U.S. stock markets, including the S&P 500 and NASDAQ, surged to new record highs last week, marking one of the fastest recoveries from a significant drawdown in modern market history. This rally was fueled by a fragile ceasefire between the U.S. and Iran, positive Q1 earnings reports from major banks, and cooler-than-expected inflation data. The "AI bull market" has been reconfirmed by the outperformance of technology stocks, particularly the Magnificent Seven, though concerns about narrow market breadth and light trading volume persist.
Every atomic assertion extracted from the underlying record, ranked by evidence strength.
The S&P 500 and NASDAQ posted one of the fastest recoveries from a significant drawdown in modern market history.
The AI bull market has been reconfirmed with recent stock gains.
Last week's strong gains reconfirmed the AI Bull market.
Progress in the conflict between the U.S. and Iran was the primary driver of last week's gains.
Near-term caution is warranted given the market's narrow breadth, light volume, and unresolved risks stemming from the conflict in Iran.
Iran ceasefire momentum drove oil prices sharply lower.
Kevin Warsh's Federal Reserve Chair nomination hearing will be in focus this week.
A busy Q1 earnings calendar will be in focus this week.
Key economic releases, including retail sales and flash April PMIs, will be in focus this week.
The S&P 500 gained +4.5% last week.
The NASDAQ climbed +6.8% last week.
The NASDAQ extended its winning streak to 13 consecutive sessions, tying it for the fifth-longest in the Index's history.
Technology led all S&P 500 sectors for the week, gaining over +8.1%.
Energy was the clear laggard last week, falling by more than 3.5%.
West Texas Intermediate (WTI) crude fell sharply last week, settling at $84.22 per barrel.
WTI crude experienced its largest weekly decline in weeks.
Ceasefire optimism eased near-term energy supply fears.
Iran confirmed the Strait of Hormuz remained open.
Negotiations over Iran's enriched uranium stockpile were advancing.
Over the weekend, Iran said the Strait of Hormuz was once again closed.
Goldman Sachs estimated that trading strategies purchased $86 billion in global equities last week.
The $86 billion in global equities purchased by trading strategies was a top-five record pace.
JPMorgan, Bank of America, and Citigroup reported firm card spending.
Trading volume last week was light by historical standards.
Bank earnings provided a constructive read on the U.S. consumer.
JPMorgan's Jamie Dimon described the U.S. economy as holding up.
The S&P 500 Index notched its first record close since late January.
The NASDAQ Composite logged a 13-session winning streak.
S&P 500 EPS growth is now expected at +13.2% year-over-year in Q1, according to FactSet.
Q1 S&P 500 EPS growth is on pace for a sixth straight quarter of double-digit growth.
March core PPI rose just +0.1%, well below the +0.5% consensus.
Initial jobless claims held steady.
The economic and profit backdrop remains supportive of equities.
The geopolitical risk premium drove the late-March selloff across stocks.
The stock market has decided the Iran conflict is likely to end sooner rather than later.
The April Philadelphia Fed index hit its highest reading since January 2025.
The April Empire State Index hit its best level in five months.
The S&P 500 Index closed above 7,000 on Wednesday.
The S&P 500 Index's close above 7,000 was its first all-time high since January 27.
The S&P 500 Index's close above 7,000 was the first close in the index's history above 7,000.
The NASDAQ also closed at a record during the same session.
The NASDAQ extended its winning streak to 13 consecutive sessions, its longest since 1992.
The AI Bull market began on October 12, 2022.
As of April 17, the AI Bull market is 1,283 calendar days old.
The AI Bull market is the tenth-longest bull market in S&P 500 history.
Renewed focus on the AI space has been a clear driver of the recent lift in stocks.
Taiwan Semiconductor Manufacturing Company reported Q1 net income up +58.0% year-over-year last week.
Taiwan Semiconductor Manufacturing Company raised its full-year 2026 revenue growth outlook to above +30.0%.
Taiwan Semiconductor Manufacturing Company described AI demand as "extremely robust".
Taiwan Semiconductor Manufacturing Company noted a structural shift from generative to agentic AI.
The structural shift from generative to agentic AI is lifting chip orders.
The structural shift from generative to agentic AI should play well for NVIDIA's earnings and outlook report next month.
Market breadth remains narrow.
U.S. stocks climbed for a third consecutive week.
Bank of America's Brian Moynihan said consumers are spending.
Bank of America's Brian Moynihan said credit quality is "very good and improving."
Jamie Dimon flagged an "increasingly complex" macro environment.
93 S&P 500 companies will report Q1 results this week.
Tesla will report Q1 results on Wednesday.
March retail sales hit on Tuesday.