Wednesday, April 29th, 2026
Today marks a significant event in financial markets, as the Federal Open Market Committee (FOMC) is set to announce its decision on interest rates, which are expected to remain steady between 3.50-3.75%. This will be the last meeting chaired by Jerome Powell before Kevin Warsh takes over in June. Additionally, four of the “Magnificent 7” tech stocks will report their quarterly earnings today, a key indicator of investor sentiment amid ongoing geopolitical tensions.
New economic data released this morning showed a surprising increase in durable goods orders, rising by 0.8%, far exceeding analysts’ expectations of 0.2%. Housing starts also jumped to 1.502 million units, the highest since December 2024. In contrast, building permits fell to 1.372 million from 1.54 million in February, likely impacted by uncertainty surrounding the ongoing war. The advanced U.S. trade deficit registered at $87.9 billion, marking the lowest level of 2026 thus far.
Notable earnings reports include AbbVie beating estimates by 3 cents with earnings of $2.65 per share, and Phillips 66 posting a remarkable 189% increase in earnings, reaching $0.49 per share. Biogen exceeded expectations with earnings of $3.57 per share, up 21%. Upcoming reports from tech giants like Microsoft, Meta Platforms, Amazon, and Alphabet will also be closely watched as they are expected to reveal key insights into the impact of AI investments on the market.
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