Friday, April 24, 2026
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April 24, 2026 — 4:00 PM ET close
Texas Instruments surged 18% on Friday, marking its best single-day performance since October 2000, after the chipmaker reported stronger-than-expected Q1 earnings and raised full-year guidance. The rally reflects renewed investor appetite for semiconductor plays as AI infrastructure buildout accelerates and energy costs stabilize. TXN's breakout signals that chip stocks are rotating back into favor after weeks of geopolitical headwinds.
Oil prices stabilized above $92 per barrel on Friday as the Iran ceasefire extension announced by Trump removed the immediate risk of further supply disruptions. WTI crude gained 3.27% while Brent crude rose 3.15% to $101.50, as traders reassessed the probability of a prolonged conflict. The Strait of Hormuz remains effectively closed, with Iran maintaining control of the strategic waterway and the US blockade still in place, but the indefinite ceasefire extension signals that both sides are moving toward negotiation rather than escalation. Energy stocks rallied in sympathy, with the sector outperforming the broader market as investors rotated back into cyclicals. The stabilization in oil prices is critical for inflation expectations: if crude stays in the $90-$100 range, the Fed can look through the March energy spike and focus on underlying services inflation, which has moderated. However, any escalation in the conflict could quickly push oil back toward $110+, reigniting stagflation fears.
Japan's core inflation (excluding fresh food) accelerated to 1.8% in March, the first monthly increase in five months, as energy costs surged due to the Iran conflict. Headline inflation came in at 1.5%, still below the BOJ's 2% target, but the acceleration in core inflation signals that energy price shocks are beginning to filter through the economy. The BOJ is widely expected to hold rates at 0.75% at its April 27-28 meeting, but the inflation data may prompt a more hawkish tone in the policy statement. Citi analysts expect the hold to be 'likely hawkish,' citing concerns about yen depreciation and the risk of the central bank falling behind the inflation curve. If crude oil prices remain elevated and the ceasefire doesn't lead to a quick reopening of the Strait of Hormuz, Japan's core inflation could rise toward 3% by year-end, forcing the BOJ to reconsider its accommodative stance.
ServiceNow shares plummeted nearly 18% on Thursday after the company reported first-quarter earnings that beat on the top and bottom lines but provided guidance below Wall Street expectations. Management cited the Iran conflict as a headwind to enterprise software spending, noting that customers are delaying discretionary IT projects amid geopolitical uncertainty. The miss is notable because it contrasts with the broader mega-cap tech rally driven by AI optimism—while companies like Nvidia and Meta are benefiting from AI capex acceleration, enterprise software vendors like ServiceNow are facing pushback from customers worried about macroeconomic headwinds. The stock's decline suggests that not all tech companies are insulated from geopolitical risk, and that software spending (which is more discretionary than infrastructure capex) remains vulnerable to uncertainty.
IBM shares declined 8% on Thursday after the company reported first-quarter earnings that beat on both revenue and earnings per share but maintained its full-year guidance, disappointing investors. While Goldman Sachs and Bank of America reiterated buy ratings, both banks cut their price targets, citing concerns about dilution from the March acquisition of data streaming platform Confluent. IBM's operational efficiency initiatives are offsetting some of the acquisition dilution, but the company's guidance suggests limited upside for the remainder of 2026. The miss highlights a broader challenge for legacy tech companies: while they're investing in AI and modernization, near-term earnings are being pressured by integration costs and competitive headwinds.
Kevin Warsh, Trump's pick to lead the Federal Reserve starting next month, testified before the Senate Banking Committee on April 21 that he would preserve the Fed's independence from political pressure while advancing structural reforms to monetary policy. Warsh, a former Fed governor with deep Wall Street ties, pledged to use both interest rate and balance sheet tools to manage inflation and employment, signaling a more hawkish approach than markets had anticipated. His testimony surprised investors who expected Trump's nominee to be a rate-cut advocate; instead, Warsh emphasized the need to avoid falling behind the inflation curve and expressed concern about currency depreciation risks. The market reaction was muted but telling: the 10-year Treasury yield held steady at 4.30%, suggesting traders are pricing in a Warsh-led Fed that will be less accommodative than Trump hoped. If confirmed, Warsh takes over at a critical moment—the Fed is holding rates at 3.50-3.75% with inflation still at 3.3% YoY, and geopolitical risks from the Iran conflict continue to threaten energy prices and growth expectations.
💡 The Federal Reserve's dual mandate requires it to pursue both maximum employment and stable prices (around 2% inflation). Warsh's emphasis on this dual mandate, combined with his hawkish inflation rhetoric, signals he won't prioritize rate cuts to appease Trump, which is a significant departure from Trump's public criticism of Powell for keeping rates 'too high.'
Meta confirmed on Thursday that it will cut 10% of its workforce, equating to approximately 8,000 employees, as the company doubles down on artificial intelligence research and data center expansion. CEO Mark Zuckerberg framed the layoffs as a necessary reallocation of capital toward AI capabilities and infrastructure, signaling that Meta views the AI arms race as existential. The move comes as Meta's stock has rallied over 20% since April 7, driven by investor confidence in the company's AI strategy and the resolution of geopolitical headwinds that had pressured tech valuations. This is the second major tech layoff wave in 2026, following similar cuts at other mega-caps, and reflects a broader industry shift: companies are willing to reduce near-term operating leverage to fund long-duration AI capex. The market interpreted the announcement positively, viewing it as a sign of disciplined capital allocation rather than distress.
Arm Holdings broke through the $200 resistance level on Friday after announcing a partnership with Meta to develop custom AI accelerators based on Arm's architecture. The deal is significant because it signals that mega-cap tech companies are moving beyond reliance on Nvidia GPUs and building proprietary silicon to reduce costs and improve performance for their specific AI workloads. Investor Bill Baruch highlighted the catalyst: Arm is 'following the narrative' of AI infrastructure consolidation, and the Meta deal proves the company's architecture is competitive for next-generation AI chips. Arm's stock has been on a tear since mid-April, driven by the broader AI capex narrative and recognition that the company is positioned to capture licensing fees from every major AI chip design. The partnership also reflects a structural shift in the semiconductor industry—as AI capex scales to $775B+ annually, companies are willing to invest in custom silicon rather than rely solely on off-the-shelf solutions.
Cluster Protocol announced a $5M funding round for CodeXero, a browser-native AI-powered integrated development environment (IDE) designed for EVM (Ethereum Virtual Machine) developers. The funding round brings total capital raised to $7.75M and includes backing from prominent crypto-focused VCs who see CodeXero as a critical tool for accelerating decentralized application development. CodeXero's key innovation is its ability to run entirely in the browser without requiring local installation, lowering the barrier to entry for developers building on Ethereum and other EVM-compatible chains. The funding reflects a broader trend: as AI coding assistants mature, venture capital is flowing toward tools that integrate AI with blockchain infrastructure, betting that decentralized development will be a major category in the 2026-2027 cycle.
Bitcoin rallied 3.77% to close at $78,567 on Friday, breaking through key resistance as spot ETF inflows resumed and the Iran conflict moved toward de-escalation. The ceasefire extension announced by Trump on Thursday removed a major tail risk that had been suppressing crypto valuations—geopolitical uncertainty had kept risk-off sentiment elevated, but with the conflict appearing to stabilize, institutional money is rotating back into duration-heavy assets like Bitcoin. The move is significant because it shows Bitcoin is behaving as a risk-on barometer: when geopolitical risk recedes and real rates fall, Bitcoin benefits from both lower opportunity costs (fewer reasons to hold cash) and reduced tail-risk hedging demand. Spot Bitcoin ETF inflows have been steady this week, suggesting that institutional investors are using the ceasefire as a signal to re-enter positions. Bitcoin is now up 42.3% YTD, with the $80K level in sight if the ceasefire holds and the Fed signals it will remain patient on rate cuts.
Ethereum and Solana both retreated on Friday as altcoins faced profit-taking after a strong week driven by ceasefire optimism. Ethereum fell 0.92% to $2,409, while Solana dropped 3.61% to $84.80, marking the worst performer in the top 10 cryptocurrencies. However, on-chain metrics tell a different story: DeFi protocol TVL (total value locked) has remained stable, and Solana's network activity stayed robust with $57B in DeFi volume recorded in March. This disconnect between price and fundamentals suggests the selloff is driven by leveraged position unwinding and profit-taking rather than deteriorating network health. Solana is consolidating between $82-$93 with dense liquidity overhead, setting up a potential breakout move in either direction. The broader narrative: altcoins are underperforming Bitcoin (which is up 3.77% today) because Bitcoin dominance is rising—capital is flowing from alts to BTC as risk-off sentiment persists despite the ceasefire. Watch for a reversal if Bitcoin establishes a clear breakout above $80K.
SpaceX is preparing for an initial public offering at a targeted valuation of $1.75 trillion, a figure that would make it the largest IPO in history and position the rocket and satellite company as one of the world's most valuable enterprises. At that valuation, SpaceX would rank ahead of Saudi Aramco (which debuted at $1.7T in 2019) and would be worth more than double JPMorgan Chase, the largest US bank, or Eli Lilly, the world's largest pharmaceutical company. Elon Musk owns approximately 42% of SpaceX, meaning a successful IPO at that valuation would put him on track to become the first trillionaire. The valuation reflects investor enthusiasm for SpaceX's dominance in commercial spaceflight, satellite internet (Starlink), and its role in the emerging space economy. However, the IPO timing remains uncertain, and regulatory scrutiny around Musk's other ventures (Tesla, X) could complicate the process. If SpaceX does go public at $1.75T, it would signal that the market is pricing in a multi-trillion-dollar space economy over the next decade.
💡 An IPO (initial public offering) is when a private company sells shares to the public for the first time, raising capital and becoming publicly traded. SpaceX's targeted valuation is based on private market transactions and investor demand, not yet official until the company files with the SEC and prices the offering.