U.S. equity markets advanced for a fifth straight week - their longest weekly winning streak since 2024 - as investors cheered a strong slate of corporate earnings, resilient economic data, and hopes that a fragile Iranian ceasefire could evolve into a more durable peace. Markets continued to look through a renewed surge in oil prices and the inflationary pressure rippling through the economy, instead focusing on signs that corporate America remains well-positioned despite the increasingly complex macro backdrop. Meanwhile, investors digested a potentially historic transition at the Federal Reserve, as Jerome Powell presided over what is likely his final meeting as Chair but signaled plans to remain on the Fed Board, breaking with recent precedent and setting up a politically charged reshuffling process. The Fed held benchmark rates steady, but the decision drew an unusually fractured 8-4 vote, with three hawkish dissents objecting to the statement's easing bias and one dovish dissent favoring a cut.
Extending its record-breaking run, the S&P 500 gained 0.9% as investors continued to lean into the constructive earnings backdrop. About 80% of S&P 500 companies have topped first-quarter earnings estimates thus far, helping fuel the best monthly performance for stocks since 2020. Economic data added to the constructive tone, with first-quarter GDP growth revised to a 2.0% annualized rate following a tepid 0.5% gain in the prior quarter. The tech-heavy Nasdaq 100 led the way with a 1.5% weekly advance, powered by another strong slate of results from five of the Mag-7 tech giants. The Small-Cap 600 advanced 0.9%, while the Mid-Cap 400 finished flat on the week. Real estate equities joined the advance despite renewed upward pressure on benchmark interest rates. The Equity REIT Index gained 0.8%, with 9 of 18 property sectors in positive territory, supported by
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