Stocks eke out new record close as traders await Big Tech earnings and peace talk updates

In the absence of further developments for resolving the US-Iran conflict, gains in stocks were muted during today’s trading.

Your Evening Briefing April 27, 2026 Stocks eke out new record close as traders await Big Tech earnings and peace talk updates The S&P 500 and Nasdaq 100 managed to close at new record highs, while the Russell 2000 closed just shy of its record. This weekend, President Trump scrapped plans to send Jared Kushner and Steve Witkoff to Pakistan to negotiate a peace deal with Iran. Last night, Axios reported that Iran, through Pakistan, is offering a fresh proposal to reopen the Strait of Hormuz and end the conflict. However, in the absence of further developments for peace talks, gains in stocks were muted during today’s session. This week will bring earnings from Alphabet, Meta, Amazon, Microsoft, and Apple, as well as the Fed’s interest rate decision. Traders in prediction markets are anticipating a 99% chance that the central bank will leave rates unchanged. (Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.) Gains in Alphabet helped propel communications to the best-performing sector, while consumer staples fared the worst. Bitcoin once again flirted with the $80,000 level last night before pulling back amid geopolitical uncertainty. Stocks that moved higher: Amazon-backed nuclear power company X-Energy continued its post-IPO rally. Peloton jumped after announcing a partnership with Spotify for guided workouts. Qualcomm ticked higher on a report that OpenAI is building custom AI smartphones using its processors. Micron and Sandisk shook off an otherwise “meh” tech sector performance as Melius Research initiated its coverage of the memory bellwethers with a “buy” rating. Stocks that moved lower: A broad pullback in AI infrastructure and data center stocks dragged Applied Optoelectronics, Lumentum, Astera Labs, Coherent, Marvell Technology, Nebius, IREN, and Applied Digital lower after the group's parabolic recent run. POET Technologies cratered after Marvell Technology cancelled an order, citing a breach of confidentiality. American Airlines and United Airlines dropped after United's CEO said merger talks between the two carriers have ended. Domino’s slipped after Q1 revenue and earnings missed Wall Street estimates. GE Vernova fell after BNP Paribas downgraded the stock to neutral from buy. Disney dipped after President Trump called for late-night host Jimmy Kimmel to be fired. Apple is on its way to becoming the biggest smartphone seller in China The memory crunch has made iPhones a more popular alternative as competitors’ prices rise. Read more. Sabastian Sawe just broke the 2-hour marathon barrier in $450 Adidas “supershoes” Another Adidas athlete also beat the 120-minute mark in London yesterday. Read more. Altman: We do “weird” things like building massive data centers so there will be “universal prosperity” OpenAI’s CEO spelled out the company’s principles for AGI in a blog post. Microsoft loses exclusive access to OpenAI’s models and tools while ending revenue-sharing deal with ChatGPT maker The amended agreement says revenue share payments from OpenAI to Microsoft will end in 2030, and are subject to a total cap. China just blew up one of Meta’s key AI bets The decision strips away one of Meta’s clearest paths to monetizing AI. The Michael Jackson biopic has hauled $217 million in its global weekend debut Over the weekend, “Michael” moonwalked to the biggest-ever opening for a biopic. NFT price floors surge, but trading volume still in the dumps CryptoPunks, Bored Ape Yacht Club, and Pudgy Penguins have each seen double-digit price floor increases in the last seven days, but are still far from their all-time highs. Was this email forwarded to you? Don’t miss out on future stories — subscribe to The Wrap and get your daily dose of financial news straight to your inbox.  Craving more insights in your inbox? Subscribe to Chartr and Snacks for quality reads. We care what you think! If you have any feedback or comments, feel free to reply and let us know your thoughts!  Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more Sherwood Terms and Conditions Our Editorial Standards Contact Us Advertise With Us Unsubscribe Privacy Policy SHERWOOD MEDIA, LLC, 85 Willow Road, Menlo Park, CA 94025