US equities wrapped the week on a mixed but tech-led footing, with AI and semis doing the heavy lifting while macro data and Middle East risk kept a lid on cyclicals and financials.
Index performance and risk tone
By end of the day Friday, the S&P 500 was up roughly 0.8%, around 7,165, confirming a fourth straight week of gains, while the Nasdaq was up 1.63% as chipmakers extended their outperformance. The Dow lagged, trading slightly lower as weakness in cyclicals and financials offset the tech bid.
Across the week, investors looked past lingering Middle East tensions and an uneasy standoff around Hormuz, leaning back into growth and AI plays even as broader global indices showed more muted or negative returns. Volatility stayed elevated but contained, reflecting a market that is repricing sector winners and losers rather than wholesale de‑risking.
Macro data and policy narrative
The macro backdrop was defined less by a single blockbuster data print and more by a steady stream of indicators that support the “resilient but slowing” growth narrative heading into the coming Fed meeting. PMI readings highlighted a divergence: euro area composite PMI slipped back into contraction territory in April, while US manufacturing reached a four‑year high as firms pulled forward orders amid concerns about supply disruptions.
On the policy front, markets spent the week positioning ahead of late‑April and early‑May central bank decisions, with particular focus on how sticky services inflation and firm labor demand might constrain the Fed’s ability to ease. The IMF’s April World Economic Outlook reinforced this cautious stance, projecting global growth near 3.1% for 2026 with a modest uptick in headline inflation before pressures ease again in 2027, underscoring that policymakers must juggle both downside growth risks and renewed price pressures.
AI, semis, and Nvidia’s $5T club
AI enthusiasm again dominated equity leadership, with semiconductor indices extending a powerful multi‑month run; one widely tracked chip index is now up more than 50% over the past six months and has logged gains in each of the last 17 sessions. Within that backdrop, Nvidia (NVDA, $208.27, +4.32%) reclaimed the headlines as its market capitalization pushed back above the $5 trillion threshold, reasserting its status as the market’s core AI bellwether.
This $5T zone is not new for Nvidia—last year it became the first public company to close above that level—but the latest move comes after the company reported record fiscal‑year revenue of about $216 billion and a blowout Q4 driven by an AI data‑center run rate north of $190 billion annually. Looking ahead, investors are now laser‑focused on Nvidia’s upcoming May 20 earnings, where management has guided to roughly $78 billion in Q1 revenue, even as competition from Broadcom (AVGO, $422.76, +3.99% over the last 5-days) and hyperscalers like Amazon(AMZN, $263.99, +5.365 over the last 5-days) intensifies in custom AI silicon.
Earnings season: Intel and sector rotation
Earnings flow this week reinforced the bifurcation within tech. Intel (INTC, $82.54) became a major story on Friday as the stock surged more than 20% after posting stronger‑than‑expected profit and issuing upbeat guidance tied to AI‑driven data‑center and foundry demand, sparking a broad rally across legacy chip and PC‑exposed names. That strength helped offset softness in cyclicals and financials, which struggled under the weight of higher‑for‑longer rate fears and a flatter curve narrative.
Outside the US, equity markets were more cautious: European indices were mixed despite weak PMI data, and several Asia‑Pacific bourses ended lower as investors de‑risked around geopolitical headlines and energy price volatility. The divergence between US mega‑cap tech and the rest of the global equity complex remains stark, adding to debate about concentration risk and the sustainability of the AI‑led melt‑up.
Big‑picture takeaway for the week
For the week ending Friday, April 24, 2026, the dominant theme was “AI strength versus macro skepticism”: Nvidia’s return to the $5 trillion club and Intel’s breakout kept the Nasdaq and S&P on an upward trajectory, even as global growth forecasts softened and geopolitical risk stayed front and center. With a heavy macro calendar and a pivotal Fed meeting on deck, the market now faces a familiar test: can earnings and AI capex momentum continue to outrun concerns about policy constraints, inflation flare‑ups, and concentrated leadership at the top of the tape.
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, $34.98, +10.94% over the last 5-days)
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, $422.76, +3.99% over the last 5-days)
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, $7.16, +.85% over the last 5-days)
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, $4.86)
- 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, $36.58, +9.85% over the last 5-days)
- 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, +1.33% over the last 5-days) & 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, $208.27, +3.27% over the last 5-days) & Nokia (NOK, $10.46, +1.45% over the last 5-days)
- 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, $299.36)
- Morgan Stanley (April 21) has adjusted its price target on McDonald’s (MCD) to $334, maintaining an Equal Weight stance on the stock . The firm’s analyst highlighted consumer strength heading into first-quarter results, noting that earnings quality will likely vary across the restaurant and food distribution landscape . While some operators may face headwinds, the underlying consumer backdrop remains robust, which could support McDonald’s performance as one of the industry’s quality players positioned to navigate the current environment .
Opendoor (OPEN, $5.56., +4.61% over the last 5-days)
- 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, $376.30)
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, $1.97)
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, $129.92, +1.90% over the last 5-days)
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
- Nvidia hits $5 trillion valuation as AI boom powers meteoric rise – Reuters
https://www.reuters.com/business/nvidia-poised-record-5-trillion-market-valuation-2025-10-29/reuters - Nvidia becomes first company to close above $5 trillion market cap – Yahoo Finance
https://finance.yahoo.com/news/nvidia-becomes-first-company-to-close-above-5-trillion-market-cap-133101442.htmlfinance.yahoo - As Nvidia crosses $5 trillion, 5 charts on the unstoppable tech rally – Morningstar
https://www.morningstar.com/markets/nvidia-crosses-5-trillion-5-charts-unstoppable-tech-rallymorningstar - Nvidia is first company worth $5 trillion – NBC News
https://www.nbcnews.com/business/markets/nvidia-record-five-trillion-ai-bubble-rcna240447nbcnews - NVIDIA (NVDA) – Market capitalization – CompaniesMarketCap
https://companiesmarketcap.com/nvidia/marketcap/companiesmarketcap - S&P 500, Nasdaq close at records after U.S. extends Iran ceasefire – CNBC
https://www.cnbc.com/2026/04/21/stock-market-today-live-updates.htmlcnbc - S&P 500 rises as Intel soars, investors bet on Iran talks restarting – CNBC
https://www.cnbc.com/2026/04/23/stock-market-today-live-updates.htmlcnbc - United States Stock Market Index (US500) – Trading Economics
https://tradingeconomics.com/united-states/stock-markettradingeconomics - World Economic Outlook, April 2026 – International Monetary Fund
https://www.imf.org/en/publications/weo/issues/2026/04/14/world-economic-outlook-april-2026imf - Global Economic Outlook: Analyzing the IMF’s April 2026 Report – Investing.com
https://www.investing.com/analysis/global-economic-outlook-analyzing-the-imfs-april-2026-report-200678466investing - Macroeconomic Forecast – April 2026 – Ministry of Finance, Czech Republic
https://mf.gov.cz/en/fiscal-policy/macroeconomic-analysis/macroeconomic-forecast/2026/macroeconomic-forecast-april-2026-63635mf - Stock Market Live April 22, 2026: S&P 500 (SPY) Rises on Cease Fire News Again – 24/7 Wall St.
https://247wallst.com/investing/2026/04/22/stock-market-live-april-22-2026-sp-500-spy-rises-on-cease-fire-news-again/247wallst
