Market Pulse — April 23, 2026

The Close

The S&P 500 closed 0.41% lower at 7,108.40, giving back part of Wednesday's record. The Nasdaq Composite dropped 0.89% to 24,438.50, weighed down by a software rout. The Dow slipped 179.71 points, or 0.36%, to 49,310.32, and the Russell 2000 finished 0.37% lower at 2,775.10.

The VIX settled at 18.92, firming on the session as Iran war headlines and a pair of software earnings misses pulled hedging flow back into the tape.

Sectors

Utilities (XLU) led all eleven S&P sectors with a 2.80% gain — the clearest tell of a defensive rotation. Industrials (+1.75%) and Consumer Staples (+1.65%) followed. Energy (XLE) extended its year-to-date run past 33% as WTI held in the triple digits on continued Strait of Hormuz disruption.

Technology (XLK) was the laggard, dragged by the enterprise software complex. A blowout from Texas Instruments limited the damage across chipmakers but couldn't offset the bleeding in subscription software names.

Single-Stock Moves

• NOW collapsed roughly 18% after ServiceNow's Q1 top- and bottom-line beat was overshadowed by soft subscription revenue, which management partially attributed to Middle East exposure. It was the stock's worst session in years.
• IBM fell more than 8% despite beating consensus, as investors punished management for leaving full-year guidance unchanged on $15.9B in Q1 revenue, up 9%.
• TXN surged 19% — its best day in 25 years — after guiding current-quarter EPS to $1.77–$2.05 against a $1.57 consensus. The move puts Texas Instruments on track for its seventh record close of 2026.
• CAR extended a brutal two-day slide with another ~40% drop, compounding Wednesday's guidance-cut reaction.

Macro

Initial jobless claims printed 214,000, a modest uptick but still consistent with the "low hire, low fire" labor regime that has kept the Fed on hold. The 10-year Treasury yield pushed to roughly 4.31%, a more-than-one-week high, as oil-driven inflation risk and hawkish-leaning commentary from Fed nominee Kevin Warsh pressured the belly of the curve. Warsh pledged to uphold Fed independence while flagging broader reforms — a posture markets read as tighter for longer.

Crude remains the macro story. WTI is anchored in the $90s and Brent above $100, with the IEA warning that roughly 12 million barrels per day remain offline — the most severe supply shock it has flagged since the 1970s.

INTC also reported after the bell, posting $13.58B in revenue against a $12.42B consensus and 29c adjusted EPS versus 1c expected — the tape will digest that Friday.

What to Watch Tomorrow

March Durable Goods Orders at 8:30 AM ET and the final University of Michigan Consumer Sentiment print at 10:00 AM ET, against Intel's after-hours reaction.