Traders work on the floor of the New York Stock Exchange on April 29, 2026 in New York.
Michael Nagle | Bloomberg | Getty Images
of Dow Jones Industrial Average Oil prices continued to rise amid the US blockade of Iranian ports and ended lower on Wednesday after the Federal Reserve left key interest rates unchanged. Traders were also awaiting quarterly results from four of the Magnificent Seven.
The 30-stock index fell 280.12 points (0.57%) to close at 48,861.81, marking the fifth consecutive day of decline. of S&P500 It fell 0.04% to close at 7,135.95. Nasdaq Composite It rose 0.04% to 24,673.24.
Oil prices rose for another day on Wednesday after the Wall Street Journal reported, citing U.S. officials, that President Donald Trump had told his aides to prepare for an extension of the Iranian blockade. Prices then rose further after Axios reported that President Trump rejected Iran’s bid to reopen the Strait of Hormuz and said the U.S. naval blockade would remain in place until a deal was reached that addressed concerns about the Middle Eastern nation’s nuclear program.
us West Texas Intermediate Futures It rose 7.17% to settle at $107.16 per barrel. international benchmark brent crude oil futures It rose 6.78% to end at $118.80 per barrel.
Higher oil prices “will push up overall inflation” in the short term, Fed Chairman Jerome Powell said at a news conference after the Fed’s policy meeting in April, where the Federal Open Market Committee voted 8-4 to keep interest rates unchanged at a range of 3.5% to 3.75%. It was the first time since October 1992 that four FOMC members expressed dissenting opinions. Indeed, members expressed different reasons for their votes.
The meeting is likely to be Powell’s last before his term expires in May, but Powell said Wednesday that he intends to remain on the Fed’s board indefinitely after his term ends. Kevin Warsh, who was nominated by President Trump to succeed him, appears to be on track to replace Powell at the central bank. The market did not expect the Fed to adjust the current federal funds rate.
If Mr. Powell remains on the board, the Fed could be less inclined to cut interest rates because President Trump would only have three directors appointed by the Fed, rather than a majority of the board.
Later Wednesday, after the closing bell, the four “Magnificent Seven” tech giants are scheduled to report earnings. alphabet, Amazon, meta platform and microsoft. Investors have high hopes that these companies will demonstrate a return on the capital invested in artificial intelligence.
“While earnings upside is largely expected from Wednesday’s tech earnings, the market’s focus is really on forward guidance on growth trajectory and future pace of investment,” said Chris Brigati, chief investment officer at SWBC. “Each company faces unique dynamics, but generating tangible results from increased capital investment remains a key test.”
Technology stocks were hurt last session after the Wall Street Journal reported on Tuesday that OpenAI recently missed its own revenue and user growth goals. However, on Wednesday both seagate technology and NXP Semiconductors They rose more than 11% and 25%, respectively, on the earnings beat and sharing positive earnings guidance.
