Today’s Market Recap: Iran Tensions Stir Market, U.S. Stocks Dip as Intel Soars 20% in After-Hours Trading

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TradingKey - On April 23, 2026, Thursday, the S&P 500 declined by 0.42% to 7,108, while the Nasdaq Composite fell 0.89% to close at 24,439.

ServiceNow experienced a significant drop of approximately 18% after it provided guidance that fell short of market expectations, putting pressure on the overall software sector. Meanwhile, Tesla's shares fell despite surpassing Q1 earnings estimates, and meme stock favorite Avis Budget Group continued its decline, having already dropped over 40%. Additionally, Lululemon announced the appointment of former Nike executive Heidi O’Neill as its new CEO, but the stock fell 13% amid analyst skepticism about the transition.

Tesla (TSLA), known for manufacturing electric vehicles and energy storage solutions, closed Thursday at $373.60, down 3.59%. The decline was attributed to investor reactions to its Q1 2026 earnings report, increased long-term capital expenditure plans for AI and robotics, and a mix of analyst opinions, all while monitoring progress on its robotaxi and autonomy initiatives.

Iren (IREN), a company focused on Bitcoin mining and operating AI data centers, ended Thursday at $52.02, reflecting an increase of 7.50%. This rise was driven by favorable coverage of its strategy shift towards data centers, which highlighted significant growth opportunities.

Market Headline

Tensions escalate in the Strait of Hormuz as Trump imposes strict measures. Trump asserted that he has “completely blocked” the Strait until Iran agrees to terms, authorizing the sinking of any vessels laying mines in the area. In response, Iran reportedly activated its air defense systems to target “hostile” threats, denying any involvement in airstrikes.

Trump expresses no urgency in negotiations with Iran. He reiterated that he does not feel pressured to conclude the conflict and is not in haste to finalize an agreement, aiming instead for the “best” and “permanent” deal. When asked about the potential use of nuclear weapons against Iran, Trump firmly stated “no,” claiming that the U.S. has already “completely destroyed” Iran without resorting to nuclear force.

U.S. manufacturing data signals mixed economic health. The preliminary reading for the U.S. manufacturing PMI in April reached a near four-year high, but stockpiling activities obscured weak demand, presenting a dilemma for the Federal Reserve amidst rising inflation. The composite PMI for April rose to 52, indicating moderate growth, while the manufacturing PMI registered at 54, largely fueled by precautionary stockpiling due to tariffs rather than true demand; the services PMI increased to 51.3, indicating lingering weak demand.

Intel（INTC）'s positive Q2 guidance boosts investor confidence. The company’s better-than-expected outlook for Q2 resulted in a more than 20% surge in share price during after-hours trading, as the market anticipates a rise in CPU demand. Intel's Q1 report exceeded expectations with a revenue increase of 7% year-over-year, totaling $13.6 billion, surpassing the forecast of $12.4 billion. Q2 revenue guidance is estimated at $13.8 billion to $14.8 billion, with a midpoint of $14.3 billion, significantly higher than the expected $13 billion. Additionally, Q1 revenue from the data center segment reached $5.1 billion, representing a notable 22% increase over projections. The CEO remarked on substantial customer demand while focusing on production expansion.

OpenAI launches its latest model, GPT-5.5, to compete in the market. The newly released GPT-5.5 outperformed competitors Claude and Gemini in tests focused on programming, research, and knowledge work, demonstrating enhanced intelligence with latency levels similar to its predecessor. Engineers who evaluated it reported that collaborating with GPT-5.5 feels like working alongside a more intelligent entity. The model was made available to paid users of ChatGPT and the programming tool Codex on Thursday.

Anthropic's market valuation surges amid AI hype. The company’s valuation in the secondary market has exceeded $1 trillion, surpassing OpenAI’s $880 billion. This remarkable growth is driven by rising revenues and excitement surrounding Claude Code, leading to significant supply-demand imbalances, with sellers’ asking prices reaching as high as $1.15 trillion. Anthropic shares have emerged as a coveted status symbol, reflecting the intense competition within the AI sector.

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