Market Update Following Quarterly Earnings Reports
Traders were buzzing on the New York Stock Exchange (NYSE) floor during the IPO of Pershing Square Capital Management LP on April 29, 2026.
On Wednesday night, S&P 500 futures saw a modest increase after several major tech companies released their quarterly earnings reports. In particular, futures tied to broader market indexes rose 0.3%, while Nasdaq 100 futures climbed by 0.5%. However, Dow Jones Industrial Average futures dipped by 128 points or 0.2%.
In regular trading, blue-chip stocks took a hit. The Dow fell by 280.12 points (0.57%), marking its fifth consecutive day in the red. The S&P 500 experienced a slight decline of 0.04%, while the Nasdaq Composite recorded a small gain of 0.04%.
Meta Platforms, which is part of the so-called “Magnificent Seven,” saw its stock decrease following a less-than-stellar earnings report. Shares of Facebook’s parent company dropped nearly 6%, attributed to disappointing user growth and lower-than-expected capital investments in the first quarter.
Microsoft’s stock remained largely unchanged despite reporting both revenue and profit growth in its third-quarter results, fueled by a 40% increase in revenue from Azure and other cloud services.
After the market closed, Alphabet and Amazon announced their results. Alphabet’s stock rose by 6%, thanks to better-than-anticipated first-quarter revenue and improvements in Google’s Cloud services. Amazon also saw a 4% surge in shares, buoyed by strong first-quarter results and robust cloud computing revenue.
Oil prices rebounded on Wednesday amid rising tensions between the U.S. and Iran. According to reports, President Trump has instructed aides to prepare for a long-term blockade of Iran. Prices surged further following news that the U.S. would maintain its naval blockade until an agreement addressing concerns regarding Iran’s nuclear program is achieved. West Texas Intermediate crude oil futures were up approximately 1%.
The Federal Reserve opted to keep interest rates steady at 3.5% to 3.75%, a decision predicted by analysts. However, an unusual 8-4 voting outcome reflected some dissent within the Fed, marking the first time since 1992 that four officials disagreed. As April’s Fed meeting approaches, it could very well be Jerome Powell’s last before his term concludes next month. Kevin Warsh, who has been nominated to succeed him, is expected to face challenges in convincing the majority to support rate cuts.
Sonu Varghese, a macro strategist at Carson Group, noted that new challenges are arising regarding potential rate cuts. He mentioned, “The Fed has held rates steady, and we anticipate they will continue to do so for the rest of the year. There are certainly FOMC members who are wary of increasing inflation and desire to convey that their next move might not be a rate cut.”
Thursday will bring several significant economic indicators, including the preliminary GDP figures for the first quarter and the Federal Reserve’s preferred inflation measure, the Personal Consumption Expenditures (PCE) report. Chairman Powell has projected that core PCE, which excludes volatile food and energy prices, would sit at 3.2% in March.
In addition, Thursday morning reports will feature performance updates from companies like Caterpillar, Merck, Eli Lilly, and Bristol Myers Squibb. Consumer giant Apple is also scheduled to release its earnings in the afternoon.
As for April trading, the month has proven to be fruitful for tech stocks. The S&P 500 is on track for a 9.3% gain, while the Nasdaq could see a 14.3% increase, both signaling their best month of performance since 2020. Meanwhile, the Dow is up 5.4% for April, indicating its strongest monthly gain since November 2024.
