Closing Bell Recap — Friday, April 24, 2026
End-of-day market recap for Friday, April 24, 2026
The market closed a tumultuous session mixed today, with tech giants driving the S&P 500 and Nasdaq to new highs before geopolitical concerns triggered a late-day retreat. While AI enthusiasm continued to fuel significant gains in the semiconductor sector, escalating tensions in the Middle East introduced volatility, pulling broader indices back from their intraday peaks.
A major development in the cannabis sector saw Canopy Growth (CGC) surge dramatically following news of eased U.S. marijuana regulations. This reclassification by the U.S. Justice Department, hailed by some as the biggest industry shift since the Nixon era, ignited a broad rally across cannabis stocks, signaling a potential new era for the industry.
AI continued its relentless march, with Intel (INTC) delivering a robust quarter that propelled the S&P 500 and Nasdaq to fresh records. Nvidia (NVDA) also saw significant gains, further cementing the artificial intelligence narrative as a primary market driver. The insatiable demand for AI chips is clearly reflected in these companies' strong performances.
Geopolitical anxieties flared as reports of a 57% plummet in Persian Gulf oil output sent shockwaves through energy markets. This significant supply disruption immediately benefited top energy stocks, which saw substantial gains as oil prices reacted to the reduced global supply. However, these tensions also contributed to broader market jitters later in the day.
The tech sector experienced a mixed bag of news, with ServiceNow (NOW) tumbling 17% as fears surrounding the Iran conflict impacted its Q1 sales growth. Conversely, Amazon (AMZN) hit a record high, boosted by a massive AI chip deal with Meta Platforms (META), underscoring the strategic importance of AI partnerships among tech giants.
In a significant leadership change, Jon Ternus took the helm at Apple (AAPL) as Tim Cook stepped aside, prompting speculation about the future direction of innovation at the tech behemoth. This transition comes amidst news that Berkshire Hathaway (BRK.A, BRK.B) significantly reduced its stake in Apple, shifting billions into insurer Chubb, a move that surprised many market observers.
Tomorrow's Setup: Investors will be closely watching for further developments in the Middle East, as geopolitical stability remains a key factor influencing market sentiment. The focus will also shift to upcoming economic data releases and any new commentary from central bank officials, which could provide direction for the start of next week's trading.
Ian Gross is the founder and chief editor of The Big Market Report. With over a decade of equity research, he writes analysis that cuts through the noise to explain the "why" behind every major market move.
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