US stocks slipped on Thursday, April 23, 2026, as rising oil prices, stalled US‑Iran peace progress, and a post‑earnings hangover in key tech names weighed on risk appetite, even as semis and Intel’s earnings beat offered a bright spot in the sector.
Index moves and risk tone
- The S&P 500 eased around 0.41% after notching fresh records earlier in the week, reflecting mild profit‑taking rather than a full‑blown de‑risking.
- The Dow (-.36%) and Nasdaq (-.89%) each fell with weakness concentrated in large‑cap software and select mega‑cap growth stocks.
- Under the surface, the PHLX Semiconductor Index stayed green, extending its recent outperformance as investors rotated within tech rather than abandoning the sector outright.
- the Small caps on the Russell 200 also fell ,37% to close at 2,775.10.
One useful framing: today looked more like a rotation day than a risk‑off day, with chips and cyclicals absorbing flows leaving stretched software winners.
Macro backdrop and oil market
- Geopolitically driven risk premium remained embedded in crude, with oil prices moving higher again at $97/bbl as progress toward a durable US‑Iran ceasefire appeared to stall.
- Higher energy prices are re‑igniting the debate about whether central banks will truly be able to deliver the amount of easing currently priced in, or if stickier inflation will limit cuts later in 2026.
- Strategists increasingly frame the macro trade‑off as: can policy rates “keep up” with any renewed inflation pulse from energy, without choking off already moderating global growth.
For equity investors, this mix—firm oil, nagging inflation risk, but no obvious growth shock yet—helps explain why cyclicals tied to energy and infrastructure are holding up while long‑duration software names are more vulnerable to valuation pressure.
Sector moves: software versus semis
- Software and broader tech services lagged, with several high‑multiple names giving back a portion of their year‑to‑date gains as investors reassessed rich valuations in a higher‑for‑longer rate scenario.
- Semiconductor shares were a notable pocket of resilience, with the SOX index continuing its rally even as the major indices traded in the red.
- The underlying narrative: AI and compute‑heavy spending remain intact, but the market is getting more discriminating, rewarding firms with clear earnings visibility while punishing those with more aspirational growth stories.
This “barbell” within tech—pressure on expensive software, bid for select chips—sets up an interesting relative trade for active managers heading deeper into Q1 earnings season.
Intel earnings: beat and raised, stock pops
- Intel’s first‑quarter report landed on the strong side, with revenue and earnings above consensus expectations and management guiding to a more constructive outlook for the rest of 2026.
- The company highlighted better‑than‑feared demand trends and progress in strategic initiatives like its high‑end manufacturing build‑out (including projects such as its Terafab effort), reinforcing the turnaround story in its core CPU and foundry businesses.
- Coming into the print, the stock had already rallied more than 50% over the past year, yet shares still jumped as investors rewarded the combination of upside to Q1 and a confident forward tone.
For the broader semi complex, Intel’s beat and constructive guide help validate positioning in AI‑adjacent and compute infrastructure names, even as the market remains unforgiving toward companies that miss or offer cautious outlooks.
Big picture for investors
- Earnings season is ramping, with roughly 85% of early S&P 500 reporters beating expectations, a backdrop that has helped push the index to new highs despite bouts of macro anxiety.
- At the same time, higher oil and lingering geopolitical risk are feeding a slow grind higher in long‑term yields, keeping a lid on equity multiples at the margin.
- Against that backdrop, today’s tape seems to reinforce three themes: stay selective in long‑duration tech, lean into semis and real‑earnings AI beneficiaries, and respect the risk that energy‑driven inflation could complicate the path of rate cuts later this year.
VP Watchlist Updates
Below is an update‑style snapshot on the VP Watchlist names for the week, focused on recent catalysts, positioning, and narrative rather than precise price moves.
Applied Digital (NASDAQ: APLD, $36.35, +12.09%)
In late April, Applied Digital (APLD) inked a roughly 15-year, $7.5 billion lease with a new U.S.-based, high investment-grade hyperscaler at its 430 MW Delta Forge 1 “AI Factory” campus, securing 300 megawatts of critical IT load dedicated to AI and high-performance computing. The deal lifts the company’s total contracted lease revenue to more than $23 billion and brings its hyperscale tenant roster to three, with over half of that backlog supported by investment-grade customers.
Broadcom (AVGO, $419.94)
Broadcom’s latest AI alliance with Google parent Alphabet Inc. (GOOGL, GOOG) and Anthropic is less a routine chip deal and more a declaration that the quiet power behind the cloud plans to stay loud for the next decade. The three-way pact locks in custom AI silicon and multi‑gigawatt compute capacity that could reshape who really controls the tollbooths on the generative AI superhighway.
Eupraxia Pharmaceuticals (EPRX, $7.25, +2.69%)
Eupraxia Pharmaceuticals Inc. (EPRX), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, today announced 36-week tissue health and symptom data from patients in the highest dose cohort from its ongoing Phase 1b/2a part of the RESOLVE trial evaluating EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). Dr. James A. Helliwell, Chief Executive Officer of Eupraxia stated, “We are very pleased with the robust and sustained response in both tissue health and symptom data in the highest dose cohort at 36 weeks. This data is consistent with the compelling results we observed at earlier timepoints at this dose level, highlighting the potential to achieve both strong and durable responses after a single administration of EP-104GI. We are also reassured by the excellent safety outcomes across all doses in the trial as we continue to observe no indication of drug related SAEs or spikes in glucose or cortisol. We look forward to the results of the placebo-controlled Phase 2b portion of the study where the same dose is being further evaluated”.
Eupraxia recently co-hosted a Tribe Public www.TribePublic.com, CEO Presentation & Q&A Webinar event, Wednesday, April 1 titled “Turning EOE Into a Once-a-Year Appointment.” The event featured James A. Helliwell, M.D., Co‑founder and CEO of Eupraxia Pharmaceuticals (NASDAQ: EPRX), who discusses the company’s precision drug‑delivery platform, its approach to Eosinophilic Esophagitis (EoE), and broader pipeline priorities, followed by a focused 5–10 minute Q&A. You may watch it now at this Youtube link.
Eupraxia announced (March 17) positive symptom data from patients in the two highest dose cohorts from its ongoing Phase 1b/2a part of the RESOLVE trial evaluating EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). “We are very pleased to see such a meaningful symptom response at 24 weeks in the highest dose of the Phase 1b/2a portion of the RESOLVE study,” said Dr. James A. Helliwell, Chief Executive Officer of Eupraxia. “We believe this type of response based on a single administration procedure would represent a compellingly different option for EoE patients. Importantly, the response that we are observing across cohorts 4-9 has increased as patients progress through the study through to week 24. We believe this demonstrates the importance of stable, continuous long-term local steroids in tamping down signs of inflammation quickly and acting on fibrosis in the longer term. Also, as previously reported, we continue to be encouraged by the safety profile that we have observed with EP-104GI. Currently, with 31 patients dosed in the Phase 1b/2a study, and over 220 months of follow up, there have been no reported serious adverse events.”
Modular Medical (MODD, $4.645)
- Modular Medical, Inc. (NASDAQ:MODD), a leader in innovative, patient-centric insulin delivery, today announced the pricing of a registered direct offering consisting of 750,000 shares of the Company’s common stock at an offering price of $4.50 per share. The gross proceeds to the Company from the Offering are estimated to be approximately $3.4 million before deducting placement agent fees and other offering expenses. The Offering is expected to close on or about April 21, 2026, subject to the satisfaction of customary closing conditions.
- Modular Medical’s latest regulatory milestone upgrades the narrative: the company has now secured FDA 510(k) clearance for its Pivot tubeless insulin patch pump, moving from “launch‑ready” to “launch‑approved” in the heart of the fast‑growing diabesity market. The FDA has cleared Modular Medical’s Pivot patch pump as a tubeless, removable insulin delivery system, formally validating the device’s design and performance for commercial use in U.S. adults living with diabetes. The clearance converts what had been a Q1 2026 launch “subject to FDA response” into a tangible commercial pathway, giving the company permission to sell into an insulin pump market that has been estimated at roughly 8 billion dollars globally. Pivot is engineered as a simplified, two‑part patch pump with a 3‑milliliter removable reservoir, no need for battery recharging, and the ability to bolus without a dedicated controller, aiming squarely at patients who have stayed on multiple daily injections because traditional pumps felt too complex, cumbersome, or costly. By clearing Pivot, the FDA is effectively endorsing Modular Medical’s attempt to make advanced insulin delivery feel less like adopting a gadget and more like upgrading a daily habit.
The InterGroup Corporation (INTG, $35.29, +3.31%)
- InterGroup Corporation delivered (Feb. 17) a notably stronger quarter, highlighted by a 20% jump in total revenue to $17.3 million and a 27% surge in hotel revenue as renovated rooms returned to service and travel demand improved. The company swung from a prior-year net loss to $1.0 million in net income, with operating income more than doubling to $2.0 million, underscoring better cost control and improved operating efficiency. Management further enhanced liquidity and sharpened strategic focus by selling a non-core 12‑unit Los Angeles multifamily property, generating a meaningful gain and additional working capital while maintaining stable performance across its real estate portfolio.
Volato Group, Inc. (SOAR) & M2i Global, Inc. (MTWO)
- Volato Group, Inc. today (April 16) announced that it will hold a special meeting of shareholders on May 7, 2026 to vote on the previously announced proposed merger with M2i Global, Inc. (“M2i Global”). Shareholders of record as of the close of business on April 17, 2026 will be entitled to vote at the special meeting. The Company expects the merger to close shortly after the meeting, subject to shareholder approval and the satisfaction of customary closing conditions. Under the terms of the merger agreement, M2i Global will merge with a wholly owned subsidiary of Volato, with M2i Global continuing as the surviving entity and a wholly owned subsidiary of Volato. Upon completion of the transaction, existing M2i Global shareholders are expected to own approximately 85% of the combined company, while Volato shareholders are expected to own approximately 15%, on a fully diluted basis (excluding warrants). The combined company is expected to leverage M2i Global’s capabilities across mining, refining, and recycling of critical minerals alongside Volato’s expertise in software, data systems, and operational execution, creating a scalable, technology-enabled platform focused on strengthening domestic supply chains.
- Volato Group, Inc. (NYSE American: SOAR) (the “Company” or “Volato”) and M2i Global, Inc. (OTCQB: MTWO) (“M2i Global”) (April 13) announced that the U.S. Securities and Exchange Commission has declared effective the Registration Statement on Form S-4 (File No. 333-292132) relating to Volato’s proposed merger with M2i Global, formally advancing the transaction into its shareholder approval and closing phases. Volato is proceeding with distribution of the definitive proxy statement/prospectus and a special meeting of shareholders is expected to be held on May 7, 2026. Shareholders of record as of April 17, 2026 will be entitled to vote on the proposed transaction.
- flyExclusive (NYSE American: FLYX), the vertically integrated private aviation company, announced (March 25) two milestones in its proprietary technology development: the filing of a utility patent application for a novel aircraft schedule optimization architecture, and the availability of Contrails, its Flight Management System, to other Part 135 operators beginning in Q2 2026. Both announcements coincide with the company’s presence at the NBAA Schedulers & Dispatchers Conference 2026 in Cleveland. “We have spent years building flyExclusive into one of the most operationally capable private aviation companies in the country. Contrails is how we make that expertise available to the broader industry—and the intellectual property behind it reflects the depth of investment we have made in solving problems that matter to every serious operator. We believe the right technology, built by people who actually run flights, changes what is possible in this industry. Today we are unable to source lift for nearly 300 trip requests per day. We believe Contrails will allow us to address that demand far more efficiently—both within our own operation and through coordination with other operators—and that represents a material revenue opportunity for flyExclusive and for all participating operators.”
- Volato Group, Inc. announced (March 10) that it has entered into an amendment to its Aircraft Management Services Agreement with flyExclusive, Inc. (“FLYX”) providing for the sale of certain legacy intellectual property assets. The agreement provides for consideration valued at approximately $1.3 million, payable in FLYX Class A common stock, subject to customary conditions. The assets relate to legacy intellectual property developed during earlier stages of the Company’s technology initiatives and are not part of Volato’s current operating platforms. Volato continues to evaluate opportunities to streamline its asset base and focus resources on strategic priorities, including the continued development of its core software platforms and the pending business combination with M2i Global, Inc.
- On Feb. 4, M2i Global,Inc.along with Volato Group, Inc. announced that Titanium X has initiated its first shipment of titanium ore from Western Australia to the U.S. under its collaboration agreement.
NVIDIA (NVDA, $199.64) & Nokia (NOK, $9.86)
- Nokia just served Wall Street a quietly confident Q1, the kind of quarter that doesn’t light up the meme feeds but does make long-only portfolio managers reach for their notebooks instead of the antacids.
- In an AI market obsessed with GPUs and stardust, Nokia (NOK) is quietly reminding investors that none of this magic moves without serious plumbing. While Nvidia (NVDA) prepares to headline its GTC 2026 “Woodstock of AI” showcase, the chip giant has already written a very real check to Nokia, committing a $1 billion investment to help rewire the world’s networks for 5G‑Advanced, 6G, and AI‑native workloads. The message is simple enough: GPUs may be the new rock stars, but networking is the stadium.
- Nvidia delivered strong fourth-quarter results recently, posting revenue of $68.1 billion, well above analyst expectations. Looking ahead, the company projects $7.8 billion in revenue for the first quarter of 2026, reflecting continued robust demand for its AI chips even amid broader market headwinds.
- NVIDIA and Nebius Group N.V. (NASDAQ: NBIS) (March 11) announced a strategic partnership to develop and deploy the next generation of hyperscale cloud for the AI market, from AI natives to enterprises. NVIDIA will invest $2 billion in Nebius.
McDonald’s (MCD, $302.53, +.82%)
- On April 6, McDonald’s Türkiye reinterprets a globally recognized message with a creative twist in its new campaign inspired by increased travel during holiday periods. Developed for out-of-home, digital, and print channels, the ‘Drink & Drive’ campaign positions McCafé® around the idea of alertness and attentiveness while driving. The brand’s iconic Golden Arches are also transformed into a bold road line, symbolizing the driver’s focus on challenging journeys.
Opendoor (OPEN, $5.22)
- April 16, Opendoor Technologies Inc. (OPEN) announced that it will report first quarter 2026 financial results for the period ended March 31, 2026 following the close of the market on Thursday, May 7, 2026. On May 7, 2026, management will host our Financial Open House video livestream at 2:00 p.m. PT (5:00 p.m. ET) to discuss the company’s business and financial results. We invite shareholders to participate directly through Robinhood’s Say Technologies platform by visiting https://app.saytechnologies.com/opendoor-2026-q1
- Opendoor Technologies, a leading e-commerce platform for residential real estate transactions, reported financial results for its fourth quarter and year ended December 31, 2025. They highlighted the following: October 2025 acquisition cohort tracking as best-performing October in Company history; acquisitions increased 46% quarter-over-quarter while inventory days in possession reduced 23%.
- Opendoor continues to navigate a challenging housing backdrop characterized by still‑elevated mortgage rates and tight existing‑home inventories, which weigh on transaction volumes even as affordability slowly improves. The company’s focus on disciplined acquisition spreads, inventory turns, and ancillary services remains central to the investment debate as markets handicap the pace and magnitude of any 2026 housing recovery.
Tesla (TSLA, $373.72)
Reportedly, Tesla unexpectedly swung to positive free cash flow in the first quarter, a neat trick for a company many on Wall Street still expected to be busily torching cash. The electric-vehicle maker has yet to fully open the spending spigots on artificial intelligence and added manufacturing capacity, suggesting the real splurge is still to come.
Serina Therapeutics (NYSE: SER, $1.94)
Serina Therapeutics (NYSE: SER) (www.serinatx.com) seems to have have just traded itself into Wall Street’s good graces, pairing fresh capital with a late-session pop that suggests investors are finally starting to connect the dots between polymer chemistry and portfolio returns. In Huntsville, Alabama, Serina Therapeutics announced definitive agreements for a private placement of common stock and pre-funded warrants that could bring in up to 30 million dollars in gross proceeds. The first 15 million dollar tranche is expected to close on March 20, 2026, with a second tranche of up to 15 million dollars anticipated by April 30, 2026, subject to customary closing conditions.
What makes the deal stand out in a biotech tape crowded with discounts is the pricing: the securities are being sold at about 2.25 dollars per share, a roughly 68 percent premium to Serina’s March 17 closing price, signaling that insiders are willing to pay up for exposure to the company’s clinical agenda. The financing also adds board-level heft, with director Greg Bailey, M.D., stepping into a Co-Chairman role as he leads the investment, a move that effectively puts the capital and the governance on the same optimistic page. Learn more here.
Walmart (WMT, $132.03, +1.58%)
Walmart’s (WMT) latest move into digital health reads less like a retail side-hustle and more like an opening bell in the next leg of the GLP‑1 trade, with syringes, smartphones, and stock tickers all lining up on aisle 7.
The Sources
- Yahoo Finance – “Dow, S&P 500, Nasdaq retreat as software stocks plunge, oil surges…” (live blog for April 23, 2026)
https://finance.yahoo.com/markets/stocks/live/stock-market-today-thursday-april-23-dow-sp-500-nasdaq-oil-rises-software-233045213.htmlfinance.yahoo - Yahoo Finance – “Dow, S&P 500, Nasdaq waver as oil rises and software stocks sink”
https://finance.yahoo.com/markets/stocks/live/stock-market-today-dow-sp-500-nasdaq-waver-as-oil-rises-and-software-socks-sink-23finance.yahoo - Yahoo Finance Video – “SOX continues rally as US stocks pull back: A closer look”
https://finance.yahoo.com/video/sox-continues-rally-as-us-stocks-pull-back-a-closer-look-192152168.htmlfinance.yahoo - Yahoo Finance Video – “Intel will see ‘drastic dollar expansion’: Earnings takeaways”
https://finance.yahoo.com/video/intel-will-see-drastic-dollar-expansion-earnings-takeaways-211433394.htmlfinance.yahoo - Zacks – “Why Intel (INTC) is Poised to Beat Earnings Estimates Again”
https://www.zacks.com/stock/news/2904721/why-intel-intc-is-poised-to-beat-earnings-estimates-againzacks - Capital.com – “Intel Stock Forecast | Q4 Earnings Beat, 18A Reconsidered”
https://capital.com/en-int/market-updates/intel-stock-forecast-16-04-2026capital - MarketWatch – “Intel’s stock has soared ahead of earnings. Are expectations now too high?”
https://www.marketwatch.com/story/intels-stock-has-soared-ahead-of-earnings-are-expectations-now-too-high-1b9d9b9bmarketwatch - Schwab Network post – “Software stocks plunged after disappointing results…” (ServiceNow, IBM, sector color)
https://www.facebook.com/schwabnetwork/posts/april-23-2026-software-stocks-plunged-after-disappointing-results-from-now-and-i/facebook - Mutual of America – “Economic & Market Perspective: April 2026” (macro/inflation/earnings backdrop)
https://www.mutualofamerica.com/insights-and-tools/learning-center/emp/economic–market-perspective-april-2026mutualofamerica - AgWest Farm Credit – “April 2026 Quarterly Economic Update” (Fed, GDP, energy‑inflation channel)
https://www.agwestfc.com/docs/default-source/business-resources/monthly-market-reports/april-2026-quarterly-economic-update.pdfagwestfc - CNBC – “Stock market next week: Outlook for April 20–24, 2026” (context for earnings season and sentiment)
https://www.cnbc.com/2026/04/17/stock-market-next-week-outlook-for-april-20-24-2026.htmlcnbc - Yahoo Finance – General “Stock Market News for Apr 23, 2026” page
https://finance.yahoo.com/markets/stocks/articles/stock-market-news-apr-23-111800806.htmlfinance.yahoo
