What’s News in Markets: New Record Highs, Luxury Woes, and AI Makeovers

Hey listeners, it's Saturday, April 18th, Ami Manimoiz for the Wall Street Journal.

And this is what's news in markets, our look at the biggest stock moves of the week

and the news that drove them.

Let's dive in.

Investors began to look past the war in Iran this week and major US indexes marched

higher despite a barrage of geopolitical shocks.

The NASDAQ and S&P 500 hit record highs on Wednesday despite an ongoing blockade in

the Persian Gulf.

Stocks pushed even higher on Thursday and Friday as a standoff between the US and Iran continued.

The rally suggests investors were more focused on what the conflict didn't do, which is

derailed global economy.

Tech stocks helped drive the broader market higher.

Taiwan's semiconductor manufacturing company raised its revenue outlook and said it would

ramp up investment to meet still surging demand for artificial intelligence chips.

This week, the nation's biggest banks painted a reassuring picture of the US economy,

saying consumers are still spending despite surging gas prices since the Iran War began.

JPMorgan Chase and Bank of America both reported stronger profits.

The NASDAQ logged its longest winning streak in three decades, rising 13-day straight

to end the week's 6.8% higher.

The S&P 500 increased 4.5% to cross 7100 for the first time, and the Dow Jones industrial

average gained 3.2%.

Oil markets were a different story.

Crude prices swung sharply with each headline before plunging late in the week as ceasefire

hopes took hold.

Brent Crude tumbled 5% over the week to $90.38 a barrel.

And energy was the worst performing sector in the S&P 500, falling 3.5%.

Businesses and digital brokerages were among the biggest gainers of the week.

After the SEC approved a proposal to end the pattern-day trading rule, the rule was designed

to tamp down risky bets after individual investors got burned in the dot-com bubble of the

early 2000s.

It requires investors who had a pattern of buying and selling a stock on the same day to

keep a cash buffer of at least $25,000 in their margin accounts.

Analysts expect the change to encourage small investors to get even more active in the

U.S. stock market.

The revised rule still needs to be published in the Federal Register to officially take

effect.

Robin Hood shares rally 31% over the week, while shares in rival Weeble ended 36% higher.

Gucci, Louis, and Berkins are falling out of vogue.

At least in the stock market.

Luxury stocks, Louis Vuitton owner, LVMH, Gucci owner, Karing, and Berkin Bagmaker

Hermes all worn this week about the Iran War's effect on big spending consumers in the Middle

East.

The conflict has shuttered some stores in the region and disrupted international travel, keeping

shoppers from visiting European boutiques.

Shares in Gucci parent Karing tumbled 8% over the week and Hermes shares slipped 0.9%.

But LVMH shares rose 3%.

The downbeat reports from top brands rippled across the sector, Prada, which reports later

this month, traded at a record low relative to earnings.

Tech Bro Footwear brand Allbirds is pivoting to the only thing Silicon Valley loves more

than slip on sneakers right now, AI.

Shares in the company searched more than 300% this week after the company said it will

rename itself Newbird AI and will shift its business model to renting AI chips to companies.

After struggling for years, the company sold off most of its sneaker-related assets last

month for about $39 million.

Allbirds joined the long list of companies, including a karaoke provider and an iced tea

distributor that have tried to pivot to tech to improve their market performance.

History is proved that the move usually doesn't work out.

And now you know what's news in markets this week.

You could read about more stocks that move on the week's news in our live markets coverage

on WSJ.com.

Today's show was produced by Anthony Bansy with supervising producer Melanie Roy.

I'm Emani Molyse, have a great weekend and catch you next Saturday.