April 29, 2026

The S&P 500 and Nasdaq edged out fresh records on Monday as select big tech strength lifted the equity benchmarks. After an 18-day rally in chipmakers, artificial intelligence spending concerns resurfaced, sparked by reports that OpenAI failed to meet internal targets for weekly users and revenue. Another jump in oil prices and Treasury yields was also flagged as a headwind. In earnings, shares of The Coca-Cola Company (KO) rose after topping estimates and posting their best sales growth since 2024. Higher oil prices and lingering geopolitical uncertainty placed upward pressure on Treasury yields.         

Topics of the week: 

  • Stronger Supply Chains at Home: After COVID-19 disruptions, companies are reducing reliance on China by shifting production closer to home or to nearby countries, improving reliability for critical goods.
  • Supportive Government Policies: Programs like the Infrastructure Act, CHIPS Act, and Inflation Reduction Act are encouraging companies to invest in U.S. manufacturing, with support from both political parties. 

What we are watching:

  • Rising Costs from Trade Policies: Tariffs may help U.S. producers, but they also increase costs for companies that still rely on imported parts, potentially squeezing profit margins.
  • Energy Cost Advantage May Shrink: Growing energy demand from data centers and exports could push U.S. energy prices higher over time, reducing today’s cost advantage. 

 

Index Data & Market Performance 

 

Data as of Market Close 4.27.26 

source: gemini.google.com*

In Focus

This week is dominated by a Federal Reserve interest rate decision and a massive wave of Big Tech earnings reports. The "Magnificent Seven" companies, including Meta, Microsoft, and Alphabet, are scheduled to release their results, which will likely set the tone for the broader market.

Tuesday - Consumer Confidence

Wednesday – Durable Goods Orders, FOMC Interest Rate Decision, Fed Chair Press Conference, reports from Meta Platforms (META), Microsoft (MSFT), and Alphabet (GOOGL).

Thursday – Weekly Jobless Claims, Amazon (AMZN)

Friday – ISM Manufacturing Index

 

What's Trending: American Renaissance

Domestic Manufacturing Comeback: Renaissance or Rhetoric?

The narrative of the “hollowing out” of American manufacturing is well-known, and perhaps just as well-known is the narrative around a coming “manufacturing renaissance” in the U.S. After four decades of globalization, manufacturing employment in the U.S. as a share of total employment has steadily decreased, from over 20% in 1980 to below 8% in 2025. The decline was driven by a trade shift in the 1980s, followed by a productivity boom in the 1990s. 

While domestic manufacturers have faced competition from imports since as early as the 1970s, we key in on the 1980s as a marker for the start of the globalization and outsourcing trend due to normalizing trade relations with China via “most favored nation” (MFN) tariff designation in 1980. China’s eventual admission into the World Trade Organization (WTO) in 2001 serves as an accelerator of the trend.

 

 

 

We are, in fact, experiencing an American industrial renaissance, and attribute it to three forces: supply-chain resilience, industrial policy, and domestic energy production as a competitive advantage. Manufacturing capacity in the U.S. has seen month-over-month increases for 51 straight months, going back to early 2022, with the largest contributions coming from computer products and electrical equipment. 

 

 

 

 

Disclosures

*The data for the total returns of the S&P 500, Dow Jones 30, and NASDAQ Composite are compiled and published by several financial news outlets, index providers, and government/academic sources.

Based on typical financial data providers and the search results, here are the likely sources for this data:

  • S&P Dow Jones Indices (S&P Global): This is the official index calculator for the S&P 500 and the Dow Jones Industrial Average (DJIA). They publish index data, including total returns, in daily, weekly, and monthly reports/commentary.
  • Nasdaq Global Indexes: They are the official index calculator for the NASDAQ Composite. They also publish fact sheets and performance reports with total return data.
  • Financial News Agencies and Publications: News outlets like The Associated Press (AP) and financial publications like Investopedia regularly report on the daily, weekly, and year-to-date (YTD) returns of these major U.S. indexes.
  • Federal Reserve Economic Data (FRED) / St. Louis Fed: FRED, maintained by the Federal Reserve Bank of St. Louis, is a public resource that often includes daily closing levels for indices like the S&P 500, which can be used to calculate returns.
  • Financial Data Platforms (e.g., Bloomberg, YCharts, MSCI): Professional and commercial financial data providers often republish or calculate returns based on the official index data for their clients.