Markets In Focus: The Week That Was and What’s On Tap Week-Ending 4/24/2026
THE WEEK THAT WAS
US equities finished the week ending April 24, 2026, modestly higher amid continued differentiation across market segments. The S&P 500 advanced approximately +0. 5% for the week, the Nasdaq Composite rose +1.5%, the Russell 2000 Index gained +0.35%, and the Invesco S&P 500 Equal Weight ETF (RSP) trailed with a more muted performance, down 0.5%, reflecting the concentrated nature of recent leadership.
Market direction this week was defined by the ongoing AI theme, with leadership concentrated among “picks and shovels” companies supplying the critical infrastructure and compute capacity required for further artificial intelligence expansion. Semiconductor manufacturers, data-center operators, and related enablers outperformed as investor capital flowed toward the foundational buildout supporting AI’s next phase.
In contrast, the SaaS sector remained under pressure in the continuation of the so-called SaaS-pocalypse. ServiceNow’s earnings release on April 22 exemplified the challenges: while the company beat expectations and raised its full-year AI revenue target, shares declined sharply on guidance highlighting near-term margin compression. Investors interpreted this as further evidence of enterprise budgets shifting toward AI-related capital expenditures, which is lengthening software sales cycles, increasing competitive pressures, and forcing higher acquisition and integration costs — including the recent Armis acquisition. Broader concerns center on rising AI-driven capex diverting funds from traditional software subscriptions and the potential for sustained margin pressure across the sector.
Easing geopolitical tensions in the Middle East, particularly around earlier Iran-related disruptions, offered a relatively constructive backdrop that enabled markets to focus on these corporate and technological developments. Overall, the week reinforced a bifurcated market environment where AI infrastructure leaders thrived while software incumbents faced renewed scrutiny.
THE WEEK AHEAD
The coming week stands out as one of the busiest of the year for U.S. equity markets, with a heavy earnings calendar and pivotal macroeconomic releases converging around the Federal Reserve’s policy decision.
Earnings season reaches a crescendo on April 29, when Microsoft, Meta, Amazon, and Alphabet report results after the close. Apple follows on April 30. These five Magnificent 7 companies will command significant attention, as investors scrutinize AI-related spending, cloud growth, advertising trends, and consumer demand signals amid a complex macro backdrop.
On Wednesday, April 29, the Fed concludes its two-day meeting and announces its rate decision. Markets overwhelmingly expect the federal funds rate to remain unchanged at 3.50–3.75%, with focus shifting to any updates in forward guidance amid recent inflation pressures linked to energy volatility.
Key macroeconomic data includes Tuesday’s Consumer Confidence reading for April, Wednesday’s Durable Goods Orders for March, and Thursday’s releases of Advance Q1 GDP and March PCE inflation. Consensus estimates for March PCE point to elevated headline figures (reflecting energy impacts) around 3.4–3.5% year-over-year, with core PCE likely in the 3.0–3.1% range. Initial jobless claims will also be monitored for labor market health. No major scheduled peace negotiations on the Iran conflict are confirmed for this week; recent diplomatic efforts remain on hold following the ceasefire extension, though any surprise developments could add volatility.
Overall, this confluence of Big Tech results and central bank/macro data is likely to drive meaningful market moves and set the tone heading into May.
DISCLOSURES
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The S&P 500 generally represents performance of 500 large companies listed on exchanges in the U. S. It is one of the most commonly followed equity indices. The Nasdaq Composite Index is a market-weighted index that measures the performance of more than 3,000 common equities listed on the Nasdaq Composite Market. The Russell 2,000 Index is a market-cap weighted index that measures the performance of approximately 2,000 of the smallest companies in the Russell 3,000 Index. The MSCI ACWI captures Large and Mid-Cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries. With 2,921 constituents, the index covers approximately 85% of the global investable equity opportunity set. FactSet Research System is a financial data and software company that provides research for Wall Street professionals and individual investors.
