April 23 Market Recap: S&P 500 and Nasdaq Both Hit All-Time Highs; Bitcoin Reaches 11-Week High
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April 23 Market Recap: S&P 500 and Nasdaq Both Hit All-Time Highs; Bitcoin Reaches 11-Week High
The ceasefire buys time, but oil prices haven’t eased yet.
Navigating Web3 tides with focused insightsAuthor: TechFlow
U.S. Equities: Ceasefire + Earnings — Wall Street Popped a Champagne Cork
On Wednesday, Wall Street relaxed—after a long absence.
The Dow Jones Industrial Average rose 340.65 points (+0.69%) to 49,490.03; the S&P 500 gained 1.05% to 7,137.90; and the Nasdaq Composite surged 1.64% to 24,657.57—both the S&P 500 and Nasdaq hitting all-time highs. The Nasdaq also touched an intraday record high that day—the first major index in this Iran-war-driven rally to fully recover its losses. The Russell 2000 small-cap index rose 0.74%, while the VIX Fear Index fell 2.97% to 18.92, signaling continued retreat of market anxiety.
This rally was propelled by two simultaneous catalysts.
First, after market close, Trump announced an indefinite extension of the U.S.-Iran ceasefire. His wording was unusually pointed: he described the Iranian government as “deeply divided” and stated the U.S. would await Tehran’s submission of a “unified proposal” before deciding next steps. Regardless of phrasing, markets focused on the bottom line: missiles would temporarily stop flying.
Second, earnings season continues to exceed expectations. GE Vernova (GEV) soared 8% on the day after reporting Q1 results and guidance both above consensus. The logic is straightforward: demand for power infrastructure from data centers is exploding—AI’s arms race has expanded beyond chips to generators and transformers. United Airlines (UAL) rose ~1.5% on an earnings beat, though its Q2 EPS guidance slightly missed expectations—high fuel prices continue eroding airline profits.
Tech stocks broadly outperformed the broader market. The semiconductor index (SOX) has rebounded 35% since its March 30 low, hitting a new near-term high. Nvidia extended its historic 11-day winning streak.
The most electrifying single stock this week—especially for short sellers—was Tesla.
After market close on April 22, Tesla released its Q1 2026 results.
Non-GAAP EPS came in at $0.41, beating consensus of $0.37. Revenue totaled $22.38 billion, exceeding expectations of $22.28 billion. Gross margin stood at 21.1%, up 478 basis points year-on-year—the highest in recent years. Its after-hours share price jumped nearly 4%, briefly touching $405.
These numbers are nuanced. Year-on-year, revenue rose 16% and EPS grew 52%—impressive. Yet horizontal comparisons tell another story: last quarter (Q4 2025), revenue was $24.9 billion; this quarter, only $22.4 billion—a clear sequential decline. Energy segment revenue fell 12% year-on-year to $2.41 billion. Deliveries totaled 358,023 vehicles—50,000 fewer than production, with inventory continuing to pile up.
Key takeaways from Musk’s earnings call: full-year capex will hit $25 billion—$5 billion higher than年初 guidance and roughly triple 2025’s total. CFO Taneja bluntly informed investors that the company’s free cash flow will be negative for the remainder of the year. Following this announcement, the stock retreated from its after-hours high.
Even so, this report was “good enough”—at least temporarily silencing claims that Tesla’s core business is collapsing. Year-to-date, TSLA has fallen ~14%, the worst performer among the MAG7. This earnings beat gives bulls some breathing room.
Oil & Gold: The “Inflation Tax” from the Ceasefire Hasn’t Been Lifted
The ceasefire has been extended—but ships still can’t enter the Strait of Hormuz.
On Wednesday, WTI crude climbed further, reaching the $93/barrel range intraday; Brent crude broke above $101/barrel. Iran explicitly stated it will not reopen the Strait of Hormuz while U.S. naval forces continue intercepting vessels. On the same day, reports indicated Iran fired upon three container ships transiting the strait. Footage of the exchange rapidly circulated across shipping circles; rerouting oil tankers from Asia to Europe around the Cape of Good Hope has become standard practice.
Markets currently estimate the supply loss caused by the strait’s closure at 4–5 million barrels per day—roughly 5% of global supply. This gap remains unresolved in the near term.
Gold recovered to $4,758/oz on April 22, rising 0.82%, but remains nearly 10% below pre-war levels. The reason is counterintuitive: soaring oil prices have heightened inflation expectations—and a stronger dollar has suppressed gold’s safe-haven premium. Meanwhile, Fed chair nominee Kevin Warsh appeared before the Senate, emphasizing the need to “preserve independence” and calling for a new inflation-response framework—but offered no concrete policy proposals. Market uncertainty about Warsh’s monetary policy stance continues to weigh on Treasuries and gold.
Crypto: Bitcoin Hits 11-Week High; BlackRock Quietly Accumulates 800,000 BTC
This week’s biggest player in crypto wasn’t retail—it was BlackRock.
According to CoinGecko data, Bitcoin rose 3.77% on April 22 to $78,568—the highest level in 11 weeks—and traded within a $76,000–$79,000 range. Ethereum followed suit; global crypto market capitalization rebounded to ~$2.70 trillion, with 24-hour trading volume at $121 billion. Bitcoin’s market share stood at 58.1%.
Meanwhile, a number quietly circulated among institutional circles: BlackRock’s IBIT spot ETF now holds over 806,700 BTC—worth ~$63.7 billion—setting a new all-time high for the fund. Ethereum spot ETFs recorded net inflows for nine consecutive trading days. Over the past week, U.S. spot Bitcoin ETFs posted daily net inflows exceeding $200 million—five straight days of positive flows.
Strategy (formerly MicroStrategy) purchased 34,164 BTC for $2.54 billion on April 20—the largest single acquisition since late 2024.
A subtle shift is underway in market sentiment’s underlying logic: as the Iran war fractures physical supply chains, and gold weakens amid rising inflation expectations, capital is re-evaluating Bitcoin’s pricing rationale—as “digital hard money.” BlackRock is answering with real buying.
Today’s Summary: The Ceasefire Buys Time—but Oil Prices Haven’t Relented
On April 22, Trump announced an indefinite extension of the U.S.-Iran ceasefire—delivering a much-needed dose of calm. Yet the Strait of Hormuz remains closed, and the supply gap persists:
U.S. Equities: The S&P 500 rose 1.05% to 7,137.90; the Nasdaq gained 1.64% to 24,657.57—both setting new all-time highs. Earnings season provided a second pillar of support: GE Vernova surged 8%; Tesla’s Q1 profit beat expectations.
Oil/Gold: WTI crude held steady in the $92–$93/barrel range intraday; Brent surpassed $101. Gold edged up to $4,758 but remains nearly 10% below pre-war levels. The ceasefire hasn’t brought price relief—the longer the strait stays closed, the longer the premium persists.
Crypto: Bitcoin climbed to $78,568—the highest in 11 weeks. BlackRock’s IBIT holdings set a record at 806,700 BTC. Institutions are quietly shifting their inflation-hedge allocation—from gold to Bitcoin.
The market now fixates on one question: When will Iran submit that “unified proposal”?
If substantive progress emerges in negotiations over the next two weeks—leading to the Strait of Hormuz reopening and oil prices falling—equities could see another leg up, with tech and airlines benefiting first. If talks stall, $100/barrel oil will push inflation expectations to a level the Fed can no longer ignore—reigniting rate-hike speculation and turning today’s record highs into the most expensive entry point yet.
At least one thing is certain today: Institutional capital hasn’t stopped betting on the outcome of this war—it’s simply changed direction, shifting from selling U.S. equities to buying Bitcoin.
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