Morning Note - 04/22/26: Trumps Extends Ceasefire Again. Stocks Rally Again.

Overnight Summary & Early Morning Trading:

• The S&P 500 finished Tuesday lower by -0.63% at 7064.01 from Monday lower by -0.24% at 7109.14.

• The S&P 500 sees support now at 7000 from 7100. Resistance is now at 7100 from 7000. In the last month, support has moved from 6300 to 7000.

• S&P 500 hit its seventh All-Time Closing High of 2026 on Friday. It had been almost three months from the last new all-time high.

• Futures are higher this morning by +40 up by +0.58% at 7140 on the SP 500 at 6:40 a.m. EDT.

• Bond Market is lower today on price with the 10-Year Yield at 4.286% from 4.256%.

Executive Summary:

• Stocks had a third up week, gaining 4.54%, and up 11.89% in the last three weeks. We are now up 1.23% since the peak in January on the S&P 500.

• U.S. moves into Week Nine of its attack on Iran. Key to this week is to see how the U.S. Blockade plays out and negotiations evolve.

Key Events of Note Today:

• Economic news of note.

  • Weekly - Crude Oil Inventories of note.

  • Monthly - None of note are out this morning.

• Fed Speakers of Note today: We are back into the blackout period for next week’s meeting.

• 20-Year Bond Auction at 1:00 p.m. EDT.

• President Trump’s schedule:

  • Participates in Executive Time at 8:00 a.m. EDT.

  • Participates in a Meeting with the Commissioner of the Social Security Administration at 10:00 a.m. EDT.

  • Participates in a Policy Meeting at 12:30 p.m. EDT.

  • Participates in a Policy Meeting at 2:30 p.m. EDT.

  • Participates in a Policy Meeting at 5:30 p.m. EDT.

Notable Earnings Out After The Close:

• Beats: WFRD +0.43, ISRG +0.38, MCRI +0.37, EQT +024, RRC +0.23, CB +0.22, WRB +0.17, MANH +0.13, EWBC +0.11, UAL +0.11, NBHC +0.07 of note.

• Misses: HWC -0.93, CYH -0.32, PEGA -0.19, COF -0.08 of note.

• Flat: None of note.

Capital Raises:

• IPOs For The Week: None of note.

• New IPOs/SPACs launched/News: IPOs Ahead This Week: ELMT EMI NHP XE YSWY.

• IPOs Filed/Priced:

  • Tailored Brands files confidential S-1 for proposed IPO.

• Secondaries Filed Or Priced:

  • TH announces launch of secondary offering.

  • ENLV: Form F-3..23,333,333 Ordinary Shares.

  • MAZE - $150 Million Registered Offering.

  • MNTS: Form S-3.. Up to 1,400,000 Shares of Common Stock.

  • NKTR - Pricing of Upsized $325 Million Public Offering.

  • SIDU - Closing of Offering.

  • SRFM - Closing of $15 Million Registered Direct Offering of Common Stock.

  • TH - Pricing of Secondary Offering.

• Notes Filed Or Priced: None of note.

• Convertible Offerings Filed or Priced: None of note.

• Private Placement: None of note.

• Direct Offering: None of note.

• Exchangeable Subordinate Voting Shares: None of note.

• Private Placements: None of note.

• Selling Shareholders:

  • OVID files for 29,856,031 share common stock offering by selling stockholders.

• Mixed Shelf Offerings:

  • EFX files mixed securities shelf offering.

  • KR files mixed securities shelf offering.

  • NOC files mixed securities shelf offering.

News After The Close:

• United Airlines (UAL) beat estimates but guided lower.

• President Trump extends ceasefire until Iran proposal is submitted; U.S. military will continue blockade.

• Capital One (COF) reports March Domestic net charge-off rate of 5.09% vs 5.17% last month (-8 bps sequential change) with delinquency rate of 3.70% vs 3.96% last month (-26 bps change).

• Rigel Pharmaceutical (RIGL) received written notice from Eli Lilly (LLY) of Lilly’s election to terminate that certain License and Collaboration Agreement.

• Meta Platforms (META) commences construction on $1+ billion data center in Oklahoma.

• Driven Brands (DRVN) guides Q1 revenue below consensus.

After the Close Winners: MANH +9.1%, AXG +8.2%, GTLD +5%, MCRI +3.6%, PEGA +2.9%

After the Close Losers: SON -8.60%, CYH -8.1%,CALX -5%, DRVN -3.8%

Buybacks:

• CALX boosts share buyback authorization by additional $100 million.

• ADBE announces new $25 billion stock repurchase program.

Executive, Corporate Changes:

• BioMarin Pharmaceutical (BMRN) names former Genentech CEO Ian Clark as Board Chair, succeeding retiring Richard Meier.

• VYGR discloses Nathan Jorgensen will resign from his position as Chief Financial Officer of the company and from any and all other positions he holds with the company.

• ISRG says Doctor Myriam Curet is retiring this quarter after more than 20 years as ISRG’s Chief Medical Officer.

• DJT announces the appointment of Kevin J. McGurn as Interim Chief Executive Officer, effective immediately.

Dividends Announcements or News:

• Top Names Ex-Dividend Today: LOW UBS FMX LEN APA CLX LEVI AGX PAGS JOYY LTC QFIN of note.

• Top Names Ex-Dividend Tuesday: of note.

• OTIS increases quarterly dividend to $0.44 from $0.42/share.

What’s Happening This Morning: (as of 7:30 a.m. EDT)

• Futures S&P 500 +37, NASDAQ 100 +181, Dow Jones +236. Europe is mixed while Asia is mixed. Bond yield is at 4.278% from 4.256% on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas higher. Gold, Silver and Copper are higher. The U.S. Dollar is lower versus the Euro, lower against the Pound and lower against the Yen. Bitcoin is at $78,251 higher by $2995 up 3.97% from $76,854 on Tuesday.

  

Sector Action:

• Daily Positive Sectors: Energy led the way higher.

• Daily Negative Sectors: All others were lower.

• One Month Winners: Energy of note.

• Three-Month Winners: Energy, Materials, Utilities, Consumer Defensive and Industrials of note.

• Six-Month Winners: Energy, Materials, Utilities, Industrials, Healthcare and Consumer Defensive of note.

• Twelve-Month Winners: Materials, Energy, Industrials, Utilities, Communication Services and Technology of note.

• Year to Date Winners: Energy, Materials, Consumer Defensive, Utilities and Industrials of note.

Bolded means the Sector is new to the period in which it falls.

Upcoming Earnings Of Note: (Erlanger Chartroom Software – sorted by market cap, highest to lowest with most visible names)

• Today After the Close:

• Thursday Before The Open:

Notable Earnings of Note This Morning:

• Beat: GEV +15.49, ELV +0.55, TDY +0.33%, RCI +0.28, WAB +0.20, VRT +0.17, MAS +0.16, TMHC +0.15, PM +0.13, MCO +0.11, EDU +0.11, SF +0.07 of note. (Greater than 0.05)

• Missed: BKU -0.12, OTIS -0.01, T -0.01 of note.

• Flat: None of note.

• Still to Report: None of note.

Company Earnings Guidance:

• Positive Guidance: After The Close & This Morning - ELV TEL MANH of note.

• Mixed - None of note.

• Negative or Mixed Guidance: After The Close & This Morning - BSX of note.

Advance/Decline Daily Update:

Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):

• GapUp: KYTX +19.8%, MANH +8.9%, VFS +7.4%, WFRD +5.7%, WSBC +5.7%, HIVE +4.4%, ZWS +4.3%, OTIS +4.1%, TMQ +3.4%, ADBE +3.4%, ADC +3%, AMRX +3%, FRMI +2.8%, BHP +2.7%, HAFC +2% of note.

• GapDown: TH -8.8%, MPB -8.8%, CALX -7.2%, CYH -6.5%, SON -5.7%, DRVN -4.8%, VRT -4.3%, COF -3.2%, TFIN -3.2%, TEL -3.2%, FHTX -3%, BBOT -2.2% of note.

Insider Action: None see Insider Buying with dumb short selling. None see Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history: None of note.

Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.

• WSJ Lead Story: No Peace Plan, No Problem Stocks Move Higher. (WSJ)

• NY Times Lead Story: Job Cuts Rising on Wall Street Drive by AI. (NYT)

• USA Today: The Real Cost of Raising a Child Just Crossed a Troubling Line. (USA Today)

• Iranian Gunboats Menace The Strait of Hormuz. (Bloomberg)

• Stocks rise on big earnings day as Brent to $100. (Bloomberg)

Economic & Geopolitical:

• Federal Reserve Speakers of note today: Now in blackout period until next week’s FOMC meeting.

• President Trump’s schedule for today:

  • Participates in Executive Time at 8:00 a.m. EDT.

  • Participates in a Meeting with the Commissioner of the Social Security Administration at 10:00 a.m. EDT.

  • Participates in a Policy Meeting at 12:30 p.m. EDT.

  • Participates in a Policy Meeting at 2:30 p.m. EDT.

  • Participates in a Policy Meeting at 5:30 p.m. EDT.

• Economic Data Out -

  • Weekly -

    • Crude Oil Inventories out at 10:30 a.m. EDT.

  • Monthly -

    • None of note.

M&A Activity & Daily: None of note.

Moving Average Table: 94% from 100% of Equities are Positive, and 24% from 72% Bonds are Positive.

Meeting & Conferences of Note:

• Sellside Conferences:

  • Citigroup Biotech Private Access Day

• Top Analyst, Investor: CALX DFTX of note.

• Shareholder Meetings: CI BLMN DAN ETN LEVI NYT PNC SHW TDY of note.

• Fireside Chat: None of note.

• FDA Presentation: None of note.

• R&D Day: None of note.

• Meetings:

  • AACR Annual Meeting through Apr. 22

  • Adobe Summit

  • American Academy of Neurology Meeting

  • Bloom Burton Healthcare Investor Conference

  • Google Cloud Next

Upgrades & Downgrades:

The recommendations listed below in this “Upgrade/Downgrade” section are compiled from what we believe are Tier I, II and III firms. Recommendations posted are taken from a variety of sources each day and we only post upgrades or significant initiations as well as downgrades to underweight or sell. The purpose of this posting is to make the reader aware of market-moving recommendations.

• Upgrades: BIIB SBAC TWLO of note.

• Downgrades HTZ NAT PRU of note.