SAAM Daily Morning Brief — Wednesday, April 22, 2026

MARKET SNAPSHOT

S&P 500 Futures: 7,160 | +0.55% | Stabilizing
Nasdaq 100 Futures: 26,824 | +0.73% | Risk-on
Dow Jones Futures: 49,723 | +0.44% | Stabilizing
Russell 2000 Futures: 2,805 | +0.03% | Flat
VIX (”fear gauge” — measures expected market volatility): 18.87 | Prior close
10Y Treasury Yield: 4.27% | Ticking higher
WTI Crude: $89.22/bbl | Holding two-day gains
Brent Crude: $95.75/bbl | +0.28%
Gold: $4,748/oz | +0.6%
DXY (Dollar Index — dollar vs. a basket of major currencies): 98.35 | -0.04%

Tuesday closed red across the board: S&P 500 at 7,064 (-0.63%), Nasdaq at 24,260 (-0.59%), Dow at 49,149 (-293 pts). UnitedHealth (UNH) surged 9.3% to lead, while Merck (MRK) (-2.5%) and Amgen (AMGN) (-2.1%) dragged. Apple (AAPL) slipped 0.7% on its CEO transition news.

Overnight was mixed. Japan’s Nikkei 225 hit a record at 59,586 (+0.4%) on strong export data. Hong Kong’s Hang Seng fell 1.2% and Australia’s ASX 200 dropped 1.2%. European futures point ~0.3% lower on the Iran ceasefire extension and a U.K. inflation print of 3.3%.

WHAT’S MOVING PRE-MARKET

AAPL — Down ~1%. Tim Cook transitions to Executive Chairman on September 1; hardware chief John Ternus named next CEO. Citi and Morgan Stanley maintained buy ratings — orderly succession, not a crisis, but the weight of a 15-year leadership change is driving early selling.
TSLA — Volatile ahead of Q1 earnings after the close. Consensus expects $22.3B in revenue and $0.25 EPS (earnings per share — the company’s profit divided by outstanding shares). Deliveries of 358K came in below the 372K expected. Watch for capex commentary on the “Terafab” expansion.
UNH — Extending Tuesday’s 9.3% rally on Q1 results that beat expectations, bringing relief to Health Care (XLV) after a tough month.
GE — GE Aerospace down over 6% this week. Ninety S&P 500 firms report this week — the heaviest stretch of Q1 earnings season.

TODAY’S KEY EVENTS

9:45 AM ET — S&P Global Flash U.S. PMI (Purchasing Managers’ Index — a survey-based gauge of business conditions; readings above 50 signal expansion). March manufacturing held at 52.3. Today’s flash April print is key — any deterioration tied to energy costs and Strait of Hormuz supply disruptions could pressure Industrials (XLI) and Materials (XLB).
10:00 AM ET — Richmond Fed Manufacturing Index. March recovered to 0 from -10 — the first non-contraction since early 2025. A positive April print reinforces the stabilization narrative.
After the Close — Tesla (TSLA) Q1 Earnings. The marquee event of the day. Beyond headline numbers, watch margins, Q2 delivery guidance, and the autonomous driving timeline. Expect elevated volatility in Consumer Discretionary (XLY).
All Day — Iran Ceasefire Watch. The original deadline was today. Trump extended it indefinitely Tuesday, citing a “seriously fractured” Iranian government — but Tehran reportedly considers talks “a waste of time” and VP Vance paused his trip. Oil remains elevated at $89–$96/bbl with the Hormuz blockade ongoing. Any breakdown could send Energy (XLE) sharply higher and pressure the broader tape.

THE TAKEAWAY

Markets are catching a relief bid after Tuesday’s selloff, but it’s fragile — Iran hasn’t committed to talks, oil remains near cycle highs, and the heaviest earnings week leaves room for stock-level catalysts to drive sector moves. Two things to watch: flash PMI at 9:45 AM for signs energy costs are filtering into business activity, and Tesla’s after-hours report, which sets the tone for Consumer Discretionary into Thursday.

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.