WEEKLY MARKET RECAP – May 1, 2026

U.S. stocks posted modest gains for a second straight week, a slower pace compared with the strong rally seen earlier in April. The S&P 500 and NASDAQ each rose about 1%, extending their record highs, while the Dow gained 0.5% and remained 1.4% below its peak from nearly three months ago.

The Federal Reserve left interest rates unchanged, but its updated policy statement revealed notable disagreement, with four of twelve members dissenting. The meeting was likely the last chaired by Jerome Powell, who said he intends to remain on the Board after his term ends. Meanwhile, Kevin Warsh’s nomination to succeed Powell advanced through a Senate panel, setting up a full Senate vote.

April marked a strong rebound for equities following a weak first quarter. The NASDAQ surged 15.3% for its best monthly performance since April 2020, while the S&P 500 climbed 10.4%, its strongest gain since November 2020. The Dow rose 7.1%, its best month since November 2024.

Earnings expectations improved sharply after several major technology companies reported strong results. FactSet data showed analysts now projecting first-quarter earnings growth of 27.1% for S&P 500 companies, up significantly from 15.0% the previous week, based on results from about 63% of companies that had reported.

Economic growth picked up but fell slightly short of expectations. U.S. GDP expanded at a 2.0% annual rate in the first quarter, improving from 0.5% in the prior quarter but below forecasts and slower than the 4.4% pace recorded in last year’s third quarter.

Inflation pressures remained elevated. The Fed’s preferred measure, the core Personal Consumption Expenditures Price Index, rose to a 3.2% annual rate in March, matching expectations and marking the highest level since November 2023.

Oil prices remained volatile, briefly reaching their highest levels since early April before retreating. U.S. crude traded near $102 per barrel on Friday, up from about $95 a week earlier. Prices had climbed as high as $110 on Thursday, compared with around $84 just a few weeks prior.

Looking ahead, Friday’s employment report will indicate whether recent improvements in the labor market continued into April. In March, job growth came in stronger than expected at 178,000, rebounding from a 133,000 decline in February. Over the past 10 months, employment trends have been uneven, alternating between declines and gains.

Major U.S. Economic Reports

ReportPeriodActualPrevious
S&P Case-Shiller home price index (20 cities)Feb.0.9%1.2%
Consumer confidenceApril92.892.2
Durable-goods ordersMarch0.8%-1.2%
Durable-goods minus transportationMarch0.9%1.2%
Housing starts (delayed report)Feb.1.36 million1.40 million
Building permits (delayed report)Feb.1.54 million1.39 million
Housing startsMarch1.50 million1.36 million
Building permitsMarch1.37 million1.54 million
Advanced U.S. trade balance in goodsMarch-$87.9 million-$83.5 billion
Advanced retail inventoriesMarch0.7%0.3%
Advanced wholesale inventoriesMarch1.4%0.9%
Initial jobless claimsApril 25189,000215,000
GDPQ12.0%0.5%
Personal incomeMarch0.6%0.0%
Personal spendingMarch0.9%0.6%
PCE indexMarch0.7%0.4%
PCE (year-over-year)3.5%2.8%
Core PCE indexMarch0.3%0.4%
Core PCE (year-over-year)3.2%3.0%
Employment cost indexQ10.9%0.7%
Chicago Business Barometer (PMI)April49.252.8
U.S. leading economic indicatorsMarch-0.6%0.3%
S&P final U.S. manufacturing PMI (final)April54.555.7
ISM manufacturingApril52.752.7

Closing Prices for the Week

ContractClose
Dow Jones Industrials Average49,499.27
Nasdaq Composite25,114.44
S&P 500 Index7,230.12
CBOE Volatility Index16.99
S&P GSCI760.35
U.S. Dollar Index98.156
10-Year T-Note (Jun ’26)110-205
Crude Oil WTI (Jun ’26)101.94
Natural Gas (Jun ’26)2.780
Gold (Jun ’26)4,644.5
Silver (Jul ’26)76.431
Corn (Jul ’26)480-0
Wheat (Jul ’26)637-6
Soybean (Jul ’26)1203-2
Coffee (Jul ’26)286.40
Sugar #11 (Jul ’26)14.95
Cocoa (Jul ’26)3,596

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