Market Pulse — April 24, 2026
Intel's blowout quarter sent semis to an 18th straight up day and pushed the S&P 500 and Nasdaq to fresh records, while the Dow lagged on energy weakness.
The Tape
The S&P 500 closed 0.80% higher at 7,165.08, and the Nasdaq Composite added 1.63% to 24,836.60. Both finished at record highs. The Dow Jones Industrial Average bucked the move, slipping 0.16% to 49,230.71 as energy and industrials weighed. The Russell 2000 rose 0.43% to 2,787.00.
The VIX fell 3.1% to 18.71, giving back most of yesterday's risk-off pop as Iran ceasefire talks moved toward a Pakistan-mediated framework.
Sectors
Technology (XLK) led the tape by a wide margin, dragged higher by semiconductors. The PHLX Semiconductor Index notched its 18th consecutive up day — the longest streak on record — with SOXX up 4.7% and SMH up 5.1%.
Energy (XLE) was the worst sector as crude unwound part of its war premium. Brent slipped under $100 and WTI traded near $95 after Iran's parliament speaker resigned and back-channel diplomacy advanced.
Single-Stock Movers
INTC closed up 23.6% at $82.55 — its best session since October 1987 — after Q1 revenue of $13.6B and EPS of $0.29 crushed the $12.4B / $0.01 consensus. The print pushed Intel above its dot-com-era peak for the first time in 26 years.
The read-through ripped through the chip complex. AMD jumped 13.9% to $347.77, helped by a D.A. Davidson upgrade to Buy. QCOM added 11.1%. NVDA rose 4.3% to $208.27, retaking the $5 trillion market cap line and pulling the broader Nasdaq with it.
Outside semis, AXP, LMT, and HON all beat on earnings but traded mixed in the cash session as the focus stayed on chips.
Macro
Treasuries firmed on the day. The 10-year yield finished at 4.31%, the 2-year at 3.78%, and the 30-year at 4.91%. The bid came after the Justice Department closed its criminal probe into Fed Chair Jerome Powell, removing an overhang and clearing the Senate path for Kevin Warsh's nomination vote.
The University of Michigan final consumer sentiment print landed at 49.8 — a record low — as households flagged the Iran conflict and gasoline prices. Markets shrugged: the soft data is now lagging the ceasefire optimism that's already in spot oil.
No Fed speakers crossed the tape today; the FOMC enters its blackout period ahead of next week's meeting.
What to Watch
Mag 7 week. MSFT and META report Wednesday after the close alongside the FOMC decision; AAPL and AMZN follow Thursday.