S&P 500 rallies 10.4% in April 2026 with record valuations, led by Nasdaq and energy sectors.

In April 2026, the S&P 500 surged 10.4%, reaching eight new highs and marking one of the strongest monthly performances in recent years. Gains were driven primarily by the Nasdaq and major tech stocks, alongside strong performances in energy and commodities. Investors shifted towards value, low volatility, cyclicals, and physical assets, while growth and mid-cap stocks lagged. Despite the rally, the S&P 500's valuations are now at record highs, suggesting investors should remain cautious while maintaining long positions.