April 30, 2026 – Stocks Throw a 2020 Reunion Party—And the Dow Brings ~800 New Friends -( $CAT $EPRX $FMC $GOOG $MCD $MODD $MTWO $NOK $SOAR $TSLA Rise!)

US stocks ripped higher on Thursday, capping April with a powerful relief rally that delivered the strongest monthly performance for equities since 2020, as investors cheered resilient growth data, a calmer Treasury market, and Big Tech earnings that were good enough to keep the bull narrative intact. The move came against a backdrop of moderating but still solid GDP growth, sticky services inflation, and a Federal Reserve that has paused further hikes but remains highly data‑dependent, keeping every major macro release market‑moving.

Indexes and sector moves

• The Dow Jones Industrial Average surged roughly 790 points to close at 49,652.14, putting the blue‑chip gauge on pace for one of its best single sessions of the year and sealing a blockbuster month for cyclicals tied to the US growth story. Today’s move was powered in part by Caterpillar’s (CAT, $890.11, +9.88%) Q1 earnings beat.
• The S&P 500 notched fresh intraday and closing record highs at 7,209.01, extending this week’s rebound and marking its strongest month since the early post‑pandemic recovery phase in 2020.
• The Nasdaq Composite also closed at a record at 24,892.31, even as some of the “Magnificent Seven” traded mixed, underscoring how broadening participation beyond mega‑cap tech has been crucial to April’s upside follow‑through.
• Under the surface, cyclical sectors such as industrials and financials outperformed, while some mega‑cap growth names lagged after a volatile earnings stretch for Alphabet (GOOG, $381.94, +9.97%), Amazon, Microsoft, and Meta.
• The small caps on the Russell 2000 closed at 2,799.91, +2.21% and is now up +12.81% YTD.

A simple way to frame today: the tape looked less like a narrow AI melt‑up and more like an old‑fashioned “growth is fine, rates are stable, risk back on” session, which is exactly what you want to see if this bull is going to persist.

Macroeconomic backdrop

• GDP data this week showed the US economy continuing to expand at a solid clip, supporting the soft‑landing narrative and helping investors look through recent volatility in oil and geopolitics.
• The Federal Reserve held its policy rate in a 3.5%–3.75% range at its latest meeting, in a surprisingly divided 8‑4 decision, reinforcing the idea that the bar for further hikes is high even as officials resist declaring victory on inflation.
• Fed officials have signaled that future moves will depend heavily on the trajectory of inflation and labor data, leaving the timing of the first cut uncertain and keeping macro prints like PCE, CPI, and payrolls squarely in focus for May.
• Earlier in the week, markets had to digest rising crude oil prices ($105.55/bbl) and heightened Middle East tensions, but today’s rally suggested investors are increasingly confident that earnings and domestic demand can offset those external shocks—for now.

Put together, the macro mix remains imperfect but investable: growth is slowing from peak levels but not rolling over, inflation is frustrating but no longer accelerating, and monetary policy has shifted from blunt‑force hikes to a more surgical, meeting‑by‑meeting stance.

Earnings and the ‘Mag 7’

• This week’s flurry of Big Tech earnings has been a key driver of intraday swings, with Microsoft and Alphabet posting strong cloud results, while Meta and Amazon sparked more nuanced reactions around spending, margins, and AI capex.
• Microsoft beat expectations on the back of ~40% Azure growth, reinforcing the market’s conviction that enterprise AI and cloud remain secular tailwinds even as overall IT budgets normalize.
• Alphabet’s quarter featured roughly 60%+ growth in cloud revenue, pushing that business above a $20 billion quarterly run‑rate and helping offset investor nerves about ad cyclicality.
• Meta sold off after guiding 2026 capex sharply higher into the $125–145 billion range, feeding the debate over whether AI infrastructure build‑out is an investment opportunity or an over‑build risk at this stage of the cycle.

For now, the scoreboard favors the bulls: earnings breadth across the S&P 500 remains better than feared, with more than 80% of early reporters beating estimates and aggregate profit growth tracking in the mid‑teens. That backdrop makes it easier for equities to digest a Fed on hold and yields that are no longer collapsing.

Positioning into May

• With April on track to be the best month for US stocks since 2020, positioning has shifted from underweight to closer to neutral, and the buy‑the‑dip impulse is clearly back in play for many discretionary managers.investopedia+2
• Key risk catalysts into May include the next wave of macro data (jobs, inflation, and consumer spending), any incremental guidance revisions from AI and cloud leaders, and ongoing geopolitical developments that could spill into energy and FX.team.monetagroup+2
• From a top‑down lens, investors are watching whether breadth can continue to improve and whether small caps and international equities can finally join US large caps in a sustained way, or if leadership quickly snaps back to a narrow AI‑mega‑cap cohort.heygotrade+1

For a Tribe Public‑style wrap tomorrow morning, the main narrative thread is there: “Best month for stocks since 2020 as growth holds, the Fed waits, and earnings do the heavy lifting.” Would you like a shorter, social‑ready version tailored for X and LinkedIn, or a longer newsletter lead with tickers and levels included?

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.

FMC Corporation (NYSE:FMC, $15.38, +4.98%)

FMC Corporation (NYSE:FMC) reported (April 29) first quarter 2026 results above guidance with Adjusted EBITDA above high end of range, reaffirms full-year outlook. Their first quarter 2026 revenue of $759 million, down 4 percent versus first quarter 2025. First quarter 2026 revenue, excluding India, was $762 million, down 4 percent versus first quarter 2025, which included India. On a GAAP basis, the company reported a loss of $2.25 per diluted share in the first quarter, a decrease of $2.13 versus first quarter 2025. First quarter adjusted loss per diluted share of $0.23 was down 41 cents versus first quarter 2025. FMC Corporation also announced today that its board of directors declared a regular quarterly dividend of 8 cents per share, payable on July 16, 2026, to shareholders of record as of the close of business on June 30, 2026.

Eupraxia Pharmaceuticals (EPRX, $7.80, +6.27%)

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, $4.34., +4.08%)

• Modular Medical, Inc. (NASDAQ:MODD), a leader in innovative, patient-centric insulin delivery, today announced that Jeb Besser, CEO of Modular Medical, will present at Tribe Public’s Webinar Presentation and Q&A Event titled “From FDA Wins to Scaling Manufacturing – What Investors Should Watch.” The event is scheduled to begin at 8 a.m. pacific / 11 a.m. eastern on Friday, May 1, 2026. To register to join the complimentary event, please visit the Tribe Public LLC at MODD-May-Watch.TribePublic.com.
• Modular Medical announced (APRIL 19) 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, $41.69)

• 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, +4.98%) & M2i Global, Inc. (MTWO, +11.94%)

• 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, $199.57) & Nokia (NOK, $12.91, +3.61%)

• 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, $293.59, +1.21%)

• 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 .

Tesla (TSLA, $381.63, +2.37%)

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, $1.82)

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.

Intel (INTC, $94.48)

FPT and Intel, a global leader in semiconductor and AI technologies, recently announced a strategic relationship to deliver an end-to-end AI-driven factory optimization solution. Powered by AI, simulation, and digital manufacturing technologies, the collaboration aims to reduce bottlenecks, accelerate decision-making and improve downtime recovery, facilitating the sector’s transition towards AI-driven, autonomous operations.

Walmart (WMT, $131.93, +3.06%)

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