Steady Nerves, Mixed Markets

Week Ending April 24, 2026

Last week felt a bit like watching the markets take a deep breath, but not fully relax. Investors spent most of the week trying to figure out what an ongoing ceasefire in the Middle East might actually mean. Was this the start of something more stable, or just a short pause before more trouble? That uncertainty showed up in the numbers. Some parts of the market kept moving higher, especially technology, while other areas struggled to find direction.

What stood out most to me was this: investors were willing to keep buying, but they were doing it carefully. The mood was not panic. It was more like cautious optimism mixed with a healthy dose of “let’s wait and see.”

Market Overview

Weekly Market Performance (April 20 to April 24, 2026)

• S&P 500: +0.55%
• Nasdaq Composite: +1.50%
• Dow Jones Industrial Average: -0.44%
• MSCI EAFE Index: -2.75%
• S&P/TSX Composite Index: -1.30% 

The week started on shaky footing after tensions in the Middle East picked up again over the weekend. Stocks were under pressure early as investors watched the ceasefire deadline approach. But by midweek, markets found their balance. An extension of the ceasefire helped calm nerves, and solid first-quarter earnings gave investors another reason to stay engaged.

Technology once again did most of the heavy lifting. The Nasdaq led the way, helped by renewed confidence in growth stocks and a rebound from earlier weakness in software names. The S&P 500 also managed a gain and continued to hover near record territory. The Dow, however, lagged behind, which is another reminder that this rally has not been broad and even.

Here in Canada, the picture was a little less cheerful. The TSX slipped 1.3 percent for the week, ending a four-week winning streak. Energy stocks were the main drag as oil prices pulled back, even while financials and technology offered some support. 

Why the Market Felt So Split

This was one of those weeks where the headlines and the market action did not always move in a straight line together. Oil briefly climbed above $100 a barrel as geopolitical worries remained front and centre, but stocks still pushed higher in places. That tells you investors are starting to believe the conflict may stay contained, even if it is not fully resolved yet.

In plain language, the market seems to be saying this: “We know the risks are still there, but unless things get worse, we’re willing to focus on earnings, growth, and the bigger picture again.”

That shift in attitude matters. It explains why the S&P 500 and Nasdaq could reach fresh highs even while the news backdrop still felt tense.

The Consumer Paradox

Friday brought one of the most interesting contradictions of the week. Consumer sentiment fell to a record low in April, which tells us people are still worried. And honestly, that makes sense. Inflation is still on people’s minds, the job market feels less certain than it used to, and geopolitical stress has a way of making everything feel heavier.

But here’s the twist: consumers are still spending.

Retail sales rose 1.7 percent in March, the strongest monthly increase in more than three years. So even though households are feeling uneasy, they have not fully pulled back. That matters because consumer spending remains one of the biggest engines of the economy.

This disconnect between how people feel and how they behave is something worth watching closely. Confidence can stay low for a while. Spending usually tells the more important story.

What Canada Was Telling Us

Canada had its own mixed signals last week.

On the inflation front, March consumer prices rose 2.4 percent from a year earlier, driven in large part by higher gasoline costs. Monthly inflation jumped 0.9 percent, the biggest increase in 14 months, which is a reminder that energy still has the power to ripple through the whole economy very quickly. 

At the same time, Canada’s housing starts fell 6 percent in March, which suggests the housing side of the economy is still uneven. Higher borrowing costs and affordability pressures have not gone away. 

There were a few brighter spots too. Canadian retail sales rose 0.7 percent in February, and Ottawa approved Enbridge’s Westcoast natural gas pipeline expansion in British Columbia, a notable energy infrastructure decision and the first major pipeline approval under Prime Minister Mark Carney. 

Looking ahead, economists widely expect the Bank of Canada to hold its benchmark rate at 2.25 percent this week. The thinking seems straightforward: inflation has picked up, but not enough yet to force the Bank’s hand, especially with growth still soft. 

Looking Ahead

This coming week has the potential to be one of the most important of the season.

We will hear from some of the biggest names in the market, especially in technology, and those reports could either confirm the recent rally or remind investors that expectations have become a little too high. On top of that, the Federal Reserve will make its latest interest-rate decision, and we will also get fresh readings on U.S. growth and inflation. In other words, there will be no shortage of market-moving news. 

If I had to sum up the setup for this week in one sentence, it would be this: the market has rallied hard, and now it needs proof.

That proof can come from earnings. It can come from economic data. Or it can disappear quickly if either one disappoints.

As always, the real lesson is not to get too carried away by one week of gains or too discouraged by one week of mixed returns. Good investing usually looks much less dramatic than the headlines. It is about staying clear on your goals, keeping your portfolio diversified, and remembering that markets often feel the most confusing right before they become clearer.

This Week: Key Economic Data

Tuesday, April 28th 

• S&P Case-Shiller Home Price Index
• Consumer Confidence

Wednesday, April 29st

• Durable Goods
• Housing Starts (Feb + Mar)*
• Building Permits (Feb + Mar)*
• U.S. Trade Balance in Goods
• Retail & Wholesale Inventories
• FOMC Interest Rate Decision
• Fed Chair Press Conference

Thursday, April 30th

• GDP (Q1)
• Weekly Jobless Claims
• Employment Cost Index
• Personal Consumption Expenditures (PCE) Index
• Leading Economic Indicators

*Indicates federal data release delayed by government shutdown

This Week: Companies Reporting Earnings

Monday, April 27th

• Verizon Communications Inc.
• Cadence Design Systems, Inc.

Tuesday, April 28th

• Visa Inc.
• The Coca-Cola Company
• T-Mobile US, Inc.
• Corning Incorporated
• Booking Holdings Inc.
• Welltower Inc.
• S&P Global Inc.
• Starbucks Corporation
• Spotify Technology

Wednesday, April 29th

• Alphabet Inc.
• Microsoft Corporation
• Amazon.com, Inc.
• Meta Platforms, Inc.
• AbbVie Inc.
• KLA Corporation
• Amphenol Corporation
• Qualcomm Incorporated
• Equinix, Inc.

Thursday, April 30th

• Apple Inc.
• Eli Lilly and Company
• Mastercard Incorporated
• Caterpillar Inc.
• Merck & Co., Inc.
• Amgen Inc.
• ConocoPhillips
• Sandisk Corporation
• Western Digital Corporation
• Stryker Corporation
• Parker-Hannifin Corporation
• Bristol Myers Squibb Company
• Altria Group, Inc.
• The Southern Company

Friday, May 1st

• Berkshire Hathaway Inc.
• Exxon Mobil Corporation
• Chevron Corporation

“Always it's spring and everyone's in love and flowers pick themselves.”
– E.E. Cummings

I am astonishingly light, but even the strongest person in the world can only hold me for a few minutes. What am I?

_{Last Week's Riddle: What 8-letter name would be cute and logical for a house cat living below the Mason-Dixon line?
Answer: Southpaw.}

We had 2 cute visitors visiting Tanya at work last week.  

Footnotes and Sources

1. WSJ.com, April 17, 2026
2. Investing.com, April 24, 2026
3. CNBC.com, April 21, 2026
4. CNBC.com, April 22, 2026
5. CNBC.com, April 23, 2026
6. WSJ.com, April 24, 2026
7. CNBC.com, April 24, 2026
8. WSJ.com, April 21, 2026
9. IRS.gov, January 17, 2025
10. MindFood.com, November 17, 2025

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