SAAM Daily Closing Brief — Thursday, April 23, 2026

CLOSING SNAPSHOT S&P 500 (SPX): 7,108.40, -29.19, -0.41% Nasdaq 100 (NDX): 24,438.50, -219.5, -0.89% Dow Jones (DJIA): 49,310.32, -179.71, -0.36% Russell 2000 (RUT): ~2,790, +0.74% VIX: 18.92, +5.2% — fear gauge ticking higher 10Y Treasury Yield: 4.30%, slightly lower on safety flows WTI Crude: $96.61, +3.9% Brent Crude: $101.91, +3.5% Gold: $4,739, -0.3% DXY (Dollar Index): 98.57, flat Risk-off r

CLOSING SNAPSHOT

S&P 500 (SPX): 7,108.40, -29.19, -0.41%
Nasdaq 100 (NDX): 24,438.50, -219.5, -0.89%
Dow Jones (DJIA): 49,310.32, -179.71, -0.36%
Russell 2000 (RUT): ~2,790, +0.74%
VIX: 18.92, +5.2% — fear gauge ticking higher
10Y Treasury Yield: 4.30%, slightly lower on safety flows
WTI Crude: $96.61, +3.9%
Brent Crude: $101.91, +3.5%
Gold: $4,739, -0.3%
DXY (Dollar Index): 98.57, flat

Risk-off ruled Thursday. The S&P 500 retreated from record territory as Brent crude vaulted above $101 on renewed Strait of Hormuz tensions — a chokepoint for roughly 20% of global oil supply. Software names led the selloff while defensive sectors absorbed the flows. The 10-year yield eased modestly, confirming a mild flight-to-safety bid.

SECTOR SCORECARD

Utilities (XLU): +2.80% — textbook defensive bid
Industrials (XLI): +1.75% — infrastructure and defense names led
Consumer Staples (XLP): +1.65% — risk-off rotation to steady earners
Energy (XLE): +1.40% — crude surge lifted producers
Health Care (XLV): +0.60% — modest safety premium
Financials (XLF): +0.35% — mixed; lower yields offset earnings tailwind
Materials (XLB): +0.20% — flat between commodity bid and macro caution
Real Estate (XLRE): -0.10% — sidelined on rate uncertainty
Consumer Discretionary (XLY): -0.85% — LULU drag, spending concerns
Communication Services (XLC): -1.10% — growth pullback
Information Technology (XLK): -1.75% — ServiceNow-led software selloff

Classic defensive rotation: Utilities and Staples led while growth lagged.

TODAY’S TOP MOVERS

Gainers

URI +18.9%: Crushed Q1 estimates and raised full-year guidance on strong infrastructure demand.
TXN +16.6%: Q1 beat with above-consensus Q2 guidance — best day since October 2000.
WST +13.9%: Strong earnings and upbeat outlook from the medical-device packaging company.

Losers

NOW -16.4%: Subscription revenue beat (up 22% YoY), but guidance implied decelerating net-new business, dragging the software sector.
LULU -10.9%: Sank after appointing a former Nike executive as CEO — a pick that disappointed activist investors.
TECH -9.6%: Softer revenue guidance weighed on the life sciences supplier.

AFTER-HOURS EARNINGS

INTC (Intel): EPS $0.29 vs. $0.01 expected; revenue $13.6B vs. $12.4B. Q2 guide of $13.8B–$14.8B crushed the Street’s $13.1B. Shares surged 19% after hours — a strong validation of the foundry turnaround thesis.
TSLA (Tesla): EPS $0.41 vs. $0.36; revenue $22.4B in line. Auto gross margins improved to 19.2%, energy storage margins hit a record 39.5%. Shares rose 4% after hours.
IBM: EPS $1.91 vs. $1.81; revenue $15.9B vs. $15.6B. Beat on all segments, but left full-year guidance unchanged. Shares fell ~6% after hours — investors wanted a raise.

TODAY’S EVENTS RECAP

Initial Jobless Claims (8:30 AM ET): 214K actual vs. 210K consensus. Claims (first-time unemployment filings) ticked up 6K but remain historically low, signaling a gradually cooling but still healthy labor market. Minimal equity reaction.

TOMORROW’S SETUP & CATALYSTS

Durable Goods Orders (8:30 AM ET): Measures new orders for long-lasting manufactured goods — a barometer for business investment.
Michigan Consumer Sentiment — Final (10:00 AM ET): Watch inflation expectations amid elevated energy costs.
Earnings: Several major S&P 500 names on deck, including Alphabet (GOOGL).
Fed Speakers: Multiple officials scheduled; markets will parse commentary on oil-driven inflation.

The S&P 500 has near-term support around 7,050–7,060. Intel’s blowout after-hours print could inject optimism at the open, but crude above $100 remains the macro wildcard.

THE TAKEAWAY

Thursday was a tug-of-war between strong earnings and geopolitical anxiety. Defensive sectors absorbed the flows while Information Technology took the hit from ServiceNow’s guidance stumble. Intel’s massive after-hours beat may set a more constructive tone Friday — but the Strait of Hormuz situation and Brent above $100 are the variables that matter most. Watch 7,050 on the S&P 500 and whether crude sustains at these levels.

ADDITIONAL READING (LINKS)

Disclaimer: This newsletter is for educational and informational purposes only and does not constitute investment advice, a recommendation, or a solicitation to buy or sell any securities. The author is not a registered investment advisor, broker-dealer, or financial planner. All analysis represents the author’s interpretation of publicly available data and may contain errors. Past performance does not guarantee future results. Markets involve substantial risk, including the possible loss of principal. Always do your own research and consult with a qualified financial professional before making any investment decisions.