Daily Market Briefing — 23 April 2026
US markets closed higher on Wednesday, shrugging off geopolitical noise as tech stocks regained favour. The S&P 500 rose 1.05% to 7,137.90, while the Nasdaq 100 jumped 1.73% to 26,937.28. But the session's real story played out in oil markets — WTI climbed 2.33% to $94.28 as reports emerged of US forces intercepting Iranian tankers in Asian waters. European futures are pointing lower this morning, and with UK inflation data already showing the Iran war's impact on fuel costs, today's PMI flash readings will test whether the economic damage is spreading beyond the petrol pump.
Market Recap
Wednesday belonged to the bulls, but only just. The S&P 500 added 1.05% to close at 7,137.90, while the Nasdaq 100 outpaced with a 1.73% gain to 26,937.28 as investors rotated back into growth stocks. The Dow Jones lagged, up 0.69% to 49,490.03. Tesla beat on profit despite missing revenue expectations, its auto margins jumping as the company navigates intensifying global EV competition. IBM shares dropped after hours despite beating estimates, with investors disappointed the company maintained guidance rather than raising it.
Key Movers & Themes
Iran War Escalation Rattles Asia-Pacific
Asian markets gave up early gains on Thursday after reports that US forces intercepted Iranian oil tankers in Asian waters, raising fears the Middle East conflict will linger longer than Trump's extended ceasefire suggests. The move sent Brent crude up 1.29% to $103.22, while WTI gained 2.33% to $94.28. Airlines are feeling the pain — Lufthansa announced 20,000 summer flight cuts as jet fuel prices surge, and CSX raised its sales outlook as more businesses shift to rail freight to avoid soaring fuel costs.
Tech Rotation Reversal
The much-hyped rotation out of tech for 2026 may already be over. What had been the winners as investors moved money out of technology are themselves now lagging as growth stocks regain favour. ServiceNow's stock sank 14% after subscription revenue took a hit from the Iran war, while Microsoft reportedly looked at buying AI coding startup Cursor before SpaceX announced its potential purchase. Meta is tracking employee keystrokes on Google, LinkedIn and Wikipedia as part of an AI training initiative, monitoring use of popular sites to feed its models.
Cannabis Reclassification Hopes
Cannabis stocks soared on reports Trump is ready to reclassify the substance, a move that could open up medical research and banking services for growers. The shift follows an executive order in December to begin the reclassification process.
Sector Spotlight
Miners are painting a mixed picture.
Economic Calendar — What to Watch Today
- 08:30 GMT — UK S&P Global Manufacturing PMI Flash (Apr): Forecast 49.9 vs 51.0 previous. A drop below 50 would signal contraction and could weigh on sterling.
- 08:30 GMT — UK S&P Global Services PMI Flash (Apr): Forecast 50.0 vs 50.5 previous. Services make up 80% of the UK economy — any weakness here matters.
- 12:30 GMT — US Initial Jobless Claims (Apr/18): Forecast 212k vs 207k previous. A rise could fuel recession fears.
- 13:45 GMT — US S&P Global Manufacturing PMI Flash (Apr): Forecast 52.5 vs 52.3 previous. Watch for any Iran war impact on factory orders.
- 13:45 GMT — US S&P Global Services PMI Flash (Apr): Forecast 50.0 vs 49.8 previous. A move back above 50 would be encouraging.
The UK PMIs at 08:30 GMT are today's main event. With inflation already rising due to fuel costs, a sharp drop in activity readings could force the Bank of England into a difficult trade-off between growth and price stability.
Technical Levels to Watch
| Stock | Close | Pivot | Support (S1 / S2) | Resistance (R1 / R2) | Cam S3 / R3 | RSI | Signal |
|---|---|---|---|---|---|---|---|
| AAPL | 273.17 | 271.26 | 268.78 / 264.39 | 275.65 / 278.13 | 271.28 / 275.06 | 62.7 | Bullish |
| MSFT | 432.92 | 430.10 | 426.49 / 420.07 | 436.52 / 440.13 | 430.16 / 435.68 | 73.1 | Overbought |
| AMZN | 255.36 | 253.88 | 251.81 / 248.27 | 257.42 / 259.49 | 253.82 / 256.90 | 76.8 | Overbought |
| JPM | 313.02 | 313.37 | 311.59 / 310.16 | 314.80 / 316.58 | 312.14 / 313.90 | 61.3 | Bullish |
| GS | 934.84 | 935.66 | 930.33 / 925.83 | 940.16 / 945.49 | 932.14 / 937.54 | 64.6 | Bullish |
| BA | 231.28 | 228.37 | 224.13 / 216.99 | 235.51 / 239.75 | 228.15 / 234.41 | 62.3 | Bullish |
RSI extremes are notable — LSEG, Microsoft and Amazon are all overbought above 70, suggesting near-term consolidation risk.
Commodities & Currencies
| Instrument | Price | Change | % Change |
|---|---|---|---|
| WTI Oil | $94.28 | +$2.15 | +2.33% |
| Brent Oil | $103.22 | +$1.31 | +1.29% |
| Gold | $4,726.30 | -$6.20 | -0.13% |
| Silver | $76.13 | -$1.76 | -2.26% |
| Natural Gas | $2.720 | +$0.030 | +1.04% |
| GBP/USD | 1.3493 | -0.0033 | -0.24% |
| EUR/USD | 1.1710 | -0.0073 | -0.62% |
| USD/JPY | 159.53 | +0.34 | +0.21% |
| Bitcoin | $78,066.20 | +$1,713.43 | +2.24% |
Oil is the story — WTI and Brent both climbed on reports of US tanker interceptions in Asian waters, with traders pricing in prolonged supply disruption. Silver's 2.26% drop stands out, falling while gold held steady, suggesting industrial demand concerns are creeping in. Sterling weakened 0.24% against the dollar ahead of today's PMI data, while the euro fell 0.62% as European futures point to a negative open. Bitcoin gained 2.24% to $78,066.20, riding the broader risk-on sentiment in US equities.
Trading Outlook
Cautiously bullish on US indices ahead of PMI data. The S&P 500's 7,147.52 five-day high is within reach if services PMI beats expectations at 13:45 GMT. The catalyst that flips this? A sharp deterioration in UK services activity combined with sticky inflation — that's the stagflation scenario the market isn't pricing. Watch the 08:30 GMT release closely, and if services print below 49, expect sterling weakness.
This briefing is generated using AI analysis of market data and news feeds, reviewed by the ChartsView team. It does not constitute financial advice. Always do your own research before making trading decisions.