Weekly Market Update for April 24, 2026
by Gavyn Jensen-Schneider, Research Associate
The strong market momentum of the past few weeks tapered down as tenuous ceasefire negotiations continue. The S&P 500 finished the week up +0.55%, while the Nasdaq grew +1.50%. The 10-Year Treasury yield, an interest rate indicator, closed at 4.31%, up +6 basis points (bps) from last week. The 6-Month US Treasury, a favorite of our US Treasury strategy, rose +3 bps to 3.70%.
The US–Iran ceasefire expired on Wednesday, with no deal—temporary or permanent—in sight. Negotiations between the warring parties fractured over the weekend, with Iran closing the Strait of Hormuz to commercial traffic on Saturday after opening it the day prior. The strait has remained closed throughout the week, with Iran seizing two cargo ships on Wednesday. President Trump announced Wednesday night that the US would continue to honor the ceasefire for an unspecified number of days, giving Iran time to return to the bargaining table. This appears to be bearing fruit, as Presidential envoys Steve Witkoff and Jared Kushner are slated to meet with Iranian Foreign Minister Abbas Araghchi in Pakistan this weekend to rekindle peace talks.
President Trump’s nominee for Federal Reserve Board chair, Kevin Warsh, was on Capitol Hill this week, appearing before the Senate Banking Committee. The first step in the confirmation process was generally uneventful, with Senators grilling him on interest rate policy, inflation targeting, Fed independence, and the Fed’s dual mandate. Warsh’s confirmation has been held up by Senator Thom Tillis of North Carolina, who has been withholding his support for the nominee until the Department of Justice (DOJ) drops its investigation into the current Fed chair, Jerome Powell. The investigation into Powell centers around the $2.5 billion renovation of Federal Reserve buildings, during which he is alleged to have given faulty testimony at a congressional hearing; Senator Tillis disputes the probe as political pressure on Chair Powell to influence interest rate policy.
Progress towards a new Fed chair can finally be made, as the DOJ dropped its investigation into Chair Powell on Friday morning. This clears the path for Warsh, as Senator Tillis’ conditions for progressing the nomination have now been met. Given his credentials as a respected investor and former Fed Board member, Warsh is expected to breeze through the confirmation process. It is likely that he will replace current governor Stephen Miran in the coming weeks before superseding Powell as chair on May 15th. Powell will have the option to stay on the Federal Reserve Board until his term as a governor ends on January 31st, 2028, though most chairs resign from the Board entirely when their term as chair ends.
Earnings season is underway, with the early-to-report companies setting a generally positive tone. So far, 28% of S&P 500 companies have reported results for Q1 2026, with a blended earnings growth rate of 15.1%, beating Wall Street estimates. AI data center demand is a facet of the earnings growth picture, as power management and cooling infrastructure provider Vertiv Holdings (VRT) reported adjusted earnings per share growth of 83% year over year.
Earnings, Iran, and economics are front of mind for the oncoming week. The earnings train continues with technology heavyweights Alphabet (GOOGL), Amazon (AMZN), Microsoft (MSFT), and Meta (META) reporting on Wednesday, and Apple (AAPL) following on Thursday. Iran headlines will continue to churn as negotiations develop in Pakistan. Economic policymakers on the Fed Board of Governors meet to discuss interest rates on Wednesday; Wall Street estimates a 99.5% chance that rates remain unchanged, according to CME FedWatch.
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