WS #5835

The University of Michigan Consumer Sentiment final for April came in at 49.8, beating the consensus of 48.0 but down from March's 53.3, while 1-year inflation expectations eased slightly to 4.7% from the preliminary 4.8% but remain elevated. Intel's blowout Q1 earnings continue to fuel a tech rally, with the stock clearing dot-com era peaks and surpassing Netflix by market cap; this is driving sector-wide buying in semiconductors, with AMD and Micron also seeing bullish options activity. Geopolitical tensions persist: Iran named critical energy targets for strikes, and the US blockade remains, but Pakistan indicated a second round of US-Iran peace talks is expected in Islamabad, which had previously supported gold and equities. Oil prices are volatile, with Saudi Arabia boosting Red Sea crude exports but not yet at target levels, while Pakistan turns to Russia and Venezuela for oil. The IEA warned LNG production will remain tight through 2027. Bitcoin sees a large bullish options bet on IBIT. The Intel-driven tech rally is the dominant near-term market mover, offsetting some bearish macro concerns.