Happy Monday! The S&P 500’s record-setting rally is starting to draw uneasy comparisons to a past market frenzy, and Goldman Sachs says the underlying setup may be more fragile than investors realize. Read on for all the details and what it means for your portfolio.

Trader attention shifted in April, with several stocks climbing the ranks while others fell out of favor. Using data from Benzinga PRO, here’s a look at the most-searched tickers as well as the full rankings.

In Today's Edition

• MARKET RECAP

• MARKET HEATMAP

• FIVE ZINGERS

S&P 500 Hasn't Looked This Unbalanced Since The Dot-Com Bubble, Goldman Warns

According to Goldman Sachs, this record-breaking rally may be the most misleading signal investors have seen in years. And while it may look unstoppable on the surface, a dangerous imbalance is quietly building, and history suggests, that’s exactly when investors should start to worry.

Don’t wait for the warning signs to hit your portfolio — find out what’s really driving this market before it shifts.

Last Week: U.S. indexes finished mixed on Friday to kick off the month, with the S&P 500 and Nasdaq rallying to fresh record highs and extending April’s strongest monthly surge since 2020. However, not everything was rallying as the Dow fell more than 150 points as investors flocked back to tech. Overall, investor sentiment remained supported by continued equity strength, even as underlying economic signals stayed mixed. In commodities, oil prices were volatile, initially surging before reversing course on reports that Iran had presented a new peace proposal to the U.S., though crude remained elevated near $102 per barrel. Gold prices continue to hold steady around $4,600 per ounce, while the U.S. dollar drifted lower again.

On Our Radar: Analysts will be paying attention to factory orders, as well as a speech from New York Fed President John Williams today. On the earnings front, all eyes will be on Shopify (SHOP) and Pfizer (PFE) which report Tuesday before the market opens.

Shares of Atlassian (TEAM) finished up nearly 30% on the day, with Twilio (TWLO) and Reddit (RDDT) also surging. Meanwhile, Roblox (RBLX), Summit (SMMT) and Amgen (AMGN) were among the top laggards on the day. But those weren’t the only big movers. Here’s a look at some of the biggest winners and losers on Friday. 

Discover how the market is moving with our interactive heatmap. Filter by market cap, or click on any box to explore specific sectors or assets in more detail.

Debt Storm: Global markets may be underestimating how messy the next economic chapter could get, as JPMorgan CEO Jamie Dimon flags rising risks. With swelling deficits and sticky inflation building in the background, investors may be too comfortable for what’s coming next. Read on to see why he says “it will be worse than people think.”

Bulls vs. Bears: Here’s a look at some of the most notable stocks (Apple, Intel, Caterpillar, Nvidia, Amazon, Tesla, etc.) making headlines over past week. Catch up on all the top movers now.

AI Rotation: What if the biggest AI winners aren’t the companies making headlines? A growing view on Wall Street suggests the real opportunity is moving into the infrastructure most people overlook.

Best In Class: Caterpillar is no longer just an industrial heavyweight, it’s quietly becoming a critical pillar of the AI infrastructure buildout. Read on to see why shares are up more than 200% and could keep going higher.

Stock Of The Day: Twilio’s post-earnings surge is running straight into a familiar technical ceiling, where past price behavior could decide whether momentum continues or fizzles out. See what traders are watching and where shares are likely headed next.

Join Benzinga’s Free Advisor Newsletter — Stay Ahead Of The Curve

Join more than 10,000 advisors who start their week with Benzinga Advisor — a free Sunday newsletter built to make you the smartest and most proactive advisor in the room.

Get the most important client talking points, timely reminders and market context delivered straight to your inbox every Sunday.

Stay prepared, informed, and one step ahead of the curve.

BEFORE YOU GO

Were you forwarded this email? Click here to subscribe.

And be sure to check out our other newsletters:

Future Finance: Where fintech, crypto and the future of finance collide. Future Finance is a perfect lunch read packed with quick bites for industry enthusiasts. Subscribe here.

Advisor: Tailor-made for Financial Advisors, this weekly newsletter has industry-specific insights, analysis, and news. Subscribe here.

Tech Trends: Get the inside scoop on AI, the hottest gadgets and mind-blowing tech trends. Subscribe here.