Stock market news for April 29, 2026

The Dow Jones Industrial Average ended Wednesday decrease as oil costs continued their rally amid a US blockade of Iranian ports and after the Federal Reserve left its key interest rate unchanged. Traders additionally anticipated quarterly earnings from 4 of the “Magnificent Seven.”

The 30-stock index fell 280.12 factors, or 0.57%, to shut at 48,861.81 and notch a fifth straight shedding day. The S&P 500 inched down 0.04% to shut at 7,135.95, whereas the Nasdaq Composite crept up 0.04% to 24,673.24.

Oil costs rose for another day on Wednesday after The Wall Street Journal, citing US officers, reported that President donald trump you will have instructed aides to prepare for an extended blockade of Iran. Prices then took a leg greater after Axios reported that Trump has rejected Iran’s proposal to reopen the Strait of Hormuz and mentioned that the US naval blockade will stay in impact till a deal addressing issues concerning the Middle Eastern nation’s nuclear program is reached.

U.S. West Texas Intermediate futures gained 7.17% to settle at $107.16 per barrel. International benchmark Brent crude futures superior 6.78% to finish at $118.80 a barrel.

Elevated oil costs “will push up overall inflation” within the close to time period, Fed Chair Jerome Powell mentioned throughout a press convention following the conclusion of the April Fed coverage assembly, the place the Federal Open Market Committee voted 8-4 to carry charges in a variety of three.5% to three.75%. That marked the primary time 4 FOMC members dissented since October 1992. To ensure, members expressed completely different causes for their vote.

The assembly will seemingly be Powell’s final on the helm earlier than his time period as chair ends in May, though Powell mentioned Wednesday that he’ll continue to serve as a Fed governor for an indefinite interval even after his chairmanship ends. Kevin WarshTrump’s nominated successor, seems on observe to take over for Powell on the central financial institution. The market did not expect the Fed to make any changes to the present federal funds price.

The Fed might be much less inclined to decrease charges with Powell remaining as a governor, because it means Trump-appointed governors will solely comprise three of the seven-member Board of Governors as an alternative of the bulk.

Later Wednesday, 4 of the “Magnificent Seven” tech titans are slated to report their earnings after the closing bell: Alphabet, amazon, Meta Platforms and Microsoft. Investors have excessive expectations for these corporations to indicate the income that may justify the capital they’ve spent on synthetic intelligence investments.

“While earnings beats are largely expected from Wednesday’s big tech earnings, the market’s focus is squarely on forward guidance both on growth trajectories and the pace of future investment,” mentioned Chris Brigati, chief funding officer at SWBC. “Each company faces its own dynamics, but delivering tangible results from elevated capex remains the critical test.”

Technology was a sore spot within the earlier session after The Wall Street Journal reported Tuesday that OpenAI not too long ago missed its own revenue and user growth targets. However, on Wednesday, each Seagate Technology and NXP Semiconductors popped greater than 11% and 25%, respectively, after posting earnings beats and sharing optimistic income steerage.