The Dow (^DJI<\/a>), the only major index to not cross its all-time high last week, ended Friday up 1.8%, or more than 850 points, to finish the week up 3.2%.<\/p>\n Calendar highlights<\/p>\n A packed earnings line-up \u2014 but a calm economic data calendar \u2014 will greet investors in the coming week.<\/p>\n Retail sales data on Tuesday and readings on market sentiment from the University of Michigan on Friday will highlight the week’s economic data releases. Both measures are expected to provide investors with a read on the state of the consumer eight weeks into a war that has wracked the global economy, raised prices, and increased uncertainty.<\/p>\n After the University of Michigan’s market sentiment survey fell to a historic low of 47.6 in the April preliminary reading released earlier this month, the measure will be especially watched.<\/p>\n Earnings on Wednesday from Elon Musk’s Tesla (TSLA<\/a>) and on Thursday from semiconductor giant Intel Corporation (INTC<\/a>), which traded up to its highest intraday price since 2000 on Friday, headline a busy week of earnings reports.<\/p>\n Reports from Alaska Air Group (ALK<\/a>) on Monday and United Airlines (UAL<\/a>) on Tuesday will provide another read on the effects of soaring jet fuel prices, while GE Vernova’s (GEV<\/a>) results on Wednesday will offer a bellwether on the state of demand for AI and power generation infrastructure.<\/p>\n Even as a temporary ceasefire between the US and Iran seems to be holding ahead of its expiration on Tuesday, there is still no clear end in sight to the war that has roiled global energy flows.<\/p>\n The US stock market doesn’t care as the all-time highs show.<\/p>\n “Offense is taking the field. Risk appetite has returned, and early cyclical rotation pressures are building beneath the surface of the broader market,” noted LPL Financial chief technical strategist Adam Turnquist.<\/p>\n That said, strategists warn that while there has been a broad renewal of equity momentum, markets will need to see real progress in Iran to keep it up. On Friday, Iran’s foreign minister Abbas Aragchi said the Strait of Hormuz was “completely open,” but ship traffic remained largely stalled.<\/p>\n “Very soon … continued support for the rally may have to come from signs of actual concessions, either from the US’s side or from Iran,” Macquarie strategist Thierry Wizman said.<\/p>\n The Big Tech engine that powered the stock market over the past decade is back.<\/p>\n After falling to its lowest level since July 2025 during the first six weeks of the war in Iran, an ETF tracking the Magnificent Seven stocks (MAGS<\/a>) has added 9% in the past five sessions to approach its all-time high.<\/p>\n The tech rally isn’t unfounded, HSBC head of Americas equity strategy Nicole Inui said in a client note on Thursday. Investors should expect a “banner Q1 earnings season despite heightened market uncertainty,” with the most optimism on tech.<\/p>\n The Magnificent Seven stocks are expected to deliver 20% growth in earnings against 12% growth across the 493 other stocks that fill out the S&P 500.<\/p>\n In another sign of strength, Taiwan Semiconductor Manufacturing Company (TSM<\/a>) on Thursday healthily outperformed Q1 expectations, with year-on-year increases in adjusted EPS and revenue of 66% and 40%, respectively.<\/p>\n But as they say on Wall Street, past performance is not indicative of future results. The tech sector might be “very near the end of this rally,” according to Jefferies’ Michael Toomey.<\/p>\n “While I think much of the normalization that we\u2019ve seen is fundamentally healthy for the market, I think we have captured the rally (and then some),” Toomey wrote. “So tactically, I think we will consolidate in the near-term.”<\/p>\n In the Middle East, the week brought a deluge of welcome news for a market anxious for resolution, and oil prices plunged in return.<\/p>\n On Friday, Iran’s foreign minister Abbas Aragchi said the Strait of Hormuz, the world’s most critical shipping chokepoint for oil, was “completely open” for commercial traffic<\/a>. Several hours later, President Trump said Iran had agreed to indefinitely suspend<\/a> its nuclear enrichment program, that Iran had committed to never again closing the strait<\/a>, and that the two sides would be meeting this weekend<\/a> for second-round negotiations.<\/p>\n Oil fell to levels not seen since the early days of the war.<\/p>\n “Any credible signal that the [Strait of Hormuz] may reopen, even temporarily, is a market-moving development of the first order,” Artam Abramov, deputy head of analysis at Rystad Energy, said in a client note on Friday.<\/p>\n That said, even if the US and Iran were to sign a final, binding peace deal this week and the Strait of Hormuz were to be reopened, experts caution that the oil market could still take weeks-to-months to renormalize.<\/p>\n There are hundreds of ships stuck in the Persian Gulf, and Middle Eastern oil production has been cut down by roughly 12.4 million barrels per day, per Rystad, which will take time to restart.<\/p>\n The market swung anyway.<\/p>\n “Today\u2019s announcement has materially shifted the probability distribution of outcomes,” Abramov said. “The market is not waiting for a formal deal \u2014 it is pricing in the possibility of one.\u201d<\/p>\n Tesla, will lead off Big Tech’s Q1 results on Wednesday in one of the headline events of the week for investors after managing to snap an eight-week losing streak on Friday.<\/p>\n Of interest for investors will be updates from the part-carmaker, part-robotics company on its chipmaking ambitions.<\/p>\n CEO Elon Musk said Wednesday that Tesla was in final design stages <\/a>on its AI5 chip, designed for future EVs, massive training clusters, and Optimus robots, and Reuters reported the company was looking to hire chip engineers<\/a> in Taiwan, where Taiwan Semiconductor Manufacturing Company produces its chips.<\/p>\n While Tesla has put forward plans to fabricate its own chips in-house at its upcoming Terafab facility, analysts and experts say that Tesla creating its own fab would be a massive engineering lift.<\/p>\n All of this plays into the question of whether Tesla, ostensibly an electric-vehicle company, can convince investors it can be a leading name in robotics and AI.<\/p>\n As UBS’ Joseph Spak points out the “stock trades more on sentiment, narrative and momentum than fundamentals.” Heading into Q1 earnings, Spak wrote in a recent note, Tesla will have several hurdles to clear, but that’s not to say the company’s robotics vision doesn’t have robotic legs.<\/p>\n “Recent concerns over EV demand, a 1Q26 energy shortfall, higher costs, higher capital spending requirements, and slow progress of robo-taxi and Optimus have weighed on stock, in our view,” Spak wrote. “However, we do expect eventual progress on robo-taxi and Optimus and continue to view TSLA as a leader in physical AI.”<\/p>\n Economic and earnings calendar<\/p>\n Economic data: No notable economic data.<\/p>\n Earnings calendar: Steel Dynamics (STLD<\/a>), AGNC Investment Corp. (AGNC<\/a>), Wintrust Financial Corporation (WTFC<\/a>), Cleveland-Cliffs (CLF<\/a>), Alaska Air Group (ALK<\/a>), Bank of Hawaii (BOH<\/a>), Dynex Capital (DX<\/a>)<\/p>\n Economic data: ADP weekly employment change, week ended April 4 (39,250 previously); Philadelphia Fed non-manufacturing activity, April (-23.9 previously); Retail sales advance, month-on-month, March (+1.3% expected, +0.6% previously); Retail sales ex auto, month-on-month, March (+1.3% expected, +0.5% previously); Retail sales ex auto and gas, March (+0.2% expected, +0.4% previously); Business inventories, February (+0.3% expected, -0.1% previously)<\/p>\n Earnings calendar: GE Aerospace (GE<\/a>), UnitedHealth Group (UNH<\/a>), RTX Corporation (RTX<\/a>), Intuitive Surgical (ISRG<\/a>), Danaher Corporation (DHR<\/a>), Interactive Brokers (IBKR<\/a>), Chubb (CB<\/a>), Capital One (COF<\/a>), Northrop Grumman (NOC<\/a>), 3M (MMM<\/a>), ASM International NV (ASMIY<\/a>), MSCI (MSCI<\/a>), EQT (EQT<\/a>), Halliburton (HAL<\/a>), United Airlines (UAL<\/a>), Northern Trust (NTRS<\/a>), Synchrony Financial (SYF<\/a>), Tractor Supply Company (TSCO<\/a>), Equifax (EFX<\/a>)<\/p>\n Economic data: MBA mortgage applications, week ended April 17 (+1.8% previously)<\/p>\n Earnings calendar: Tesla (TSLA<\/a>), Lam Research (LRCX<\/a>), GE Vernova (GEV<\/a>), Philip Morris (PM<\/a>), IBM (IBM<\/a>), Texas Instruments (TXN<\/a>), AT&T (T<\/a>), Boeing (BA<\/a>), Verity Holdings (VRT<\/a>), CME Group (CME<\/a>), ServiceNow (NOW<\/a>), Boston Scientific (BSX<\/a>), Moody’s Corporation (MCO<\/a>), CSX Corporation (CSX<\/a>), Kinder Morgan (KMI<\/a>), Elevance Health (ELV<\/a>), TE Connectivity (TEL<\/a>), United Rentals (URI<\/a>), Westinghouse (WAB<\/a>), Waste Connections (WCN<\/a>), Las Vegas Sands Corp. (LVS<\/a>), Otis Worldwide Corporation (OTIS<\/a>), Raymond James Financial (RJF<\/a>)<\/p>\n Economic data: Chicago Fed national activity index, March (-0.11 previously); Initial jobless claims, week ended April 18 (+210,000 expected, +207,000 previously); Continuing claims, week ended April 11 (1.82 million previously); S&P Global US manufacturing PMI, April preliminary reading (52.8 expected, 52.3 previously); S&P Global US services PMI, April preliminary reading (50 expected, 49.8 previously); S&P Global US composite PMI, April preliminary reading (50.3 previously); Kansas City Fed manufacturing activity, April (11 previously)<\/p>\n Earnings calendar: Intel (INTC<\/a>), American Express (AXP<\/a>), SAP (SAP<\/a>), Thermo Fisher Scientific (TMO<\/a>), NextEra Energy (NEE<\/a>), Gilead Sciences (GILD<\/a>), Blackstone (BX<\/a>), Southern Copper (SCCO<\/a>), Union Pacific (UNP<\/a>), Honeywell International (HON<\/a>), Lockheed Martin (LMT<\/a>), Newmont (NEM<\/a>), Sanofi (SNY<\/a>), Comcast (CMCSA<\/a>), Freeport-McMoran (FCX<\/a>), Vale S.A. (VALE<\/a>), Digital Realty Trust (DLR<\/a>), Baker Hughes (BKR<\/a>), Infosys (INFY<\/a>), Nasdaq, Inc (NDAQ<\/a>), CBRE Group (CBRE<\/a>)<\/p>\n Friday<\/p>\n Economic data: University of Michigan sentiment, April final reading (48.3 expected, 47.6 previously); U. Mich. current conditions, April final reading (50.1 previously); U. Mich. expectations, April final reading (46.1 previously); U. Mich. 1-year inflation, April final reading (+4.8% previously); U. Mich. 5-10 year inflation, April final reading (+3.4% previously); Kansas City Fed services activity, April (15 previously)<\/p>\n Earnings calendar: Proctor & Gamble (PG<\/a>), HCA Healthcare (HCA<\/a>), Eni S.p.A. (E<\/a>), SLB (SLB<\/a>), Norfolk Southern (NSC<\/a>), Charter Communications (CHTR<\/a>), Nomura Holdings (NMR<\/a>), Flagstar Bank (FLG<\/a>)<\/p>\n Photo by: NDZ\/STAR MAX\/IPx 2026 4\/3\/26 An exterior view of the New York Stock Exchange (NYSE) in New York on April 3, 2026. \u00b7 NDZ\/STAR MAX\/IPx <\/p>\n
Aerial view of Taiwan Semiconductor Manufacturing Company (TSMC) factory illuminated by lights at night on September 11, 2025 in Nanjing, Jiangsu Province of China. (Photo by VCG\/VCG via Getty Images) \u00b7 VCG via Getty Images <\/p>\n
Oil tankers and cargo ships line up in the Strait of Hormuz as seen from Khor Fakkan, United Arab Emirates, Wednesday, March 11, 2026. (AP Photo\/Altaf Qadri,File) \u00b7 ASSOCIATED PRESS <\/p>\n
ALAMEDA, CA – AUGUST 23: A view of Optimus (Tesla robot) at Electrify Expo San Francisco, the largest electric vehicles (EV) event in North America at Alameda Point in Alameda, California, United States on August 23, 2025. (Photo by Tayfun Coskun\/Anadolu via Getty Images) \u00b7 Anadolu via Getty Images <\/p>\n