Recent economic releases point to slowing momentum in U.S. growth. This week’s ISM survey data shows that while activity remains in expansion territory, demand indicators have softened, reflecting more cautious business conditions. Ongoing uncertainty tied to geopolitical conflict and trade policy continues to weigh on confidence, while the lagged impact of earlier monetary tightening is still restraining investment and hiring. These headwinds point to softer growth dynamics, even if outright contraction is avoided. Here’s what’s in the numbers, and where they might hit your portfolio.

Jim Lydotes flips the timer on 1) small cap capex, 2) Voya’s Grassroots Research® on cyber spending, 3) an interesting setup for specialty chemicals.

Highlights from the week of April 24 – April 30, 2026.

Stocks edged higher during the week, with value and international stocks leading the way. Oil crossed $100, short-term U.S. Treasury yields climbed, U.S. gross domestic product rebounded, jobs stayed strong, and earnings continued to beat expectations.

This week represents one of the largest concentrations of earnings in the 1Q26 reporting season.

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Stocks hit record highs despite historic consumer pessimism, oil surged on Middle East tensions, and inflation fears climbed.

An energy shock, sticky inflation, and fractured global policy have made the path forward less forgiving. With growth slowing but not breaking, we focus on quality, diversification, and disciplined positioning as the margin for error narrows.

March retail sales highlighted the growing disconnect between consumer confidence and consumer behavior. Retail sales surged 1.7% month over month, following a revised 0.7% gain in February, marking the strongest monthly increase in more than three years. But of that 170 basis point jump, roughly 110 of it came from higher energy prices—specifically, gas station sales jumping a whopping 15.5%. So is consumer demand still healthy, or are prices just going up? Let’s look closer.

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