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Technology surged 19% in April 2026 to become the S&P 500's top sector while energy fell to last place, reversing energy's year-to-date leadership. The 10-year Treasury yield dropped from 4.44% to 4.23% during the month, compressing discount rates on high-growth AI cash flows. Exxon fell 12.6% from its March 31 peak as the Fed held rates on April 29 in Powell's final decision.
Energy went from the S&P 500's top-performing sector on March 31 to its weakest in April—a complete reversal. Technology gained 19% over the same period. Exxon fell 12.6% from its March 31 peak as capital rotated aggressively into AI and tech infrastructure.
Community Healthcare Trust secured five acquisition agreements totaling $122.5M at 9.1%-9.75% returns while suspending equity issuance, contrasting with residential builders offering steep financing incentives. The REIT extended weighted average lease terms to 7 years and maintained 100% occupancy without capital market dependency. Tax headwinds through 2028 increase pressure on residential property economics.