Paid Subscriber – Quant portfolios make all time highs – Update 04/27/26

What is going on in private credit? A memo from Howard Marks 4/6/26

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• Quant Weekly – Up over 54% since June 2025

• Quant 30 – Up over 54% since June 2025

• Legacy – Up over 290% since April 2023

• Changes to the Quant Portfolios

• Top Quant Stocks – Top Materials Sector Stocks

• Education – What is going on in private credit? A memo from Howard Marks 4/6/26

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USA Stock market week ending 04/24/26

Major Index Performance (Weekly)

• SPDR S&P 500 ETF (SPY): +0.5% Modest gain over the period, holding steady with limited upside momentum.

• Nasdaq Composite (^IXIC): +1.5% Led the market with the strongest relative performance and continued upside.

• SPDR Dow Jones Industrial Average ETF (DIA): -0.4% The only major index to decline, showing relative weakness versus peers.

• iShares Russell 2000 ETF (IWM): +0.3% Slightly positive but lagging, with minimal follow-through.

Takeaways

• Nasdaq was the clear leader with the strongest gain

• S&P 500 and small caps posted only modest upside

• Dow lagged and finished negative, signaling relative weakness

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Market Drivers this Week (04/27/26 – 05/01/26)

• Monday Apr 27 — Consumer Check + Earnings Flood

• Consumer confidence drops plus a stacked lineup (Coke, Visa, UPS, Starbucks, etc.)

• This tells you right away if the consumer is still spending or starting to crack

• Tuesday–Wednesday Apr 28–29 — Bank of Japan Wildcard

• BOJ decision could shake the yen and mess with global markets

• If they move, it can ripple straight into U.S. stocks — we’ve seen that movie before

• Wednesday Apr 29 — Fed Decision (Main Event)

• Market expects a hold, but Powell’s words are everything

• No dot plot, so traders will dissect every sentence for rate-cut clues

• Wednesday Apr 29 — Mega-Cap Earnings Explosion

• Microsoft, Apple, Amazon, Meta all report same night as the Fed

• Biggest question: is all that AI spending actually making money yet?

• Wednesday Apr 29 — Economic Data Dump

• Durable goods + housing data hit before the Fed

• Quick read on whether the economy is holding up or slowing

• Thursday Apr 30 — GDP (Biggest Risk of the Week)

• First look at Q1 growth — this can move the whole market fast

• Weak number = stagflation fears come right back

• Thursday Apr 30 — Inflation + Wages Combo

• PCE + Employment Cost Index drop right after the Fed

• If inflation runs hot, kiss those rate-cut hopes goodbye

• Thursday Apr 30 — Apple Earnings Spotlight

• iPhone demand, China growth, and AI monetization all in focus

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The CNN Fear and Greed Index ends the week at Greed 66. This is the 2nd week in row at the Greed setting. It was not too long ago that the Index was stuck in the Fear setting as the Middle East war dragged on. As it has moved up so has the market.

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The Quant 30, Quant Weekly and Quant Legacy Model Portfolios all made new highs again. The Quant 30 went from up 25% at the end of March to up 55% now. The Quant Weekly went from up 27% at the end of March to up 54% now. The Quant Legacy went from up 290% at the end of March to up 353% now. Momentum stocks have come roaring back and our three Portfolios, being filled with high quantity Momentum stocks, are leading the way up.