U.S. equities rallied strongly this month, with the benchmark S&P 500 Index heading for its strongest monthly performance since November 2020, surging over 9% so far in April.
SPDR S&P 500 ETF Trust (NYSE:SPY), which tracks the S&P 500 Index, mirrored the rally and reached new highs. It has gained 9.6% so far this month.
Semiconductor Stocks Lead The Charge
In a Tuesday post on X, The Kobeissi Letter said: “This rally has been driven by semiconductor stocks, which are up 37.2% month-to-date.”
The Philadelphia Semiconductor Index notched 18 straight sessions of gains, the longest winning streak on record, last week amid a wave of blowout earnings and analyst upgrades.
The so-called “Magnificent Seven” cohort has also contributed to gains, rising over 16% in April.
The S&P 500 has already notched 10 all-time highs so far in 2026, underscoring how quickly sentiment has flipped from March’s slide.
The sharp rally follows a …
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