US equities extended their advance into record territory last week, underpinned by a renewed surge in momentum across the semiconductor sector. Demand for advanced chips continues to accelerate, driven by the extraordinary scale of capital investment being directed toward data‑centre infrastructure to support the rapid development of artificial intelligence (AI). While this has translated into increasingly upbeat earnings expectations, it has also pushed valuations sharply higher across much of the semiconductor value chain. That dynamic has been most clearly illustrated by NVIDIA, the world’s largest company by market capitalisation, whose shares have risen by more than +20.0% over the past month, lifting its valuation back above the $5 trillion mark. The company’s high‑end chips remain critical to leading AI model developers such as Anthropic and OpenAI, as well as the major hyperscalers including Microsoft and Amazon. Against this backdrop, the S&P 500 gained +0.6% in dollar terms, while the Nasdaq outperformed with a further +1.5% rise, reinforcing the market’s current preference for growth and technology leadership.

Equity‑market performance elsewhere was more mixed over the week. European indices came under notable pressure, with the MSCI Europe ex‑UK falling -2.6% in euro terms as ongoing uncertainty around the conflict in Iran weighed on sentiment. The continued closure of the Strait of Hormuz proved a particular headwind, reinforcing concerns around energy supply, inflation, and growth across the region. UK equities fared no better as both the FTSE 100 and FTSE 250 declined by -2.7%, with the large‑cap index slipping to a three‑week low as energy‑related volatility and inflation fears persisted, while defence stocks also surrendered some recent gains. By contrast, Asian markets offered a more varied picture. Japan was a notable outperformer, with the Nikkei 225 rising +2.2% in yen terms and flirting with record highs, supported by strong advances among AI‑linked names. In China, equity sentiment was steadier, with the Shanghai Composite edging +0.7% higher (in renminbi), extending a modest recovery despite broader global uncertainty.

Moving to commodities, price action was once again dominated by developments in the Middle East. Oil prices came under renewed upward pressure as little progress was made toward de‑escalation between the US and Iran. The situation was further complicated by the seizure of a second tanker by the US Navy, alongside reports of additional Iranian attacks on vessels operating in the region. Against that backdrop, Brent crude surged +16.1% to $105 a barrel, having reclaimed the $100 level mid‑week for the first time in a fortnight, as concerns around supply disruption through the Strait of Hormuz intensified. Gold moved the other way. The precious metal fell -3.0% to $4,722 an ounce, as rising Treasury yields and a firmer dollar proved material headwinds, reducing gold’s appeal as a non‑yielding asset despite the unsettled geopolitical backdrop

.

SJP Approved: 27/04/2026

Past performance is not indicative of future performance.

The value of an investment with Rowan Dartington may fall as well as rise. You may get back less than the amount invested. 

The value of investments may fall as well as rise purely on account of exchange rate fluctuations. 

The information contained does not constitute investment advice. 

Full advice should be taken to evaluate the risks, consequences, and suitability of any prospective investment. Opinions provided are subject to change in the future as they may be influenced by changes in regulation or market conditions. Where the opinions of third parties are offered, these may not necessarily reflect those of Rowan Dartington.

FTSE Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE Russell®” is a trademark of the relevant LSE Group companies and is used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor, or endorse the content of this communication.

MSCI Source: MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, endorsed, reviewed, or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

S&P & Dow Jones Source: © S&P Dow Jones LLC 2025. All rights reserved.

Rowan Dartington is part of the St. James’s Place Wealth Management Group. Rowan Dartington & Co. Limited is a member firm of the London Stock Exchange and is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales No. 02752304 at St. James’s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom.

SJP Approved: 27/04/2026