U.S. stocks saw a split tape early on Tuesday, April 28, 2026, with the tech‑heavy Nasdaq sliding while the Dow rising, but investors sold off at the end as they balanced earnings, rising oil, and higher Treasury yields in front of Wednesday’s Fed decision. At the macro level, a fresh grind higher in yields tied to stalled U.S.–Iran peace talks and a dense data calendar kept risk appetite in check even as major indexes hovered near recent highs.
Equity markets
- The S&P 500 finished .49 lower at after Monday’s record close, giving back part of its recent run but remaining near all‑time highs at 7,138.80.
- The Nasdaq Composite underperformed, falling more sharply (.90%) as doubts around OpenAI‑linked and broader growth/AI names weighed on the mega‑cap complex.
- The Dow Jones Industrial Average closed at 49,141.93, -.05%.
- Sector leadership skewed toward energy and financials, supported by firmer oil prices just shy of $100/bbl and a steeper rate backdrop, while communication services, consumer‑facing growth, and parts of tech lagged.
As an illustration, think of today as a mild factor‑rotation day: growth/AI took a breather while cyclicals, value, and balance‑sheet beneficiaries of higher rates quietly picked up the baton.
Rates, geopolitics, and oil
- U.S. Treasury yields rose across the curve, with the 10‑year yield climbing a bit over 2 basis points to around 4.36% and the 2‑year edging higher to roughly 3.82%, reflecting both geopolitical risk and pre‑Fed positioning.
- The 30‑year yield also ticked up, approaching 4.96%, extending the bear‑flattening theme seen across global sovereign markets.
- The move was catalyzed in part by news that U.S.–Iran peace negotiations have hit an impasse, shrinking the perceived odds of a near‑term deal and prolonging uncertainty around the conflict and shipping lanes.
- Oil prices drifted higher as traders weighed stalled talks, the UAE’s plan to exit OPEC as of May 1, and signs that China may restart some crude exports after earlier war‑related restrictions.
This combination of higher yields and firmer crude reinforced a defensive bias on the margins, particularly in long‑duration growth and rate‑sensitive pockets of the market.
Key macro data and central banks
- Tuesday sat in the middle of a macro‑heavy week, with investors watching U.S. releases such as ADP employment, the S&P/Case‑Shiller home price index, and Conference Board consumer confidence for confirmation that domestic demand remains resilient into mid‑year.
- These prints feed directly into the market’s narrative on the “soft‑landing or not” debate, as labor data, housing prices, and sentiment all shape expectations for future consumer spending, credit demand, and bank asset quality.
- Globally, markets also tracked the Bank of Japan’s policy decision and press conference for any shift in its normalization path, given the implications for the yen, carry trades, and broader risk appetite.
- The macro backdrop remains framed by April’s IMF World Economic Outlook, which projects global growth easing to roughly the low‑3% area for 2026, with inflation re‑accelerating modestly before resuming its downtrend in 2027 as Middle East war dynamics feed through energy and trade channels.
Against that backdrop, traders largely treated today’s data as incremental rather than narrative‑changing, keeping the focus on Wednesday’s Fed meeting and updated guidance from outgoing Chair Jerome Powell.
Earnings, sectors, and technicals
- Earnings season continued to drive idiosyncratic moves, with a mix of beats and cautious outlooks reinforcing a “show‑me” tone, especially for richly valued growth and AI‑themed names.
- Energy stocks benefited from higher crude and renewed geopolitical risk premia, while financials drew support from the steeper curve and the prospect of better net interest margins if rates stay higher for longer. i.e. Chevron (CVX) closed at $188.36, +1.94%.
- On a technical basis, the S&P 500 remains overbought by several momentum measures after notching fresh closing highs on Monday; short‑term indicators suggest the rally is “stretching” and vulnerable to a few down days even as the medium‑term trend stays intact,
- Momentum is still positive, but MACD has begun to lose some strength, which historically precedes consolidation phases rather than immediate trend reversals when breadth remains constructive.
From a trading perspective, this looks like a late‑cycle extension of the advance where marginal sellers are emerging into strength, but without clear evidence yet of a decisive top in the major indexes.
Big picture for investors
- The prevailing setup is one where geopolitics and higher yields are starting to nibble at risk appetite, but they have not yet overwhelmed solid earnings and still‑healthy growth expectations.
- For asset allocators, that argues for modestly upgrading quality and balance‑sheet strength, keeping some exposure to energy and financials as hedges against rate and oil volatility, and being selective in high‑multiple growth after a powerful run..
- Near term, tomorrow’s Fed decision and press conference are likely to be the next major catalyst for both equities and Treasuries, with any hint of a more patient or more hawkish stance quickly repricing rate‑cut expectations into the back half of 2026.
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.
Eupraxia Pharmaceuticals (EPRX, $7.11)
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, announced (April 21) 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.
Modular Medical (MODD, $4.31)
- 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, $42.50, +9.11%)
- 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, +14.16%) & M2i Global, Inc. (MTWO)
- M2i Global, Inc., a company specializing in the development and execution of a complete global value supply chain for critical minerals, announced (April 28), in connection with the the Agreement and Plan of Merger and Reorganization, dated as of July 28, 2025, by and among M2i Volato Group, Inc. (“Volato”) (NYSE American: SOAR), and Volato Merger Subsidiary, Inc., , that the sole holder of M2i’s Series A Super Voting Preferred Stock, entitled to 10,000 votes per share of voting stock, voted by written consent in favor of the Company’s merger with Volato whereby M2i will become a wholly-owned subsidiary of Volato. At the closing of the merger, the name of Volato will change to M2i Global.
- Volato Group, Inc. (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, $213.17) & Nokia (NOK, $11.30, +5.48%)
- 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, $292.39, +.75%)
- 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, $5.48, +1.67%)
- 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, $376.02)
Reportedly, Tesla recently and 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.
Reportedly, Ross Gerber of Gerber Kawasaki believes that combining Tesla and SpaceX could create a Berkshire Hathaway–style powerhouse focused on artificial intelligence.
Serina Therapeutics (NYSE: SER, $1.85, +2.78%)
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, $127.59)
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 – “Stock market today: Tuesday, April 28 – Dow, Nasdaq, S&P, oil rises, earnings in focus”
https://finance.yahoo.com/markets/stocks/live/stock-market-today-tuesday-april-28-dow-nasdaq-sp-oil-rises-earnings-in-focus-225503557.htmlwsj - CNBC – “Treasury yields rise as U.S.-Iran peace talks hit an impasse”
https://www.cnbc.com/2026/04/28/treasury-yields-us-iran-peace-talks-at-impasse.htmlcnbc - Wall Street Journal – “Stock Market Today” live coverage (April 28, 2026)
https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-04-28-2026/card/rJnaJmBT0fH7Xgg4CdVbwsj - Axon Markets – “Daily Market Update: 28 April, 2026”
https://www.axonmarkets.com/blog/daily-market-update-28-april-2026axonmarkets - FullyInformed – “Stock Market Outlook For Tue Apr 28 2026 – Still Overbought But …”
https://www.fullyinformed.com/stock-market-outlook-for-tue-apr-28-2026-still-overbought-but-new-highs/fullyinformed - CNBC – “Stock market news for April 27, 2026” (context for prior session)
https://www.cnbc.com/2026/04/26/stock-market-today-live-updates.htmlcnbc - IMF – “World Economic Outlook, April 2026”
https://www.imf.org/en/publications/weo/issues/2026/04/14/world-economic-outlook-april-2026imf - Investing.com – “Global Economic Outlook: Analyzing the IMF’s April 2026 Report”
https://www.investing.com/analysis/global-economic-outlook-analyzing-the-imfs-april-2026-report-200678466investing - Sergey Tereshkin – “Economic Events on April 28, 2026: Bank of Japan, EU Inflation …”
https://sergeytereshkin.com/publications/economic-events-april-28-2026sergeytereshkin - Crypto Briefing – “US-Iran nuclear deal talks stall, Treasury yields climb”
https://cryptobriefing.com/us-iran-nuclear-deal-talks-stall-treasury-yields-climb/cryptobriefing - GoldSeek – “Treasury yields rise as U.S.-Iran peace talks hit an impasse”
https://goldseek.com/article/treasury-yields-rise-us-iran-peace-talks-hit-impassegoldseek - NYSE – Market data and index levels (reference for sector and index performance)
https://www.nyse.com/indexnyse
