The US market: review and forecast for April 24. Intel and SAP reports will set the tone for trading

We expect

The situation in the Middle East continues to shape the dynamics of stock markets. U.S. President Donald Trump announced an extension of the ceasefire between Israel and Lebanon for three weeks, temporarily reducing escalation risks and creating room for a diplomatic solution. At the same time, tensions around the Strait of Hormuz remain high: Washington’s rhetoric has hardened, with statements about readiness to use force against vessels laying mines. Disruptions in maritime logistics and pressure on Iranian oil exports increase the risk of continued supply interruptions. Against this backdrop, oil prices are rising, increasing inflation risks and limiting risk appetite. Macroeconomic data is likely to have a limited impact on upcoming trading. The focus will be on the final April consumer sentiment data from the University of Michigan (consensus: 48.4, preliminary: 47.6). A decline in inflation expectations would be welcomed by the market, although there is currently insufficient basis for such a trend, as gasoline prices in the U.S. remain elevated. Quarterly results before the opening bell will be reported by Procter & Gamble (PG), SLB Limited (SLB), HCA Healthcare (HCA), Norfolk Southern (NSC), Charter Communications (CHTR), Western Union (WU), and Flagstar Financial (FLG).

Technology stocks may continue to outperform the broader market following reactions to Intel (INTC) and SAP (SAP) earnings. We expect a rally in chipmakers and software developers. Notably, SMH ETF and SOXX ETF are already significantly overbought based on RSI after double-digit gains in April, but positive momentum remains. IGV ETF, which tracks the software segment, has the potential to rebound from the 50-day moving average tested yesterday. Sentiment is also supported by OpenAI releasing its new GPT-5.5 model, signaling strong competitive positioning against Anthropic and Alphabet (GOOGL). S&P 500 futures are showing near-flat performance, while NASDAQ 100 is up about 0.5%. The risk balance for the upcoming session is assessed as moderately positive amid elevated volatility. Technical support for the S&P 500 lies at 7050. A break below this level could shift sentiment to neutral-negative.

Premarket highlights

· Intel (INTC) shares are up about 20% in premarket trading after strong earnings. A new demand driver is emerging: as cloud providers shift from training models to deployment, CPUs become more important for autonomous AI agents and reasoning-based computations. Rising chip prices due to higher costs and limited supply also support INTC.

· Advanced Micro Devices (AMD) and Arm Holdings (ARM) are up about 7% and 12%, respectively, reflecting increased interest in the CPU segment within AI infrastructure.

· SAP (SAP) shares are up over 6% as quarterly revenue rose 6% to €9.56 billion, while cloud revenue increased 19% to €5.96 billion. Operating profit reached €2.87 billion versus a €2.71 billion consensus. The 23–25% cloud revenue growth outlook was confirmed.

· MaxLinear (MXL) shares are up more than 30%, with EPS at $0.22 versus $0.18 expected, and revenue up 43% YoY to $137.2 million, driven by strong demand for optical solutions in data centers. Its Q2 revenue guidance ($160–170 million) significantly exceeded expectations.

· Comfort Systems (FIX) shares are up about 6%, reporting EPS of $10.51 and revenue of $2.87 billion versus forecasts of $6.81 and $2.39 billion. Growth was driven by HVAC and data center projects. The dividend was increased by 14%.

· Coursera (COUR) shares are down about 10% after reporting EPS of $0.07 versus $0.08 expected, and issuing cautious full-year revenue guidance of $805–815 million. At the same time, revenue rose to $195.7 million and users expanded to 205 million.

Market recap

U.S. markets closed lower on April 23. The S&P 500 fell 0.41%, NASDAQ 100 declined 0.57%, Dow Jones dropped 0.36%, and Russell 2000 lost 0.37%. The negative performance was driven by rising geopolitical tensions and profit-taking after recent highs. Most “Magnificent Seven” stocks traded lower, with Microsoft (MSFT: -3.97%) seeing the most significant selling pressure. The company offered voluntary layoffs to 8,000 U.S. employees. However, we believe this news did not directly impact the stock, with the decline driven by broader negative sentiment in software. Utilities (XLU: +2.72%) led gains amid demand for defensive assets, while the technology sector (XLK: -1.42%) lagged due to pressure from software and AI-related stocks. Macroeconomic data was mixed. Initial jobless claims rose to 214K (vs. 210K consensus), indicating some cooling in the labor market. At the same time, preliminary April PMI data from S&P Global exceeded expectations, with the composite index at 51.3 and manufacturing at 54. News flow related to the Middle East conflict remained a headwind for risk assets. Escalating U.S. rhetoric and risks around the Strait of Hormuz pushed WTI oil prices up 3.1% and increased volatility.

Company news

· Mobileye (MBLY: +10.1%) reported 27% YoY revenue growth and a 28% increase in EyeQ chip shipments. It raised its 2026 outlook and announced a $250 million buyback.

· Keurig Dr Pepper (KDP: +7.5%) beat revenue and earnings estimates due to pricing and volume growth, with strong performance in U.S. beverages and international segments.

· Hasbro (HAS: +6.6%) reported preliminary revenue of $970–985 million versus a $908.9 million consensus and maintained its annual outlook despite a cyber incident. 

· Dover (DOV: +5.5%) exceeded expectations, with organic growth of 5.3% and orders up 23.8% YoY, indicating strong demand.

· Las Vegas Sands (LVS: -8.6%) beat revenue and EBITDA estimates, but rising operating costs raised concerns about margins in Macau.

· Lockheed Martin (LMT: -4.6%) reported flat revenue YoY, while EPS and cash flow came in below expectations due to weaker aerospace performance.