The Tech rally extends, but conviction is still unclear – North American Session Market Wrap for April 22

Log in to today's North American session Market wrap for April 22

The recent peace rally seen across Stock Markets, particularly in the US, is easily one of the most hated and misunderstood move since the 2022 bear-market rebound.

The narrative hasn't changed the slightest but there has been a clear lack of progress or any sign of clarity regarding what's coming next with the streak of back and forth passive-aggressive negotiations (which have still yet to begin).

The US side is still very eager to reach a deal, but Iran is surprisingly very resilient despite the heavy chokehold that the US blockade is inflicting on their economy – The latest demands from the Islamic regime are to lift the blockade in order to move on with the talks.

Many conditions are being required to move on to the next phase of the peace process, but rumors are pointing to revolutionary guards and Iranian government parties just unable to reach a consensus.

In the meantime, tech-buyers are still buoyant and pushing the Nasdaq, Tech Mega Caps and Cryptocurrencies in a gigantic rebound that is brushing all types of late short-sellers and doubters aside.

Nevertheless, one thing to be wary about is the fact that both the Dow Jones and S&P 500 haven't able to join the rally – A lack of Market breadth?

Surely, but it just continues the trend of local plays in Stock Markets where investors flock into relatively undervalued sectors – And looking at recent earnings reports, they tend to attack anticipating dip-buyers.

So after the major earnings week, current levels will have to be confirmed (particularly if the War continues).

Read More:

• Cryptos breakout of bear trends, but will it continue? Bitcoin (BTC) & Ethereum (ETH) Outlook
• Nasdaq breaks a new record after Ceasefire extension – Dow Jones and US Stock Market Outlook
• A temporary Ceasefire extension maintains a bullish action – North American Mid-Week Market Update

The session close heatmap is once again proving how important Tech stocks are to the general Market sentiment.

With Semiconductors and softwares still extending their stellar rebounds, Wall Street shines bright. Only the more defensive Producer Manufacturing, Communications and Transportation sectors are hurting.

On the former, watch out for short-covering which extends the current move in softwares but this could imply a lack of depth in coming times.

Tesla earnings just got released and continue to underpin the idea that the US Consumer isn't showing the slightest concern in early 2026 – You can check out more on their recent report right here.

Tomorrow will continue the new phase of the earnings season with some more traditional names reporting including SAP, Sanofi and American Express

Nasdaq and Cryptos are the only assets showing any sign of consistency in recent trading, persistently extending despite a still very cloudy narrative.

Metals are unfolding some of their past session selloff, but nothing too convincing.

Around here, WTI retakes the crown for the most essential asset to look ahead of the US-Iran talks, finally forecasted by President to take place on Friday

FX is remaining very muted with the currency Market now much more patient ahead of the next phase of the War narrative.

The Swiss Franc has been getting obliterated today, so keep an eye on these flows for those looking for action (with the Aussie Dollar still extending).

Tomorrow welcomes an important PMI session (EU, UK, US), that Traders and economists will watch closely as the World still awaits a clearer situation in the Middle East

As always, make sure to follow talks around US-Iran negotiations, with the negotiations starting again tomorrow.

Safe Trades!

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