The Factor Report

Market Wrap

For the week ended April 24th, 2026, stocks were mixed but ultimately slightly lower globally. Bonds were lower for the week as the iShares Core US Aggregate Bond ETF (AGG) fell 0.26% with yields rising; the 10-year US treasury yield increased to 4.31%, according to Yahoo Finance. Asset price drivers of the week:

• Monday brought a drop in prices on more concerns about the Strait of Hormuz. Last weekend, Iran accused the US of violating the truce by continuing to blockade Iranian ports and claimed the Strait closed again.
• Those concerns continued on Tuesday and investors seem to ignore solid retail sales in the US.
• On Wednesday, Trump announced an indefinite continuation of the ceasefire with Iran and indices rose on the back of that optimism.
• Despite reports showing strength in the US service and manufacturing sectors, Thursday saw stocks drop again. High levels of uncertainty in the Middle East again kept investors at bay.
• Investors piled into Tech stocks on Friday, which carried broader indices higher. It was a glimpse of the "AI trade", which we haven't seen for some time. It was likely, at least in part, fueled by a solid earnings report from Intel whose stock has been on a run.
• Next week will be a busy one with a number of key inflation data points. Unfortunately we will get much of that data after the Federal Reserve's two-day meeting culminating in their interest rate decision and outlook on Wednesday.

Performance Summary

As shown in the chart, the US and Emerging Markets had a positive week, but it was not enough to carry the global market as Non-US Developed slumped again. Within the US, the Tech-heavy Nasdaq was by far the strongest component as the more traditional stocks of the Dow Jones Industrial Average registered a negative return. From a factor perspective, Momentum, Value, and Quality outperformed the global All Country World Index (ACWI).

In The News

An interesting piece on the economics of the NFL draft.

https://www.marketwatch.com/story/heres-how-much-money-the-2026-nfl-draft-picks-will-make-and-whos-at-risk-of-losing-millions-e2ddee40?mod=home_lead

Unprecedented presidential influence on US stocks.

https://www.marketwatch.com/story/trump-is-swaying-the-market-like-no-president-has-in-decades-analysis-shows-879be0bc?mod=home_lead

Knowing what retirees worry about an help you plan better.

https://www.marketwatch.com/story/this-is-the-no-1-financial-worry-for-retirees-right-now-b5cb7884?mod=home_ln

Disclosures

Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy will be profitable or equal the corresponding indicated performance level(s). Moreover, you should not assume that any of the above content serves as the receipt of, or as a substitute for, personalized investment advice from Metric Financial.

All data and performance information sourced from Morningstar and MarketWatch, unless otherwise indicated.

USA is the MSCI USA index, Non-US Developed is the MSCI EAFE index, Emerging Markets is the MSCI Emerging Markets index, and All Country World is the MSCI ACWI index. One cannot invest in an index. Because the factor indexes have varying inception dates, some of the returns provided are back-tested and do not represent actual performance. Inception dates are as follows:

Momentum = MSCI ACWI Momentum NR USD Index (Inception: 11/30/95)

Value = MSCI ACWI Enhanced Value NR USD Index (Inception: 5/29/15)

Quality = MSCI ACWI Quality NR USD Index (Inception: 5/29/92)

Low Volatility = MSCI ACWI Minimum Volatility (USD) NR USD Index (Inception: 5/28/93)

Size = MSCI ACWI Risk Weighted NR USD Index (Inception: 4/6/11)

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All written content is for information purposes only. Opinions expressed herein are solely those of Metric, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.