Daily Finance Digest — April 24, 2026

Markets Overview

The S&P 500 slipped 0.5% on Thursday while the Nasdaq Composite declined further, dragged down by a broad selloff in software names following ServiceNow's (NOW) warning about Iran-related deal delays. The benchmark index has nonetheless rallied 12% in three weeks since late March, clawing back from a meaningful loss earlier in the year. Wall Street veteran Milton Berg, who called the April 2025 bottom, argues a historic rally is just getting started — though the meme-stock frenzy is approaching post-Liberation Day extremes, according to JPMorgan analysts, warranting caution on speculative positioning.

Earnings Reports

ServiceNow (NOW) sent shockwaves through enterprise software after revealing that the Iran war has caused meaningful deal delays, sending shares down roughly 18% and sparking a broader SaaS selloff. The report reignited fears of a "SaaSpocalypse," though Michael Burry of "The Big Short" fame is reportedly buying into the weakness, snapping up three software names he considers oversold.

Palantir Technologies (PLTR) fell 7.2% in sympathy with the ServiceNow rout, as investors punished software stocks broadly despite no company-specific catalyst. The slide raises the question of whether valuation-rich defense-tech names can hold up amid deal uncertainty.

United Rentals (URI) was Thursday's standout winner, surging more than 20% on a stellar earnings beat. The industrial equipment rental giant hit a peak gain of 23.7% before settling near a 20% advance by close.

Procter & Gamble (PG) posted non-GAAP EPS of $1.59, beating estimates by $0.03, on revenue of $21.24B that topped expectations by $720M — a clean beat from the consumer staples bellwether.

HCA Healthcare (HCA) came in with non-GAAP EPS of $7.15, in line with consensus, on revenue of $19.10B that edged past estimates by $30M. Molina Healthcare (MOH) stole the healthcare spotlight, rocketing 14% on impressive quarterly results.

Charter Communications (CHTR) missed on the bottom line with GAAP EPS of $9.17, falling short by $0.91, though revenue of $13.59B squeaked past expectations by $50M.

GE Aerospace (GE) beat Wall Street estimates with adjusted revenue up 29% year-over-year and orders surging 87%, but management flagged headwinds from the Iran conflict squeezing the outlook. Honeywell (HON) tumbled despite a bottom-line beat, as forward guidance disappointed investors.

Tesla (TSLA) drifted 3.5% lower, underperforming the broader tape. All eyes now turn to Microsoft (MSFT) on April 29, with analysts calling it potentially the most important tech earnings event of 2026 after the stock lost nearly 25% from January through late March before rebounding.

Fed & Economic Data

The Fed's rate-cut trajectory is growing murkier. President Trump's preferred pick at the Federal Reserve is publicly reconsidering his interest-rate outlook, raising the possibility that rate cuts could be shelved entirely in 2026. Trump has continued to publicly pressure the Fed for lower rates, but the combination of elevated energy costs from the Strait of Hormuz disruption and persistent macro uncertainty appears to be giving policymakers pause. The S&P 500's sharp recent rebound has also reduced urgency for monetary easing.

Hot Sectors

Semiconductors are flashing warning signals after an unprecedented rally. BTIG's Jonathan Krinsky warns that "parabolic moves in the market only end one way," even as AI demand continues to drive the sector. Adding fuel to the fire, Taiwan Semiconductor (TSM) signaled that ASML's (ASML) highest-end lithography machines are too expensive, drawing a line in the sand on capital spending that rattled chip-equipment investors.

Software was Thursday's clear laggard, with ServiceNow's Iran-related deal warnings cascading across the sector. Ironically, SAP turned SaaSpocalypse fears into a tailwind, with the anxiety actually bolstering profits by over $150 million as customers accelerated migrations.

Energy infrastructure remains a bright spot. GE Vernova (GEV) earned a price-target raise as AI-driven electricity demand fuels what CNBC called "another monster quarter," positioning the power equipment maker at the center of the AI buildout.

Psychedelics emerged as a niche catalyst after President Trump signed an executive order accelerating FDA review of psychedelic therapies for mental health conditions.

Stock News

Meta Platforms (META) confirmed plans to cut roughly 10% of its global workforce — approximately 8,000 employees — in its latest round of layoffs. Some analysts view the cost discipline as a potential buy signal for the stock.

Elon Musk's empire consolidation continues, with reports of a new SpaceX-Tesla joint venture that could challenge incumbent AI semiconductor players, further blurring the lines between Musk's sprawling portfolio of companies.

Avis Budget (CAR) plummeted after a chaotic week of meme-driven gains, with JPMorgan noting that meme-stock crowding is approaching the extremes seen after Liberation Day tariffs last year.

Dover (DOV) earned fresh attention after a strong first quarter, with CNBC raising its price target on the diversified industrial conglomerate that spans gas pumps to data center components.

In an unusual case, a U.S. soldier was indicted for allegedly making over $400,000 trading on inside knowledge of the Maduro capture plan in Venezuela — and clumsily attempting to cover it up.

Market Analysis

Three themes are colliding heading into next week. First, the Iran stalemate is becoming the dominant macro variable — squeezing aerospace guidance, delaying enterprise software deals, and reshaping AI chip supply chains in ways that may persist even if a ceasefire holds. Second, earnings season is at an inflection point: Microsoft's April 29 report will test whether Big Tech's AI spending narrative can withstand geopolitical friction and rate uncertainty. Third, market breadth is narrowing dangerously as meme-stock speculation surges and the semiconductor rally goes parabolic. The S&P 500's 12% three-week bounce looks impressive, but with the Fed wavering on cuts and software names cracking, investors should watch whether the rally broadens or buckles. Next week's Microsoft earnings and any developments on the Iran ceasefire will set the tone for May.