
Here’s a quick recap of last week’s events (April 13 – April 20) in the US stock market. From major index movements to key economic events, stay informed about the trends that matter to halal investors like you.
Market Overview

- Major indexes ended the week mixed due to a shortened trading week (Good Friday closure).
- Small and mid-cap stocks outperformed, while large-cap tech stocks dragged the broader market lower.
- Export restrictions on AI chips to China and hawkish Fed comments hit investor confidence.
Tech Stocks Slump on Chip Export Restrictions
- NVIDIA, AMD, and other AI-related stocks fell sharply midweek after the U.S. government expanded export bans to China.
- The info tech sector was the week’s worst performer, dragging down the Nasdaq and S&P 500.
Fed Chair Powell Dampens Hopes for Rate Cuts
- Powell noted that tariff increases are worse than expected, adding to inflationary pressure and growth risks.
- He emphasized a wait-and-see approach, suggesting no imminent rate cuts, disappointing dovish investors.
- Markets interpreted his comments as a hawkish shift, triggering a risk-off move in equities.
Housing Market Struggles Under Policy Pressure
- NAHB Index rose to 40, but still signals negative sentiment among homebuilders.
- March housing starts dropped 11%, missing estimates (1.32M vs. 1.42M forecast).
- D.R. Horton cut its 2025 guidance, citing affordability challenges and weak buyer confidence.
- Homebuilders cited policy uncertainty as a key factor hurting pricing and planning.
Retail Sales Surge on Tariff Fears
- Retail sales rose 1.4% in March, the biggest monthly gain in over two years.
- Auto sales jumped 5.3%, as consumers rushed to purchase vehicles ahead of new tariffs.
- Sales in building materials, electronics, and sporting goods also surged.

Key Takeaways & Market Outlook
- Tech stocks led markets lower on geopolitical and regulatory fears.
- Fed signals no near-term rate cuts, despite trade headwinds.
- Consumer demand stays strong, for now, especially ahead of tariffs.
- The Housing market faces pressure from affordability and policy risks.
- Smaller-cap stocks showed resilience, bucking the broader negative trend.

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