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Inflation Tests BOJ
Japan’s inflation ticked up, with oil complicating the BOJ’s next move.
Ankit Sinha
April 24, 2026
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Market Snapshot
📉 Banana Bits
The ECB may hike in June, but markets expect a U-turn by 2027.
Japan’s inflation ticked up, with oil complicating the BOJ’s next move.
Trump said the Israel–Lebanon ceasefire has been extended.
The dollar hit a 10-day high as U.S.-Iran tensions rattled markets.
Meta and Microsoft are trimming headcount as AI spending ramps up.
U.S. business activity is expanding, but rising costs are the trade-off.
Market News
Oil Above $100 and Still No Panic
Markets had a brief case of geopolitical nerves as escalating U.S.–Iran tensions pushed Brent crude above $105 per barrel, raising fears that a prolonged Strait of Hormuz disruption could squeeze global energy supply.
The S&P 500 dropped as much as 1.3% during the session before trimming losses, while investors kept a cautious eye on increasingly heated rhetoric from Washington and Tehran.
Despite the tension, tech once again stole the spotlight. Intel surged after issuing a blockbuster outlook, fueling gains across semiconductor stocks and extending the sector’s rally to a 17th straight session, because apparently, nothing calms markets like AI chips and strong earnings guidance.
Elsewhere, corporate earnings delivered a mixed bag: Tesla slipped amid concerns about spending plans, Texas Instruments jumped on strong guidance, and software stocks struggled after results from IBM and ServiceNow failed to ease AI disruption concerns. Meanwhile, Meta and Microsoft continued trimming workforces to fund their AI ambitions.
Even with oil spikes and geopolitical drama, markets remain surprisingly resilient. Nearly 80% of S&P 500 companies have beaten earnings expectations, suggesting investors are willing to tolerate a bit of geopolitical turbulence as long as corporate profits keep delivering.
Peel Take: Markets got nervous about geopolitics… right up until tech earnings reminded everyone why they’re here. Oil can spike, and tensions can rise, but if AI stocks keep printing strong results, investors aren’t exactly rushing for the exits.
What's Ripe
United Rentals Inc. (URI) 22.9%
Shares of the heavy machinery and equipment rental company rallied 23%, making it the top performer in the S&P 500, after the firm reported first-quarter earnings and revenue that beat expectations.
Management also raised its full-year revenue guidance, signaling strong demand for construction and infrastructure equipment.
Peel Take: A 23% jump isn’t subtle, and neither was this earnings beat. Strong demand for construction and infrastructure equipment, along with a raised outlook, suggests this cycle still has legs. Turns out, while everyone’s busy talking about AI, the “old economy” is quietly putting up big numbers.
Texas Instruments Inc. (TXN) 19.4%
TXN jumped 19% after the chipmaker reported first-quarter earnings and revenue that significantly exceeded expectations.
Capital expenditures are returning to more normal levels after several years of heavy spending on new fabrication plants, while strong second-quarter guidance signals improving demand, particularly in AI and data-center buildouts.
Peel Take: After years of playing catch-up in the chip race, Intel may finally be showing signs of life. If the AI boom continues to drive demand for semiconductors, investors may start viewing Intel less as the comeback story of the decade and more as a serious contender again in the global chip arms race.
What's Rotten
Blackstone Inc. (BX) 5.7%
BX fell 5.7% despite the world’s largest alternative asset manager reporting distributable earnings that beat expectations. Investor concerns centered on weak returns in its private credit and insurance businesses, which were among the lowest the firm has reported.
Peel Take: For a firm known for squeezing value out of every corner of the market, subpar returns in key growth segments raised eyebrows. With private credit becoming one of Wall Street’s hottest strategies, investors may be asking whether the boom is starting to cool or simply getting more competitive.
Lockheed Martin Corp.(LMT) 4.6%
LMT fell 4.6% after the major federal contractor reported quarterly earnings that missed analyst forecasts. Despite the disappointment, the company maintained its full-year guidance and reaffirmed its free cash flow target, signaling confidence in its longer-term outlook.
Peel Take: The market clearly wasn’t impressed by the short-term miss, but management is betting investors will look past the quarter and focus on steady government contracts and cash flow stability. In the defense and federal contracting sector, a weak quarter rarely derails the broader funding story.
🧠 Technical Trip
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🦈 Deal Dispatch
M&A, IPOs, And Other Notable Transactions
TSK kicked off a €150M IPO in Spain.
Porsche sold a stake in Bugatti to new investors.
Amazon-backed nuclear firm X-Energy debuted with a $1.02B IPO.
Trump floated the idea of the U.S. purchasing Spirit Airlines.
Bezos’ physical AI lab reached a $38B valuation in a new funding round.
📊The Daily Poll
More AI spending but job cuts; your take? |
Previous Poll:
If oil stays above $100, what would you do differently?
Cut travel: 20.0% // Spend more carefully: 28.9% // Invest in energy: 31.1% // No change: 20.0%
Banana Brain Teaser
Previous
If y is the smallest positive integer such that 3,150 multiplied by y is the square of an integer, then y must be?
Answer: 14
Today
A certain fruit stand sold apples for $0.70 each and bananas for $0.50 each. If a customer purchased both apples and bananas from the stand for a total of $6.30, what total number of apples and bananas did the customer purchase?
Patience is the cheapest form of capital.
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Happy Investing,
Chris, Vyom, Ankit, Mitchell, Fernanda, Nick, & Patrick