Weekly Recap: April 13–17, 2026 — Goldman Posts Record Equities Quarter, BofA Beats, and S&P 500 Hits New Highs

The Week Wall Street Proved the Rally Is Real

This was the week that silenced the skeptics. The S&P 500 and NASDAQ both hit new all-time highs, powered by a one-two punch of blockbuster bank earnings and geopolitical de-escalation. Goldman Sachs posted its biggest equities trading quarter in history, Bank of America delivered its highest EPS in nearly two decades, and ASML confirmed the AI infrastructure buildout is accelerating — not slowing.

If you read our Week Ahead: April 13–17 preview, you knew exactly what was at stake. Here's how every catalyst played out.

Earnings Season: Banks Crushed It — Again

Goldman Sachs (GS) — Record Equities, IB Surge

Goldman reported Monday and immediately set the tone for the entire week:

• EPS: $17.55 vs. $16.49 expected (+6.4% beat) ✅
• Revenue: $17.23 billion vs. $16.97 billion expected ✅
• Equities Trading: $5.33 billion — ALL-TIME RECORD, +27% YoY, ~$420M above estimates
• Investment Banking: $2.84 billion, +48% YoY — $340M above estimates, driven by M&A advisory surge
• Net Income: $5.63 billion, +19% YoY

The story was clear: Goldman's trading desks thrived in Q1's volatile-but-manageable market environment. Equities revenue was powered by hedge fund prime brokerage financing and strong cash equities flow. Investment banking saw a surge in completed M&A transactions plus stronger equity and debt underwriting.

The miss: Fixed income revenue fell 10% to $4.01 billion — an unusually large miss of ~$910M versus estimates. Goldman cited "significantly lower" revenues in rates, mortgages, and credit. Asset & wealth management also came in slightly below at $4.08B. Credit loss provisions more than doubled estimates to $315M on loan growth impairments.

Net takeaway: The equities/IB strength more than offset FICC weakness. Goldman's second-highest quarterly revenue ever. The capital markets renaissance is confirmed.

Bank of America (BAC) — Highest EPS in 18 Years

BofA reported Wednesday morning and extended the bank earnings streak:

• EPS: $1.11 vs. $1.01 expected (+9.9% beat) ✅
• Revenue: $30.43 billion vs. $29.93 billion expected ✅
• Net Income: $8.6 billion, +17% YoY — highest EPS in almost two decades
• Equities Trading: $2.83 billion, +30% YoY — $350M above estimates, best quarter in 15 years
• Investment Banking: $1.8 billion, +21% YoY — above $1.73B estimate
• Net Interest Income: $15.9 billion, +9% YoY — beat $15.67B estimate

The upgrade: BofA raised full-year NII growth guidance from 5–7% to 6–8% on first-quarter outperformance. Credit quality held up — provisions came in $190M below estimates. CEO Brian Moynihan called consumer banking "healthy."

23 consecutive quarters beating EPS estimates. The streak speaks for itself.

Citigroup (C) — Restructuring Delivering

Citigroup reported Tuesday, continuing the theme of bank beats:

• Result: Beat on both revenue and earnings
• Treasury & Trade Solutions: The crown jewel continued to show strength — cross-border payment volumes signaling healthy global trade
• Restructuring: CEO Jane Fraser's transformation plan showing P&L benefits from headcount reductions and unit disposals

ASML (ASML) — AI Capex Cycle Confirmed

ASML reported Wednesday and delivered critical confirmation for the AI infrastructure thesis:

• Q1 Net Sales: €8.8 billion (within guidance range)
• Net Income: €2.8 billion
• Gross Margin: 53.0%
• 2026 Full-Year Guidance: €36–40 billion revenue, 51–53% gross margin
• Q2 Guidance: €8.4–9.0 billion revenue

The installed base business is growing, and the demand pipeline for EUV lithography systems remains robust. For semiconductor and AI investors, this is the green light: the hyperscaler capex cycle is not slowing. Taiwan Semiconductor (TSM) reports Thursday — if TSM confirms strong AI chip demand, the entire semiconductor chain gets a further catalyst.

Markets: New All-Time Highs

Index Performance (Through Wednesday, April 15)

• S&P 500: New all-time high — up ~3% week-to-date, fully recovered from Iran war losses
• NASDAQ Composite: New all-time high — up ~5% week-to-date, tech leadership dominant
• Dow Jones: +1%+ week-to-date, steady gains

Monday (April 14)

• Dow: +227.05 points (+0.47%) to 48,445.30
• S&P 500: +32.09 (+0.47%) to 6,918.33
• NASDAQ: +194.70 (+0.84%) to 23,378.44

Tuesday–Wednesday

The rally continued as BofA and Citigroup results reinforced the bank earnings narrative and US-Iran peace talk optimism grew. Reports emerged that delegations could resume talks in Pakistan this week, further reducing geopolitical risk premiums and sending oil prices lower.

S&P 500 posted 18 new 52-week highs with no new lows on Monday alone. Market breadth is strong — this isn't a narrow tech rally.

The Geopolitical Tailwind: Iran De-Escalation

A major driver of this week's gains wasn't in the earnings reports — it was on the diplomatic stage. Reports that the US and Iran could resume peace negotiations in Pakistan sent risk assets higher across the board:

• Oil prices tumbled on reduced Middle East supply disruption risk
• Equity risk premiums compressed as the geopolitical discount narrowed
• Defense stocks underperformed as the peace premium deflated
• Growth stocks outperformed as lower oil benefits consumer spending and tech margins

This is the market removing the "war premium" that has been weighing on valuations since the Iran conflict escalation. If talks progress, expect further upside — particularly in airlines, consumer discretionary, and emerging markets.

Economic Data: Retail Sales Delayed

March Retail Sales — Pushed to April 21

The Census Bureau rescheduled the March retail sales release from April 16 to April 21. This removes a key catalyst from this week but adds it to next week's calendar. Based on NRF's Retail Monitor (released April 14 using real credit/debit card data):

• Core retail sales: +0.41% month-over-month in March
• Year-over-year: +7.05%

The early read suggests the consumer remains resilient — spending continues to grow above inflation. Tax refunds appear to be sustaining momentum. The official Census Bureau data on April 21 will be the definitive number.

Fed Watch

Fed officials continue to signal patience, with multiple speakers this week reiterating the "data-dependent" stance. The FOMC minutes from March revealed more debate about rate cuts than the statement suggested. Key developments:

• Rate cut pricing: September remains the base case at ~78% probability
• Iran peace angle: De-escalation reduces oil price inflation risk, which is mildly positive for cuts
• Powell speech (Thursday): Still the week's marquee Fed event — first post-CPI comments from the Chair

Still to Come This Week

Thursday, April 16

• Netflix (NFLX): The first mega-cap tech earnings report. Consensus expects 6–8M net subscriber additions. Ad-tier scaling is the key narrative. At ~$680, a beat could push NFLX toward $700.
• Taiwan Semiconductor (TSM): The most important chip report before NVIDIA. AI chip demand confirmation would be a catalyst for the entire semiconductor chain.
• Housing Starts + Building Permits: Rate-sensitive housing data.
• Fed Chair Powell speaks at the Economic Club of Washington — markets will parse every word.

Friday, April 17

• Procter & Gamble (PG): Consumer staples bellwether — pricing power and volume trends.
• American Express (AXP): Premium consumer spending barometer — travel and dining trends.
• Existing Home Sales: The largest slice of the housing market.

Scoreboard: Week Ahead Preview vs. Reality

How did our Week Ahead preview hold up?

• ✅ Goldman IB recovery confirmed: We said "if Goldman clears JPM's bar, the financial sector rally has legs." Goldman posted +48% IB revenue — the bar was destroyed.
• ✅ BofA NII guidance upgrade: We flagged NII as the critical metric. BofA raised guidance from 5–7% to 6–8%.
• ✅ Equities trading records: We predicted "Q1 volatility should boost results." Both GS and BAC posted their best equities quarters in years.
• ✅ ASML AI capex confirmation: We called it "a buy signal for the entire semiconductor chain." €8.8B revenue with strong 2026 guidance delivered.
• ⏳ Netflix: Reports Thursday — thesis still being tested.
• 🔄 Retail sales delayed: Census Bureau pushed to April 21.
• ⏳ Powell speech: Thursday evening — still pending.

Market Indicators Dashboard (Mid-Week)

• S&P 500: ~6,918 (new all-time high)
• NASDAQ: ~23,378 (new all-time high)
• VIX: Compressed — complacency growing
• 10-Year Treasury Yield: Stable — rate cut expectations holding
• Oil (WTI): Lower — Iran peace hopes reducing risk premium
• USD (DXY): Softer — risk-on weakens safe haven demand

The WallStreet.AI View

This is the best possible start to earnings season week two. Goldman's record equities quarter and BofA's 18-year EPS high prove the capital markets recovery is broad-based, not a JPMorgan outlier. ASML's results confirm the AI capex cycle has years to run. And the Iran de-escalation is removing a geopolitical overhang that has suppressed valuations for months.

Our framework for the week's remainder:

1. Netflix (Thursday) is the next test. Banks have delivered. Now the question is whether consumer tech can match. A clean Netflix quarter would confirm the earnings season is firing on all cylinders.
2. Powell is the swing factor. Markets have priced in a lot of good news. A hawkish surprise from the Fed Chair could pull back the rally. A neutral-to-dovish tone cements the breakout.
3. Don't fight the tape. New all-time highs with strong breadth, beating earnings, and improving geopolitics is as good as it gets. Stay invested, manage risk, and let the trend work.

Follow tomorrow's Netflix and TSM results in real-time on our daily AI briefing and live market dashboard.