Retirement Architects Weekly Market Review: April 24th, 2026

Weekly Market Report: April 24th, 2026

Last week equity markets cheered Q1 earnings reports and also continued to move on from the U.S.-Iran war with a ceasefire holding and expectations for talks over the weekend. Both were enough to pave the road to fresh record highs for equity markets globally. While equity markets looked past near-term inflation pressures, bond markets seemed to focus more so on near-term inflation pressures with yields rising for the first time in three weeks as upward pressure on oil and broad commodity prices are expected to pass through to inflation pressure in the near term.

Financial Market Highlights

The rally continued in equity markets on the back of de-escalation, strong fundamentals, and the AI infrastructure build.
Interest rates remain more focused on inflation pressures and related implications on both monetary policy and growth dynamics with rates drifting higher last week and still well above pre-war levels in late February.

Economic Highlights

Last week’s economic calendar was positively received on balance with PMIs showing healthy activity alongside expected price and supply chain pressures.
Consumer indications last week included a strong nominal retail sales report and an upward revision in the final reading on a very depressed UofM Consumer Sentiment survey, reflecting high and rising gasoline prices.

Bullish Asset Allocation Narratives

Robust U.S. corporate fundamentals including strong earnings + revenue growth and positive forward revisions + guidance.
Growth conducive policies across both fiscal (elevated deficit spending) and regulatory landscapes.
Resilient consumption with low unemployment and under levered consumer balance sheets.
AI implementation including infrastructure buildouts, productivity gains, and earnings potential.

Bearish Asset Allocation Narratives

Energy price shock resulting from U.S. foreign policy in Iran and associated risks to inflation (bond yields) and economic growth (demand) particularly given soft labor market, cumulative inflation dynamics, and depressed consumer savings rates.
AI momentum given the current equity market profile, shifts toward asset/capex intensive business models, concerns surrounding circular transactions, increased debt financing, and disruptive forces across labor markets and business models.
Tariff (trade) policy uncertainty and impacts on business uncertainty, price levels, and supply chains.

This communication is provided for informational purposes only and is not an offer, recommendation or solicitation to buy or sell any security or other investment. This communication does not constitute, nor should it be regarded as, investment research or a research report, a securities or investment recommendation, nor does it provide information reasonably sufficient upon which to base an investment decision. Additional analysis of your or your client’s specific parameters would be required to make an investment decision. This communication is not based on the investment objectives, strategies, goals, financial circumstances, needs or risk tolerance of any client or portfolio and is not presented as suitable to any other particular client or portfolio.