First Light News: April Defies Headwinds

April delivered an unexpectedly strong risk-on month: the S&P 500 rallied ~10% and the Nasdaq 100 ~16%, their best monthly gains since 2020. Apple (AAPL.OQ) reported results that reassured markets—gross margins rose ~22% to $54.78bn and the company holds about $45.6bn in cash—helping underpin the tech-led rally. Energy and geopolitics remain key risks: Brent and WTI are trading above $100/barrel and near the March $119.50 peaks as the Strait of Hormuz blockade persists. The ECB and BoE held rates (2.0% and 3.75%) but signalled a hawkish tilt, raising the odds of further hikes if energy stays elevated. Markets face a light calendar this week, with the RBA decision and next week’s US NFP likely to drive the next major moves.