Consumer Sentiment at All Time Low, Markets at All Time Highs

TL;DR

• Consumer sentiment printed its worst reading since 1952 last week. Equities hit all-time highs. That gap hasn't closed, and this week's mega-cap earnings will test which side blinks.

• Both THOR systems are near fully deployed. THOR Index Rotation holds two broad indexes at near equal weight with negligible cash. THOR Low Volatility runs seven of ten sectors.

• Oil is up 1.1% at $95.44 this morning. Iran reportedly proposed a deal to the U.S. over the Strait of Hormuz. Futures are mildly green. The week's real events start Tuesday.

Market Pulse

Futures as of 6:56 AM EDT, April 27, 2026. Source: CNBC pre-markets.

• U.S. equity futures open the week modestly green.

• S&P 500 futures are at 7,195, up 0.4%.

• Nasdaq 100 futures sit at 27,481, up 0.6%.

• Dow futures are at 49,339, up 0.2%.

• Russell 2000 futures are near 2,799, up 0.4%.

WTI crude is at $95.44, up 1.10%. Iran reportedly proposed a deal to the U.S. over the Strait of Hormuz this morning. Talks are ongoing. Oil is pricing the uncertainty.

Gold is at $4,725 per ounce, off 0.33% from recent highs.

10-year Treasury yield: 4.31%. 2-year: 3.79%. VIX is at 18.95, up slightly from Friday's 18.71.

Bitcoin closed Friday at roughly $77,858. EUR/USD is 1.174.

THOR Risk Gauge

Both systems enter the week near fully deployed. THOR Index Rotation holds two broad indexes at near equal weight with less than 1% in cash. THOR Low Volatility runs seven of ten sectors at roughly 14% each. That's the highest combined equity exposure this cycle. The gauge reads broadly bullish. Against it: VIX at 18.95, crude at $95 on unresolved Hormuz tension, the 10-year at 4.31%, and four mega-cap technology companies reporting this week with over 35% weight in the Nasdaq 100. Fully committed posture. Live event risk on both sides.

The THOR View

Friday split the tape. The Nasdaq 100 closed up 1.91%. The Dow Jones Industrial Average fell 0.16%. Same session. Semiconductors and mega-cap tech drove the Nasdaq. Industrials and trade-exposed names weighed on the Dow. That same fault line is running Monday morning. Oil is up on Iran news. Futures are green but the Dow is lagging the Nasdaq again, same reason as Friday.

The technology sector is the longest-running position in THOR Low Volatility at 14.3%. It's also the position with the most direct earnings exposure this week. Microsoft and Apple both report. The system has held tech through a full rebalance cycle and price confirmed it at the 52-week high for the sector. No defensive trim going in. Full weight.

Financials sits at 13.6% with the widest gap to its 52-week high of any sector in the book. The S&P 500 is at an all-time high. Financials are 9% below theirs. The system added the sector because the underlying trend cleared. Bank earnings this quarter were solid: clean credit, healthy margins. The price hasn't closed the gap. Tight credit spreads support the thesis. The 10-year at 4.31% is the headwind. That's the rate math compressing the margin expansion story until the long end moves.

Energy is at zero. WTI is at $95.44 and Iran is proposing a Hormuz deal this morning. If that clears, the supply-side premium built into crude could reverse fast. That's exactly the dynamic the system was reading when energy didn't clear: event-driven pricing isn't the same as a sustained directional trend. If anything, a deal resolution validates why $97 crude didn't trigger an entry. The sector hasn't earned its way in.

Signal Watch

THOR Index Rotation — As of 4/24/26

Two indexes at near equal weight, negligible cash. The Dow is the absent index. On a day the Nasdaq gained nearly 2%, the Dow fell. Its industrial-heavy, trade-exposed composition is why. The same composition makes it more vulnerable to Hormuz and tariff friction than the tech-led indexes the book holds.

THOR Low Volatility — As of 4/24/26

Seven sectors on, three off, minimal reserves. Technology is at the top with the most direct earnings exposure this week. Energy, Consumer Staples, and Healthcare sit at zero — none of the three have confirmed the trend. The book runs growth-heavy into a growth-confirmation week.

One Thing to Watch

Meta, Microsoft, Alphabet, and Amazon report this week. Together they account for over 35% of the Nasdaq 100, and the Nasdaq 100 runs at near maximum weight in THOR Index Rotation. The technology sector is the heaviest single position in THOR Low Volatility. The earnings prints either confirm the AI capex story the market has been pricing all year, or they don't. Either way, the outcome lands directly on the largest positions in both books.

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Brad Roth / CIO, THOR Financial Technologies

This content reflects the opinions, analyses, and research of THOR Financial Technologies as of the date published. It is provided for informational and educational purposes only and does not constitute investment advice and should not be relied upon as the basis for any investment decision. Past performance doesn't guarantee future results, and all investments involve risk. For more information, please go to: thorft.com