SAAM Daily Morning Brief — Friday, April 24, 2026

MARKET SNAPSHOT S&P 500 Futures: ~7,130, +0.3% — Stabilizing Nasdaq 100 Futures: +1.2% — Risk-on Dow Jones Futures: -0.1% (~45 points) — Cautious Russell 2000 Futures: Flat — Neutral VIX: 19.25, +1.7% (the CBOE Volatility Index, a real-time measure of expected market volatility often called the “fear gauge”) 10Y Treasury Yield: 4.30%, steady WTI Crude: $97.44/bbl, +1.7% Brent Crude: $107.10/bbl, +

MARKET SNAPSHOT

S&P 500 Futures: ~7,130, +0.3% — Stabilizing
Nasdaq 100 Futures: +1.2% — Risk-on
Dow Jones Futures: -0.1% (~45 points) — Cautious
Russell 2000 Futures: Flat — Neutral
VIX: 19.25, +1.7% (the CBOE Volatility Index, a real-time measure of expected market volatility often called the “fear gauge”)
10Y Treasury Yield: 4.30%, steady
WTI Crude: $97.44/bbl, +1.7%
Brent Crude: $107.10/bbl, +1.9%
Gold: $4,748/oz, -0.1%
DXY (U.S. Dollar Index): ~97.96, modestly lower as risk appetite improves on diplomatic signals

Thursday’s session saw the S&P 500 pull back 0.41% to 7,108.40 after briefly touching a new intraday all-time high. The Nasdaq Composite dropped 0.89% to 24,438.50 and the Dow fell 179 points to 49,310.32. ServiceNow (NOW) cratered nearly 18% on disappointing subscription growth, while IBM shed over 8% despite a beat — investors punished maintained rather than raised guidance.

Overnight, Asia was mixed: Nikkei +0.67% on chip strength, Shanghai -0.58%, Hang Seng -0.26%. The Israel-Lebanon ceasefire extension did little to ease caution. European bourses opened modestly higher on reports that U.S.-Iran talks may take place in Pakistan this weekend.

WHAT’S MOVING PRE-MARKET

Intel (INTC): Surging ~27% after beating Q1 estimates and issuing stronger-than-expected Q2 guidance on robust data center demand — Intel’s largest single-day move in years.
Texas Instruments (TXN): Jumping ~19% after guiding Q2 revenue to $5.0–5.4B, well above the $4.86B consensus (the average Wall Street forecast). EPS guidance of $1.77–$2.05 also cleared the $1.57 estimate.
Advanced Micro Devices (AMD): Up ~12% after Stifel raised its price target to $320 from $280 with a Buy rating. Semiconductor momentum is broad this morning.
Tesla (TSLA): Volatile after Q1 results Wednesday evening. EPS of $0.41 beat the $0.37 estimate and gross margins expanded to 21.1%, but shares gave back gains after capex guidance jumped to $25B — $5B above prior plans.
ASGN (ASGN): Plunging ~34% after Q1 EPS missed consensus by nearly 30% and Q2 guidance disappointed. The IT staffing firm is rebranding to Everforth (ticker: EFOR).

TODAY’S KEY EVENTS

10:00 AM ET — University of Michigan Consumer Sentiment (Final, April): The preliminary reading was 47.6 — the lowest on record. This index measures how consumers feel about personal finances and the broader economy. A print at or below the preliminary level reinforces consumer caution, historically weighing on Consumer Discretionary (XLY). Year-ahead inflation expectations surged to 4.8% in the preliminary — watch whether that holds, as the Fed monitors this closely.
U.S.-Iran Diplomatic Developments: Iranian FM Araqchi may arrive in Islamabad Friday evening for potential talks with U.S. officials. Confirmation of direct negotiations could ease crude and support risk assets; a breakdown would likely send oil higher.

THE TAKEAWAY

The semiconductor complex is carrying the market this morning — Intel, TXN, and AMD are collectively lifting Nasdaq futures and offsetting the drag from Thursday’s software selloff. The setup favors a bifurcated session: chip strength could push the Information Technology sector (XLK) higher, while elevated oil prices and record-low consumer sentiment data keep a lid on Consumer Discretionary (XLY) and broader risk appetite. The key variable today is the Michigan sentiment final print at 10:00 AM ET — if inflation expectations hold near 4.8%, that complicates the Fed’s path and could cap any morning rally.

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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.