This Weekly Financial Markets Update reviews the top market headlines: Solid Retail Sales Growth in March, Semiconductor Stocks Stage Historic Rally, Consumer Sentiment Weakens Further in April
  • Retail sales rose 1.7% in March
  • The PHLX Semiconductor index has risen 48% year-to-date
  • The University of Michigan Index of Consumer Sentiment fell to 49.8 in April

Top Three Market Headlines

Solid Retail Sales Growth in March: The U.S. Census Bureau reported last week that sales at U.S. retail and food service establishments rose 1.7% in March from the previous month, the fastest pace since March of 2025. The largest contributor to the uptick was gasoline stations, where sales rose nearly 16%, largely due to higher gasoline prices resulting from the rising cost of oil in the aftermath of the ongoing conflict in Iran. However, sales across other business segments of the economy were still relatively strong, as overall sales excluding automobiles and gasoline products increased 0.65% on the month, the fastest pace in nine months.

Semiconductor Stocks Stage Historic Rally: Semiconductor stocks have been on a tear lately, with the PHLX Semiconductor Index rising for 18 consecutive days through last Friday, its longest winning streak on record. The index returned 10% last week alone and is up 39% and 48% month-to-date and year-to-date, respectively. Intel, the sixth-largest constituent stock in the index, surged 24% on Friday alone after a strong earnings report. The rally has been broad-based, pushing up stocks of companies closely related to the artificial intelligence infrastructure buildout as well as producers of semiconductor capital equipment and analog chip makers benefiting from improving industrial conditions.

Consumer Sentiment Weakens Further in April: The Index of Consumer Sentiment, published by the University of Michigan, sank 3.5 points in April to 49.8. This was the second straight monthly decline in the index, pushing it down to a level comparable to its all-time low seen in June 2022. Fears of inflationary effects of the Iran conflict contributed in large part to the latest decline in sentiment, with consumers citing concerns about rising prices for gasoline and potentially other products. Among survey respondents, year-ahead inflation expectations jumped from 3.8% in March to 4.7% in April, the highest expected level since September of 2025.

As of April 24, 2026 Week Quarter-To-Date Year-To-Date One-Year
MSCI All Country World -0.20% 9.65% 6.14% 32.59%
S&P 500 0.56% 9.81% 5.05% 32.26%
Russell 2000 0.37% 11.68% 12.67% 44.24%
MSCI EAFE -2.74% 6.77% 5.44% 26.36%
MSCI Emerging Markets 0.85% 15.40% 15.21% 50.33%
FTSE NAREIT Equity -1.26% 7.59% 12.75% 19.50%
Bloomberg Commodity 3.60% 0.89% 25.52% 37.59%
Bloomberg U.S. Aggregate -0.26% 0.62% 0.57% 5.46%

Univ. of Michigan 4/24/2026, U.S. Census Bureau 4/21/2026, MarketWatch 4/23/2026, Nasdaq, FactSet. Data from Morningstar Direct. Returns for periods greater than one year are annualized. Investment advisory services are offered by Gallagher Fiduciary Advisors, LLC ("GFA"), an SEC registered investment advisor that provides retirement, investment advisory, discretionary and independent fiduciary services. Registration as an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the SEC. GFA is a limited liability company with Gallagher Benefit Services, Inc. as its single member. GFA may pay referral fees or other remuneration to employees of Arthur J. Gallagher & Co. or its affiliates or to independent contractors; such payments do not change our fee. Neither Arthur J. Gallagher & Co., GFA, their affiliates nor representatives provide accounting, legal or tax advice. GFA does not express an investment opinion regarding any specific commodity, sector or individual security. Unless otherwise expressly noted, the contents of this communication do not constitute securities or investment advice, nor should this communication be construed as an opinion regarding the appropriateness of any investment. The information provided cannot take into account all the various factors that may affect your particular situation, therefore you should consult your GFA consultant before acting upon any information or recommendation contained herein to discuss the suitability of the information/recommendation for your specific situation.