Markets navigated a volatile week but ultimately closed higher, with the Nasdaq 100 leading gains as tech shares regained momentum into the weekend.
Tech earnings were a key driver of sentiment, though turbulence hit midweek when non-listed OpenAI, the maker of ChatGPT, reported results that fell short of both revenue and user expectations. The disappointment briefly weighed on the broader technology sector before other strong earnings reports helped stabilize and lift equities into the week’s close.
Attention also turned to monetary policy as the Federal Reserve concluded its latest meeting by holding the benchmark interest rate steady at 3.50%–3.75%. The decision passed by an 8–4 vote, with dissent emerging around the Fed’s language suggesting a future return to rate cuts. Three dissenting members opposed any easing bias, while newly appointed Governor Stephen Miran advocated for an immediate 25-basis-point cut.
On the economic front, data releases painted a mixed but generally resilient picture. The first reading of Q1 GDP showed increased growth, April manufacturing PMI readings improved, and March inflation ticked higher, reflecting renewed pressure from rising oil prices.
Overall, markets balanced mixed macro signals and tech-sector volatility but ultimately finished the week on solid footing.
Treasury Yields
- 30-year Treasury: 4.981% (higher)
- 10-year Treasury: 4.393% (higher)
Mortgage Rates
- Average 30-year fixed (Freddie Mac): 6.30% (higher)
Commodities & Currency
- Crude oil: $102.07 per barrel (much higher)
- Natural gas: $2.786 (higher)
- U.S. dollar index: 98.22 (higher)
- Gold: $4,619.60 per ounce (lower)
- Silver $75.90 per ounce (higher)
S&P Cotality Case-Shiller U.S. National Home Price NSA Index
- February +0.29%
- 1 year +0.67%
S&P Global Manufacturing April Purchasing Manager’s Indices, >50=expansion, <50=contraction
- U.S. increased from 52.3 to 54.5.
- Canada increased from 50.0 to 53.3
- Japan increased from 51.6 to 55.1
Commerce Department
Residential Construction (March)
- Starts +10.8%, +10.8% March 2025
- Single Family +9.7%, +8.9% March 2025
- Multi Family (5 units or more) +9.6%, +13.5% March 2025
- Permits -10.8% March, -7.4% March 2025
Gross Domestic Product, Q1 (Advance Estimate) +2 0% (annual rate)
Personal Consumption
- PCE Price Index +0.7% March, +3.5% 12 months
- Excluding volatile food and energy +0.3% March, 3.2% 12 months. This is the FED’s preferred measure of inflation.
- Expenditures +0.9% March +3.5% 12 months
- Adjusted for inflation +0.2% March
- Personal Income +0.6% March
- Adjusted for inflation -0.1%
- Personal Savings Rate +3.6%
Labor Department
Jobless Claims (prior week)
- New Claims 189,000 (lower)
- 4-week Moving Average 207,500 (lower)
- Total Claims 1,785,000 (lower)
Energy & Industry Data
Energy Information Administration
- Weekly Oil Production 13.586 million barrels (slightly higher)
- Natural Gas Storage +79 billion Cu.Ft., above average for this time of year over the past 5 years.
Baker Hughes Rig Count
- Oil rigs: +1 at 408
- Gas rigs: +1 at 130
Factset reported with 63% of S&P 500 companies reporting, blended Q1 earnings are up 27.1% from a year ago.
(All data was released the week of 04/27/2026)
(All monthly statistics are seasonally adjusted unless stated otherwise).
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Loren Rex – Emeritus
Erik A Smith, AIF® – President & C.E.O.
Nicholas Acri, CFP® – Partner & Wealth Advisor
Dylan Thomas, CFP® – Partner & Wealth Advisor
Jack Zeeb – Wealth Advisor
These are the opinions of Loren Rex and Erik Smith and are not necessarily those of Cambridge, are for informational purposes only, and should not be construed or acted upon as individualized investment advice. The Indices mentioned are unmanaged and cannot be invested into directly. The Dow Jones Industrial Average, Dow Jones, or simply the Dow, is a stock market index of 30 prominent companies listed on stock exchanges in the United States. The DJIA is one of the oldest and most commonly followed equity indexes. The Nasdaq Composite is a stock market index that includes almost all stocks listed on the Nasdaq stock exchange (more than 2500 stocks).
Sources:
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCRFPUS2&f=W
https://ir.eia.gov/ngs/ngs.html
https://www.freddiemac.com/pmms
https://www.wsj.com/market-data?mod=nav_top_subsection
https://bakerhughesrigcount.gcs-web.com/na-rig-count
