📉 Large-Cap Tech Weakness

Major indexes like the S&P 500, Nasdaq, and Dow ended the week lower.

Small- and mid-cap stocks outperformed, showing resilience amid uncertainty.

The tech sector lagged, especially AI-related stocks like NVIDIA and AMD, due to fresh U.S. chip export restrictions targeting China. This geopolitical tension has reignited fears of a tech decoupling.

🏠 Housing Market Headwinds

Homebuilder sentiment remains cautious (NAHB Index at 40, below the neutral 50).

Housing starts missed estimates, down 11% in March, as policy uncertainty and affordability issues weigh on builders and buyers alike.

D.R. Horton cut 2025 guidance, signaling a slower-than-expected spring season.

🛍️ Retail Surge Before Tariffs

Retail sales rose 1.4% in March—best in two years—suggesting front-loaded spending ahead of anticipated tariff hikes (notably on autos).

Highlights include strong sales at auto dealers, electronics, and home improvement stores.

💬 Fed Commentary: Hawkish

Fed Chair Powell's remarks suggested no imminent rate cuts.

He flagged larger-than-expected economic impacts from tariffs—higher inflation and slower growth.

This triggered a flight to safety—yields fell, and Treasuries and munis rallied.

🧭 Investor Takeaways

Bearish pressure currently outweighs bullish signals in the large-cap tech space due to geopolitical and Fed headwinds.

However, consumer spending and bond stability provide some offsetting support.

Caution may be warranted in the short term, especially in rate-sensitive and policy-exposed sectors like housing and tech.