April Just Delivered Its Best Month In Five Years

Weekend Market Recap | Saturday, May 2, 2026

The Week That Was

Records set, records lost, records reset higher. Friday delivered new all-time closing highs on both the S&P 500 and the Nasdaq Composite. The S&P finished the session at 7,230.12, up 0.29 percent, while the Nasdaq jumped 0.89 percent to 25,114.44. The Dow Jones Industrial Average was the lone loser on the day, slipping 152.87 points to 49,499.27. April closed as the best month for the S&P 500 and Nasdaq since 2020, with the Nasdaq adding roughly 14 percent on the month and the Russell 2000 up around 11 percent. Intel more than doubled in April, its best monthly performance in 55 years on the exchange.

The Story Beneath The Numbers

Three forces collided this week. First, the Fed held rates in its 3.50 to 3.75 percent range on Wednesday in a split 3-dissent decision and Powell's last press conference as chair. Second, the Magnificent Seven gauntlet ran through Wednesday and Thursday: Alphabet jumped 7 percent on a clean beat, Amazon held up, Microsoft sold off as Azure growth disappointed, and Meta lost over 8 percent after raising 2026 capex guidance to a $125 to $145 billion range. Third, oil whipped violently. Brent surged to $120 midweek when Trump ordered an extended naval blockade on Iran, then collapsed to roughly $110 by Friday after reports that Tehran had sent a draft peace response through Pakistani mediators.

Macro Pulse

The Fed signaled it remains on hold for the rest of 2026, with Fed funds futures pricing a near-zero chance of any move at the next meeting. Kevin Warsh's confirmation hearing for Fed chair landed earlier in the week, with the Senate Banking Committee voting on his nomination. The April nonfarm payrolls report does not drop until next Friday, May 8. The April ISM Manufacturing print delivered a warning beneath the surface: prices paid surged 6.3 points to 84.6, the highest since April 2022, while the employment subindex slipped further into contraction at 46.4. The 10-year Treasury yield closed the week at 4.41 percent. Global equity fund inflows extended into a fifth straight week.

Tickers That Defined The Week

INTC: April's signature stock. More than doubled on the month after blowout Q1 earnings, raised Q2 guidance, and confirmation as Tesla's 14A foundry partner.

GOOGL: Up roughly 7 percent Thursday on a top and bottom line beat. The cleanest mega-cap print of the week.

META: Down hard on the capex raise to $125 to $145 billion. Beat the quarter, lost the tape.

MSFT: Slipped on Azure growth shortfall despite topping estimates. CapEx outlook lifted toward $190 billion for fiscal 2026.

AAPL: Beat top and bottom Thursday after the close. iPhone revenue missed for the second time in three quarters, but Q3 guidance came in above expectations. Tim Cook and John Ternus both addressed the September CEO transition on the call. Stock rose 3 percent Friday.

XOM, CVX: Both reported Friday. Exxon delivered $1.16 adjusted EPS on $85.14 billion. Chevron beat on profit, missed on revenue.

MRNA: Up 7 percent Friday on stronger international COVID vaccine sales.

CAR: The Avis Budget short squeeze unwind continued. Pentwater Capital filings showed they sold 4.3 million shares, helping explain the violent reversal.

UPS: Down 3 percent Tuesday despite a top and bottom beat. Forward guide disappointed.

The Week Ahead

Berkshire Hathaway's annual shareholder meeting kicks off Saturday in Omaha, the first one without Warren Buffett at the helm. Greg Abel takes over the headline duties. Earnings continue with Berkshire Hathaway, Palantir, AMD, Disney, Uber, and Coinbase among the names to watch. The April jobs report drops Friday, May 8, the next major macro data point after a string of conflicting signals.

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