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S&P 500 Index (SPX) - Daily Chart - April 3-28, 2023 (Source: Tradingview)
April 3
The month began with mixed results as the Dow rose 327 points, the S&P increased 0.37%, and the Nasdaq declined 0.25%. As the new quarter commenced, lagging sectors from the previous quarter contributed to the market's forward momentum. Investors anticipated an April uptrend in Dow stocks, a pattern observed every year from 2006 to 2021.
April 4
Stocks dipped during the trading session, fueling consumer concerns about the economy. The Dow dropped 198 points, and the S&P and Nasdaq declined 0.58% and 0.38%, respectively. Early job opening figures suggested to bullish investors that the labor market was cooling, while bears interpreted the data as a sign of a slowing economy.
April 5
Stocks continued to gradually slide as investors faced more disappointing data. The S&P decreased 0.25% and the Nasdaq declined 1.01%, while the Dow eked out an 80-point gain. March private payrolls exceeded expectations, and ISN services experienced the most significant service slowdown since last December. Throughout the week, several indicators pointed to a weakening economy.
April 6
Despite signs of economic slowdown, stocks managed to withstand another choppy session, ending the week virtually unchanged. The Nasdaq rose 0.74%, the S&P gained 0.36%, but the Dow inched up just 2 points. Stocks wavered as the latest weekly jobless claims exceeded expectations, further indicating slowed job growth.
April 10
Wall Street began the week optimistically, with the Dow climbing 100 points, the S&P gaining 0.10%, and the Nasdaq drifting 0.09% lower. A weaker-than-expected Friday jobs report still managed to bolster hopes of a soft landing for the economy. Stocks overcame a slow start, driven by pockets of strength in cyclical, industrial, transport, material, and bank stocks, pushing the market into positive territory.
April 11
Wall Street wavered ahead of economic data to be released the next day. The Dow increased 98 points, the S&P remained nearly unchanged, and the Nasdaq fell 0.67%. Cyclical stocks boosted the Dow, while tech stocks dragged the Nasdaq lower during this trading session.
April 12
Stocks faced a turbulent trading session, ultimately forcing the major averages into the red. The Dow dropped 38 points, the S&P declined 0.41%, and the Nasdaq closed 0.89% lower. The day began on a positive note with a stable consumer prices reading for March, but early gains eroded due to mixed messages from Federal Reserve officials and hawkish remarks from the European Central Bank.
April 13
In a race against market uncertainties, stocks soared on Thursday as cooling inflation signs propelled the market. The Dow surged 383 points, the S&P advanced 1.33%, and the Nasdaq outpaced both, jumping 2.03%. March producer prices unexpectedly fell, fueled by decreasing gas prices, which dampened the likelihood of a quarter-point rate hike by the Fed.
April 14
Wall Street closed the week in the red, digesting weak economic data and robust bank earnings. The Dow dropped 143 points, and both the S&P and Nasdaq faced moderate losses of 0.21% and 0.23%, respectively. Softer retail sales, reflecting decreased consumer spending and lower gas prices, were offset by strong bank earnings, with JP Morgan Chase reporting record revenue driven by high interest rates.
April 17
Stocks opened modestly green and continued drifting upward, ending near session highs. The Dow gained 100 points, the S&P rose 0.33%, and the Nasdaq inched up 0.06%. The market was indecisive due to a lack of stimulating economic data; however, investors prepared for a week filled with economic data.
April 18
Wall Street bounced back from sustained losses, ending the session virtually unchanged. The Dow barely lost 10 points, while the S&P and Nasdaq stood still with gains of 0.09% and 0.03%, respectively. As the S&P approached a record high of 4179 points, major indices rode a modest uptrend with cyclical sectors moving upward.
April 19
Markets were mixed, albeit flat, with the Dow down 79 points, the S&P slipping 0.01%, and the Nasdaq drifting 0.02% lower. Despite the seemingly calm surface, modestly strong currents took the form of mini-rallies in defensive stocks, such as utilities, healthcare, consumer, and financial stocks, supporting the market during this trading session.
April 20
Wall Street was painted red as energy and bank stocks weighed down the market. The Dow dropped 110 points, while the S&P and Nasdaq traded 0.59% and 0.78% lower, respectively. Energy stocks fell due to oil losing $6 per barrel, while bank stocks declined as banks faced reduced profitability from paying higher rates to depositors.
April 21
Stocks remained muted as the quiet week concluded without an April uptrend. The Dow increased by 22 points, while the S&P and Nasdaq also experienced small gains of 0.09% and 0.11%, respectively. Although stocks were red for the week, the S&P remained green for the month.
April 24
Stocks began the week trading at a standstill, with consumer names leading the major indices higher. The Dow climbed 66 points, and the S&P traded 0.09% higher, while the Nasdaq faced a loss of 0.24%. Coca Cola reported strong earnings revenue, driven by price increases. Other companies also beat earnings estimates, but not by large margins.
April 25
Despite numerous consumer companies reporting better-than-expected earnings, the market fell into the red during this trading session. The Dow plummeted 344 points, the S&P dropped 1.58%, and the Nasdaq traded 1.89% lower. Many companies hesitated to raise yearly earnings estimates due to uncertainties about the year's second half, while First Republic Bank reported high deposit outflows in its earnings report and traded lower.
April 26
The market presented a mixed picture as concerns over banking overshadowed technology earnings, ultimately pulling the market into negative territory. The Dow fell 229 points, and the S&P declined 0.38%, while the tech-heavy Nasdaq managed a 0.64% gain. First Republic shares continued to tumble, with regional banks caught in the turmoil. Bank advisors attempted to resolve the issue by lining up potential buyers and requesting larger U.S. banks to provide loans in the form of bond purchases.
April 27
Wall Street experienced a rally during the trading session, with robust earnings propelling major averages. The Dow surged 500 points, the S&P increased 1.97%, and the Nasdaq soared with a 2.76% gain. Facebook parent stocks leaped 15% following the company's massive earnings and a surprising revenue boost. This report energized the megacap tech sector, lifting names such as Apple and Amazon.
April 28
The market concluded the month on a positive note, with major averages recording consecutive monthly gains. The Dow climbed 272 points, and the S&P and Nasdaq both rose, with gains of 0.83% and 0.65%, respectively. Energy stocks performed well throughout the month, but consumer staples carried most of the weight. Regional banks managed to stabilize despite First Republic shares plunging once more.
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