Key Focus This Week:
“Markets Re-anchor to Fundamentals as Risk Appetite Rebounds”
This week, global financial markets experienced a notable shift in focus, with investor attention moving away from geopolitical risks back toward economic fundamentals. As external uncertainties eased, market sentiment improved significantly, leading to renewed demand for risk assets and broad gains across major equity indices. This transition signals a return to a fundamentals-driven market environment.
Geopolitical risks, which had previously dominated market volatility, began to subside—particularly with signs of easing tensions in the Middle East. As concerns over potential escalation diminished, demand for safe-haven assets declined, and the market risk premium compressed, creating room for capital to be reallocated toward risk assets.
As the earnings season progressed, strong corporate performance emerged as a key driver of market strength. A majority of companies reported earnings above expectations, highlighting the resilience of corporate profitability despite a complex macroeconomic backdrop. This not only boosted investor confidence but also refocused attention on company fundamentals and long-term growth prospects.
Amid the recovery in risk sentiment, capital flows shifted notably—from safe-haven assets such as bonds and gold back into equities and other risk assets. At the same time, major global markets moved higher in tandem, with particularly strong performance observed in the U.S. and Asian markets, reflecting a broad-based improvement in investor sentiment and participation.
Looking ahead, if geopolitical conditions remain stable and corporate earnings continue to deliver strength, markets are likely to sustain their fundamentals-driven upward trajectory. However, investors should remain attentive to macroeconomic data and potential policy developments. In the current environment, the quality of fundamentals and earnings growth will be the key determinants of asset performance.
Last Week’s Key Economic Data & News Recap
Tesla Earnings Signal Slowing EV Demand
Tesla reported its latest earnings, with markets focusing on slowing EV sales growth and margin pressure. Despite continued investment in autonomous driving and AI, overall performance fell short of some investor expectations, raising concerns about a slowdown in EV industry growth and weighing on sentiment toward growth stocks.
Boeing Supply Chain Constraints Weigh on Production
Boeing highlighted ongoing supply chain bottlenecks in its earnings report, which continue to limit aircraft production and delivery capacity. While demand in the aviation sector remains strong, production uncertainties persist, reflecting structural challenges in the global industrial recovery.
Intel Results Highlight Semiconductor Sector Divergence
Intel reported continued pressure in its core chip business, although AI-related segments showed some improvement. The results underscore increasing divergence within the semiconductor industry, with legacy businesses lagging behind emerging growth areas such as AI.
American Express emphasized strong spending trends among high-income consumers, particularly in travel and services. This suggests that consumption remains resilient despite elevated interest rates, supporting the narrative of underlying economic strength.
Middle East Tensions Drive Oil Price Volatility
Rising geopolitical tensions in the Middle East pushed oil prices up by approximately 5% at one point last week, as concerns over potential supply disruptions intensified. This not only supported energy stocks but also reignited inflation concerns, with broader implications for bond markets and overall asset pricing.
Investing with an AimStar's investment professional
Want expert advice at every step of your investing journey?
AimStar’s investment professionals can set you on the right course – and they can meet in-person or online.
Market Performance Review – Last Week
Source: Yahoo Finance
Canadian Equities:
Last week, the S&P/TSX Composite Index extended its upward trend, briefly approaching or testing the 34,000 level, near its historical high. The index has now posted four consecutive weeks of gains, rebounding approximately 7%–8% from its March low, reflecting strong market resilience.
Source: Yahoo Finance
U.S. Equities:
Source: Yahoo Finance
U.S. Bonds:
Last week, the U.S. 10-year Treasury yield traded in a range-bound, high-level consolidation, reflecting ongoing market divergence between inflation expectations and the future path of interest rates. Specifically, the yield fluctuated within the 4.20%–4.40% range, without a clear breakout, but repeatedly tested resistance levels, indicating limited downside for long-term rates. From a fundamental perspective, rising inflation expectations driven by oil price volatility provided support for long-end yields. At the same time, expectations for delayed Federal Reserve rate cuts made it difficult for yields to decline meaningfully.
Source: Yahoo Finance
Forex Market：
Last week, USD/CAD (CAD=X) showed a range-bound but slightly downward trend, reflecting a weaker U.S. dollar and a stronger Canadian dollar. The exchange rate traded roughly within the 1.35–1.37 range. In terms of drivers, rising oil prices—supported by geopolitical factors—provided strength to the Canadian dollar as a commodity-linked currency. Meanwhile, a pullback in the U.S. dollar index added further downward pressure on USD/CAD.
Source: Yahoo Finance
Gold & Silver Market:
Last week, the gold and silver markets showed a range-bound but moderately bullish trend, with some divergence at elevated levels. Gold traded within the $2,300–$2,400 per ounce range, supported primarily by geopolitical uncertainty and continued central bank buying. In addition, a temporary weakening of the U.S. dollar further enhanced gold’s appeal. However, as risk appetite improved and equity markets rallied, gold’s upward momentum moderated, leading to consolidation at higher levels.
In contrast, silver exhibited greater elasticity, fluctuating roughly within the $27–$30 per ounce range. Supported by improving expectations for industrial demand and the broader strength in precious metals, silver experienced a catch-up rally relative to gold.
Source: Yahoo Finance
Oil Market:
Last week, the crude oil market exhibited high volatility and a range-bound trading pattern. WTI crude prices fluctuated roughly within the $78–$84 per barrel range, with an overall trend of rising initially before pulling back.
- Let us contact you
Investing with an AimStar's investment professional
Want expert advice at every step of your investing journey?
AimStar’s investment professionals can set you on the right course – and they can meet in-person or online.
Financial Market Data Copyright © 2026 AimStar myportfolio. Data as of April 20, 2026, 12:30 PM EST
WHAT'S HAPPENING THIS WEEK
Tuesday, April 22 | Assessing Defensive Sector Attractiveness
- Earnings from Lockheed Martin and Johnson & Johnson
- Focus on government spending trends and stability of healthcare demand
- Evaluate the allocation value of defensive sectors in the current environment
Wednesday, April 23 | Key Earnings Test for Growth Stocks
- Major earnings releases from Tesla, Boeing, and IBM
- Focus on EV demand, aviation recovery, and tech earnings
- Implications for growth stock valuations and short-term market direction
Thursday, April 24 | Reassessing Consumer and Tech Resilience
- Earnings from Intel, American Express, and Procter & Gamble
- Coverage across semiconductors, premium consumption, and consumer staples
- Assess the resilience of consumer demand and sustainability of tech recovery
Friday, April 25 | Consumer Sentiment as a Macro Signal
- University of Michigan Consumer Sentiment Index release
- Reflects changes in economic and inflation expectations
- Strong reading → supports markets; weak reading → raises recession concerns
Author by: Sarah San
Edited & Published by: Sarah San
April 20 , 2026 13:00 PM EST. 10 min read
AimStar Capital Group Inc. is a Canadian full-service Investment Dealer, regulated by Canadian Investment Regulatory Organization (CIRO) and a member of Canadian Investor Protection Fund (CIPF). As an independent firm, AimStar is built on a foundation of innovation, integrity, and client-centricity. They are committed to providing unbiased advice and dedicated to the client’s needs, helping them achieve their financial goals.
AimStar is recognized as a Wealth Professionals 5-star Wealth Management Firm for 2024, this award recognized AimStar has offered exceptional client experience, a proven investment track record, continuous innovation, and stringent regulatory compliance.