.0% increase year-over-year. Overall, the data came in stronger than expected and provides some reassurance that consumer spending remains resilient.
A major driver behind this increase was gasoline stations, which saw a sharp rise in sales due to higher fuel prices. This surge played a significant role in lifting the overall number. While higher gas prices aren’t necessarily a positive for consumers, they did help mask potential weakness in other retail categories.
An Anxious Consumer Sentiment
The University of Michigan Consumer Sentiment Index was also released this week and painted a much different picture. Consumer confidence for April came in at 49.8, down from 53.3 in March. The report highlighted that sentiment declined broadly across all groups, regardless of age, education level, or political affiliation.
Notably, the 49.8 reading marks a record low for this index, even falling below the previous low of 50.0 set in June 2022. This sharp drop signals that consumers are feeling increasingly negative about the economy. While spending has held up so far, declining sentiment like this can often act as a leading indicator of future pullbacks in consumption, especially as concerns around high prices and weaker asset values continue to build.
Iran Update
As for the conflict in Iran, this week brought a mix of developments but little resolution. President Trump canceled a planned trip to Islamabad, delaying further negotiations that were expected to be mediated by Pakistan. Meanwhile, the U.S. continues to exert control over the Strait of Hormuz, limiting access, although some commercial shipping activity is still being allowed through.
The situation remains at a standstill, with neither side appearing willing to make meaningful concessions. This ongoing tension continues to pose a risk to global oil supply, which helps explain the sharp move higher in crude prices earlier in the week.
Looking Forward
Looking ahead, attention will shift to the Federal Reserve as Jerome Powell and the FOMC meet next week. While interest rates are widely expected to remain unchanged, the real focus will be on Powell’s commentary regarding inflation, economic growth, and overall market risk. His tone and forward guidance will likely carry more weight than the actual policy decision.
In addition, we will see earnings reports from four of the “Mag Seven” companies. With significant capital expenditures over the past year, investors will be watching closely to see whether that spending is translating into sustainable growth, or if it’s starting to raise concerns about efficiency and returns.
Glossary
● VIX: A stock-market fear gauge that shows how much volatility traders expect.
● Retail sales: A report tracking how much consumers spent at stores and online.
● Consumer sentiment: A survey of how confident households feel about the economy.
● Mag 7: The seven biggest U.S. tech-heavy stocks that often lead the market.
● Capex: Money companies spend on long-term investments like servers, chips, and data centers.
● Fed: The U.S. central bank that sets interest-rate policy and fights inflation.
● Powell: Jerome Powell, the Fed chair who leads policy decisions and press conferences.
● Strait of Hormuz: A critical oil shipping route that can affect global energy prices.
