Market Report, 2026-04-23

The stock rally once again faced resistance. Although the day ended with moderate losses, a more dramatic episode unfolded a few hours before the market closed. Rotation is the name of the game in today’s stock market, as defensive sectors such as utilities, industrials, consumer staples, and real estate posted significant gains.

The situation involving Iran escalated again after the U.S. military boarded an Iranian supertanker in the Indian Ocean carrying oil from Iran, while Iranian forces fired on ships and seized two vessels. Iranian negotiators have previously stated that the U.S. President’s public messaging is reducing Iran’s incentive to reach a deal, as it was seen as humiliating Tehran’s leaders.

All major stock indices ended the day in the red. The Dow Jones Industrial Average lost 180 points, closing at 49,310. The NASDAQ fell 0.57% to 26,783. The S&P 500 ended the day 0.41% lower at 7,108. Brent crude oil posted another spectacular rally and traded above $100 per barrel. Gold retreated and nearly breached the $4,700 mark.

The bond market continued to reflect fears of persistent inflation, as the U.S. 5-year Treasury yield climbed 4 basis points to 3.96%, and the 10-year yield rose 3 basis points to 4.32%.

Looking at the U.S. economy, jobless claims remained stable, while preliminary data on U.S. economic activity showed unexpectedly strong expansion, beating economists’ expectations in both services and manufacturing. At the same time, prices rose at the fastest pace since 2022, showing that businesses are quickly passing costs along.

The final update of the April consumer sentiment report will be released tomorrow. Adams Wealth Advisors will continue to update you on what the market brings.