Apr 24, 2026
Since the March 30th low, one of the best performing areas of the stock market has been the semiconductors. At the moment, the Philadelphia Semiconductor Index (or the SOX) has risen for 18 sessions in a row since the March 30th low. Using the tradable VanEck Semiconductor ETF (SMH) as a proxy, the group is now up right around 40% since then, which is a record 18-day rally since its inception.
Of course, the semiconductors are now home to some of the largest stocks in existence.
Broadcom (AVGO) now trades with a greater that $2 trillion market cap and, of course, there is NVIDIA (NVDA), with a market cap above $5 trillion.
Given the S&P 500 is market-cap weighed, the semis are the single largest weight of any industry group. In fact, the group accounts for 15.5% of S&P 500 weight.
So with a combination of massive outperformance and a massively large weight, the semiconductors are to thank for 4.9 percentage points of the index’s 12.8% rally since March 30th, meaning they’ve accounted for roughly 40% of the gain.
As shown below, that is more than twice as large of a positive contribution as the next best, Media & Entertainment, with 2.12 percentage points.
The other two Tech sector industries – Tech Hardware & Equipment and Software & Services – have also made positive contributions. The latter might come as a surprise as it has been a beleaguered group for most of the year. Nonetheless, since the lows, it is to thank for more than a full percentage point of the S&P’s 12.8% rally.
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Apr 24, 2026
The S&P 500 has finally returned to record highs in the past couple of weeks, and sentiment has reflected that positive price action.
This week’s release of the American Association of Individual Investors survey came in with 46% of respondents reporting bullish sentiment. That is the highest level of bullishness since January 15, 2026.
That surge in bullish sentiment corresponded with an 8.4 percentage point decline in bears. At 34.4%, bearish sentiment per this survey is now at the lowest level since the final week of January.
For bullish sentiment, this week’s jump was big. As shown below, the 14.3 percentage point increase week-over-week was the largest one-week uptick since January 23, 2025. Additionally, for the full history of the survey dating back to 1987, this weekly change ranks in the 97th percentile of readings.
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Apr 23, 2026
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- 175 stocks have more than doubled year-over-year and now trade with a price-to-sales ratio of more than 10x.
- Stocks proxying OpenAI have exploded higher by 40% since March 30th.
- The share of total jobless claims for claimants above the age of 65 rose to a record high in March.
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Apr 22, 2026
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- Tesla (TSLA) reported earnings after the bell with weaker profitability in part because of a litany of massive projects such as Optimus robots, Robotaxi rollout, and more.
- Since the end of 2024, earnings estimates have risen 25.3% and have accelerated more recently with the 6 month change in the 95th percentile of all periods.
- After a strong Q1 last year, data center ABS issuance has moderated over the past year.
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