Monthly Market and Portfolio Review
| Indexes | Monthly Streak |
| TSX: | 1 – month winning streak |
| S&P: | 1 – month winning streak |
| DJIA: | 1 – month winning streak |
| Nasdaq: | 1 – month winning streak |
While March ended as one of the toughest months in years, April delivered a strong rebound. All four major indexes recovered sharply, erasing losses and posting one of their best monthly performances since the pandemic rebound in 2020.
The S&P 500 (S&P) and the Nasdaq Composite (Nasdaq) led the move higher, both setting multiple record highs and finishing the month at new all-time closes. The S&P even broke above 7,200 for the first time. It marked the S&P’s strongest month since late 2020, and the second‑best April for the S&P since 1950. Not to be out done, the Nasdaq delivered an even stronger rally, rising over 15%, its strongest monthly rally since April 2020 during the pandemic rebound. Momentum, after a rough March, came back in a big way.
Since the bull market began in October 2022, returns have been very uneven depending on what you owned. The Nasdaq is now up roughly 120%, the S&P over 100%, the Dow Jones Industrial Average (DJIA) around 60%, and Canada’s Toronto Stock Exchange Composite Index (TSX) closer to 50%. Same bull market underneath, very different experiences across regions and sectors.
The main driver in April was geopolitics, specifically the conflict involving Iran. Early in the month, disruptions in the Strait of Hormuz pushed oil toward US$120 per barrel. Because oil flows through transportation, production costs, and inflation, it quickly became the market’s key transmission channel.
As oil surged, stocks pulled back on renewed inflation fears and higher rate expectations. When tensions eased and oil prices reversed, markets quickly followed, sending the indexes back toward record highs. Oil effectively set the tone for much of the month’s volatility.
That fed into interest rates. Higher energy prices pushed inflation concerns higher, which reinforced the idea that rate cuts may take longer than expected. Against that backdrop, the Fed left rates unchanged at its April meeting, confirming that borrowing costs remain elevated for now.
Beneath the swings in oil and interest rates, technology remained the market leader. AI-driven mega-cap companies helped power gains in both the Nasdaq and S&P when conditions stabilised. The DJIA lagged more often because its traditional sectors tend to be more sensitive to higher interest rates.
Earnings added a late-month boost. Most heavyweight technology companies reported in the final week, and results were generally strong, reinforcing that large companies are still growing despite higher rates.
Investors remained focused on artificial intelligence (AI) and cloud demand. Companies like Alphabet (NASD: GOOGL), Amazon (NASD: AMZN), and Microsoft (NASD: MSFT) showed strong growth tied to AI infrastructure and cloud services. Alphabet alone gained 34% in April, its best month since the company went public in October 2004. For investors, this helped confirm that heavy AI spending is starting to translate into real business growth. Because these companies are among the largest in the market, their strong performance also gave a major lift to both the Nasdaq and S&P.
In Canada, the story was more balanced but still shaped by the same themes driving global markets: oil, inflation, and interest rates. The S&P/TSX Composite Index recovered much of its March losses, but unlike the US, the rebound was driven less by technology and more by commodities.
Energy played a major role throughout the month. The war in Iran pushed oil prices sharply higher early in April, giving a strong lift to Canada’s large energy sector. Gold prices also climbed as investors looked for safer places to park money during the uncertainty, which helped support many of Canada’s mining companies. Together, energy and materials provided much of the momentum behind the TSX’s recovery.
What made Canada’s rally feel different from the US was the lack of a major AI-driven push. While American indexes were powered higher by mega-cap technology and strong cloud and AI earnings, the TSX leaned more heavily on traditional sectors tied to commodities and the broader economy. That gave Canada a steadier and more balanced month but also meant it didn’t experience the same explosive upside seen in the Nasdaq.
The bigger picture is that April showed how differently markets can respond to the same global events. In the US, technology led the rebound, while in Canada, strength came primarily from oil and gold. Different leadership, same underlying forces driving the markets.
| Portfolio | Monthly Streak | |
| Portfolio 1: | 1 – month winning streak | |
| Portfolio 2: | 1 – month winning streak | |
| Portfolio 3: | 1 – month winning streak |
After a rough March that pushed all three portfolios into the red, April brought a sharp turnaround. Improving sentiment, easing recession fears, and renewed enthusiasm around AI and technology helped drive a strong recovery across the portfolios and the broader market. Despite ongoing volatility, growth stocks led a broad rebound as the month progressed.
Portfolio 1 was the standout, surging 10.8% and posting gains in four of April’s five weeks. Strength was widespread, with multiple weeks seeing 70% to 85% of holdings finish higher. Key contributors included Navitas Semiconductor (NASD: NVTS), Celestica (TSE: CLS), Alphabet, Arista Networks (NYSE: ANET), Datadog (NASD: DDOG), Hammond Power Solutions (TSE: HPS.A), Shopify (TSE: SHOP), Cloudflare (NYSE: NET), Magnite (NASD: MGNI), and CrowdStrike (NASD: CRWD). Several holdings, including Amazon, Nvidia (NASD: NVDA), Lattice Semiconductor (NASD: LSCC), and Arista Networks, also reached record highs during the month.
Portfolio 2 quietly delivered a strong month, gaining 7.4% and becoming the only portfolio to finish positive every week. It relied more on consistency and diversification than sharp rallies. Energy exposure added volatility as oil prices swung on US/Israel–Iran war headlines, creating both tailwinds and headwinds. Even so, strong contributions from MongoDB (NASD: MDB), Guardant Health (NASD: GH), Hammond Power Solutions, Microsoft, Airbnb (NASD: ABNB), and Aritzia (TSE: ATZ) helped steadily push returns higher, with Aritzia also reaching a record high.
Portfolio 3 rebounded strongly, rising 8.7% and posting four straight weekly gains before a modest late-month pullback. Like Portfolio 1, much of the strength came from AI and higher-growth technology names as the Nasdaq surged. Rocket Lab (NASD: RKLB) stood out, while Shopify, Cloudflare, Magnite, Microsoft, and Vertiv Holdings (NYSE: VRT) also delivered strong gains. Royal Bank (TSE: RY) and Vertiv reached record highs, while Nvidia remained a key driver throughout the month.
Overall, April marked a clear return to upward momentum, but the broader takeaway was the importance of staying invested through volatility. One strong month was enough to meaningfully reset the picture for both the markets and the portfolios.
Year to Date
What a difference a month can make. At the end of March, all three US indexes and all three portfolios were sitting in negative territory for 2026, with only the TSX still holding onto a gain for the year. Fast forward through a powerful April rally – one that gave the S&P and Nasdaq their best monthly performance since the pandemic rebound – and the picture looks completely different.
All four major indexes are now back in positive territory for the year. The TSX and Nasdaq lead the way with gains of 7.1%, while the S&P and DJIA are up 5.3% and 3.3%, respectively. It’s a good reminder of how quickly sentiment can shift in the markets, especially after a rough stretch.
The portfolios also benefited from the rebound after digging themselves into a fairly deep hole at the end of March. Portfolio 1 now leads the way with a 6.1% gain in 2026. Portfolio 2 has also fought its way back into positive territory and is now up 0.6% for the year. Portfolio 3 came very close to completing the turnaround as well and now sits down just 0.8%.
Of course, I would’ve preferred all three portfolios to already be positive for the year, but Portfolio 3 had a deep hole to dig itself out. Still, considering where things stood just a month ago, the turnaround has been encouraging. Hopefully by the end of May, all three portfolios will be firmly back in the green and building toward another year of double-digit gains. 😊
What My Three Portfolios Did in April 2026
Portfolio 1 for April 2026: UP 
Activity
Bought: Kraken Robotics (TSEV: PNG) Please see April 24 Weekly Update.
Dividends Received this month:
Companies followed by DRIP (Dividend Re-Investment Plan) indicate additional shares were purchased with the dividend. Any cash leftover was added to the cash balance.
Canadian $
Telus (TSE: T) DRIP
Dream Industrial Real Estate Investment Trust (TSE: DIR.UN) DRIP
BSR Real Estate Investment Trust (TSE: HOM.U)
BCE (TSE: BCE) DRIP
Decisive Dividend (TSEV: DE) DRIP
Constellation Software (TSE: CSU)
TD Bank (TSE: TD)
US $
Nvidia (NASD: NVDA)
Walmart (NASD: WMT)
Quarterly Reports
Kraken Robotics Inc.
Fourth quarter 2025 financial results on April 16, 2026
Interactive Brokers Group, Inc.
First quarter 2026 financial results on April 21, 2026
Celestica Inc.
First quarter 2026 financial results on April 27, 2026
Visa Inc.
Second quarter 2026 financial results on April 28, 2026
CN Rail Company
First quarter 2026 financial results on April 29, 2026
Alphabet Inc.
First quarter 2026 financial results on April 29, 2026
Amazon.com, Inc.
First quarter 2026 financial results on April 29, 2026
Apple Inc.
Second quarter 2026 financial results on April 30, 2026
Portfolio 2 for April 2026: UP
Activity
Sold: Bank of Nova Scotia (TSE: BNS) Please see April 17 Weekly Update.
Bought: Aritzia: (TSE: ATZ) Please see April 17 Weekly Update.
Dividends Received this month:
Canadian $
Supremex (TSE: SXP)
Telus (TSE: T) DRIP
Canadian Natural Resources (TSE: CNQ)
Alimentation Couche-Tard Inc (TSE: ATD)
SmartCentres Real Estate Investment Trust (TSE: SRU.UN)
Whitecap Resources (TSE: WCP)
South Bow (TSE: SOBO)
Brookfield Renewable Partners LP (TSE: BEP.UN)
Dream Industrial Real Estate Investment Trust (TSE: DIR.UN) DRIP
Brookfield Infrastructure Partners LP (TSE: BIP.UN) DRIP
US $
No US$ dividends this past month.
Quarterly Reports
Whitecap Resources Inc.
First quarter 2026 financial results on April 29, 2026
Microsoft Corp.
Third quarter 2026 financial results on April 29, 2026
Portfolio 3 for April 2026: UP
Activity
Sold: Nvidia (NASD: NVDA) Please see April 17 Weekly Update.
Bought: Microsoft (NASD: MSFT) Please see April 24 Weekly Update.
Bought: 5N Plus (TSX: VNP) Please see April 24 Weekly Update.
Bought: GE Aerospace (NYSE: GE) Please see April 24 Weekly Update.
Bought: Broadcom Inc. (NASD: AVGO) Please see May 1 Weekly Update.
Dividends Received this month:
Canadian $
Brookfield Corporation (TSE: BN)
Brookfield Asset Management (TSE: BAM)
TD Bank (TSE: TD)
TD US Equity Index ETF (TSX: TPU)
SmartCentres Real Estate Investment Trust (TSE: SRU.UN) DRIP
Alvopetro Energy (TSE: ALV)
Brookfield Renewable Partners LP (TSE: BEP.UN)
US $
Nvidia (NASD: NVDA)
Quarterly Reports
GE Aerospace
First quarter 2026 financial results on April 21, 2026
Vertiv Holdings Co.
First quarter 2026 financial results on April 22, 2026
Microsoft Corp.
See report under Portfolio 2.
Canada Packers Inc.
First quarter 2026 financial results on April 30, 2026