Note: None of the material or content contained herein constitutes investment advice. It is solely for educational and informational purposes. Past performance is not an indicator of future performance. Sources: Fiscal.ai, 5 Apr 2026.
THE AUDIO BRIEF
THE RUNDOWN
The past week saw mixed performance across North American indices as markets navigated geopolitical tensions and shifting economic narratives.
The Nasdaq Composite led gains at 5.2%, bolstered by a late-week rebound in technology stocks despite a cooling of the AI spending narrative that previously drove mega-caps.
The S&P 500 rose 3.8%, though it faced pressure from its heavy 34.3% concentration in Information Technology.
The Russell 2000 increased 4.8%, benefiting from its domestic focus as small-cap companies remain sensitive to U.S. consumer spending. The Dow Jones Industrial Average grew 2.8%, showing more resilience due to its blue-chip composition.
In Canada, the S&P/TSX Composite rose 3.7%, supported by its significant exposure to the energy and finance sectors, which saw positive movement amid surging oil prices and a trend of diversification away from American assets.
However, gains across all markets were tempered late in the week by renewed geopolitical uncertainty regarding Iran.
MOVERS & SHAKERS
RISERS
Lumentum (discussed recently in our EiC with Mikhail Zverev, Amati Global Innovation Fund) manufactures optical and photonic products and rose 26.28% this week following news of a new manufacturing facility to produce advanced lasers for AI.
Ciena is a networking systems and software provider that climbed 22.67% due to strong demand for high-speed connectivity and its leadership in coherent optics (optics also discussed in our session with Mikhail).
Sandisk designs and manufactures flash memory products and gained 22.55% as the company benefits from rapid growth and construction in the data center market.
FALLERS
Nike, Inc. is an athletic footwear and apparel designer that fell 13.76% after disappointing Q4 guidance and a lowered revenue outlook for the fiscal year.
McCormick & Company is a global spice and flavor manufacturer that dropped 9.07% as analysts lowered price targets following broader concerns about consumer spending.
Constellation Energy is a leading carbon-free energy producer that declined 8.64% due to regulatory uncertainty and a broader downturn in the utility sector.
SECTORS
Technology (6.66%) and Industrials (4.57%) led the rebound as hopes for Middle East de-escalation fueled a relief rally and strong ISM manufacturing data (52.7) signaled economic resilience. Real Estate (3.48%) and Communications (3.46%) also gained as the 10-year Treasury yield retreated to 4.30%. Conversely, Energy fell 4.37% despite high oil prices, as markets priced in a potential end to the Iran crisis and a return to lower futures prices. Consumer Staples remained nearly flat (0.01%) as investors shifted from defensive positions back into growth sectors following five weeks of declines.
