U.S. equity markets advanced for a fourth straight week—notching a fresh series of record highs—as investors cheered a solid start to earnings season, resilient retail sales data, and increased clarity on the central bank front, largely shrugging off a renewed surge in oil prices and mounting signs of economic headwinds in more oil-exposed international markets. Markets navigated a complex crosscurrent of resilient corporate earnings alongside a fluid geopolitical backdrop marked by an extended ceasefire punctuated by on-again, off-again peace talks and continued uncertainty surrounding shipping activity through the Strait of Hormuz. Meanwhile, investors digested incremental clarity on the future leadership of the Federal Reserve, as the DOJ formally dropped its probe into Jerome Powell, clearing the path for confirmation hearings for Kevin Warsh as a potential successor and a final farewell press conference from Chair Powell in the week ahead.
Advancing for a fourth straight week, the S&P 500 edged higher by 0.6%, extending its streak of record highs as investors continued to lean into a constructive earnings backdrop. The tech-heavy Nasdaq 100 led the way with a 2.3% weekly advance, powered by strength in semiconductor names following upbeat results from resurgent chip maker Intel. Growth stocks extended their winning streak over value to a fourth straight week, further eroding value’s year-to-date performance advantage. The Mid-Cap 400 slipped 0.2% on the week, while the Dow also finished modestly lower. Pressured by the jump in benchmark rates, real estate equities lagged despite a solid start to earnings season. The Equity REIT Index slipped 1.4%, with 13 of 18 property sectors in negative territory, while Mortgage REITs eked out a gain of 0.1%. The Housing Index finished flat, as a rebound from single-family homebuilders was offset by softness from residential REITs ahead of
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