Summary:
Equities rallied this week, led by the Nasdaq (+5.61% WTD) and the S&P 500 (+3.17% WTD), while the Dow added a more modest +0.82%. Bitcoin also advanced +5.39%, reinforcing the pro-cyclical tone, as the dollar slipped -0.44%. Rates were slightly higher, with the 10-year Treasury yield closing at 4.31%. In macro data, existing home sales fell -3.6% month over month to 3.98 million units (below 4.05 million expected), March PPI prints were softer than forecast, and initial jobless claims dipped to 207,000. Policy expectations continued to recalibrate after Fed Governor Stephen Miran signaled a potential step-down from prior easing ambitions, reinforcing a Fed that appears increasingly comfortable holding policy near neutral. In business, the week featured several notable corporate moves, including Broadcom’s custom AI-processor partnership with Meta, while energy remained the key source of volatility, with crude oil down -3.24% after an early-week surge of more than +8%.
10-Year Treasury Yield
- Current Rate: 4.31% (as of April 16, 2026)
- Week-to-date Movement: +3bps (from 4.28% on April 9, 2026)
Major U.S. Equity Indices Performance
- S&P 500: 6,824.66 → 7,041.27 (+3.17% WTD)
- DJIA: 48,185.80 → 48,578.72 (+0.82% WTD)
- Nasdaq Composite: 22,822.42 → 24,102.70 (+5.61% WTD)
Notable Market Events
- Macroeconomic Data: Existing home sales fell -3.6% month over month to an annualized 3.98 million units in March, the lowest level in nine months and missed expectations of 4.05 million. March PPI was softer than expected, with headline prices rising +0.5% month over month and +4.0% year over year. Core PPI also undershot expectations at +0.1% month over month and +3.8% year over year. MBA mortgage applications rose +1.8% for the week ending April 10th, reversing the prior week’s -0.8% decline. Import prices increased +0.8% month over month, below the +2.3% estimate. Export prices surprised to the upside, rising +1.6% month over month and +5.6% year over year. Initial jobless claims fell to 207,000, below the 213,000 estimate and down from 218,000 the prior week. Industrial production declined -0.5% month over month, missing expectations for a +0.1% increase.
- Economic Policy: Federal Reserve Governor Stephen Miran made remarks Thursday suggesting the Fed may quietly retreat from its earlier easing ambitions, with his revision from four to potentially three cuts implying the inflation picture has grown more complicated even before factoring in the Iran conflict’s energy shock. His willingness to “look through” that shock implies conditional confidence rather than certainty, while his pushback on tariffs as an inflation driver suggests he may be as concerned with shielding administration trade policy from blame as he is with diagnosing root causes. Overall, his tone implies a Fed in a holding pattern, with neutral policy looking less like a waypoint and more like the final destination.
- Business: Taiwan Semiconductor Manufacturing Co. (NYSE: TSM) shares fell more than -3% on Thursday despite record results, after the company warned that rising prices for gas and chipmaking chemicals could pressure margins. It also noted that higher component costs, including memory chips, could eventually weigh on the price-sensitive consumer market. Allbirds (NYSE: BIRD) surged more than +582% on Wednesday after announcing a pivot to an AI-focused business model and rebranding as “NewBird AI.” PepsiCo (NYSE: PEP) rose +2% after topping quarterly estimates, supported by price cuts. Broadcom (NYSE: AVGO) gained +4% on Wednesday after partnering with Meta Platforms (NYSE: META) to develop custom AI processors.
- Markets: Risk assets posted a strong week with Bitcoin pacing the group at +5.39% while silver followed with a respectable +3.44%. Gold lagged the metals complex meaningfully, eking out a modest +0.84% gain that suggests it played more of a store-of-value role than an outright momentum trade. The dollar gave back ground, slipping -0.44% and implying some softening in safe-haven demand. The most consequential move came in crude, which shed -3.24% on the week after rising over +8% early on, continuing to reflect increased volatility around the energy sector.
Stock Sector Performance
All performance figures and market events are sourced from Bloomberg as of market close 4/09/2026, using the prior Friday’s market open as the start date.
Disclosures
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