Opening Comment — Wednesday, April 29, 2026
DJIA: 49,141.93, down 25.86
S&P 500: 7,138.80, down 35.11
NASDAQ: 24,663.80, down 223.30
Stocks higher ahead of Fed meeting
Stock futures are mostly higher Wednesday morning ahead of today’s Federal Open Market Committee meeting, with the Federal Reserve (Fed) expected to keep its benchmark interest rate unchanged during Jerome Powell’s last meeting as the official Fed Chair. Investors are also looking forward to major technology firms’ earnings after markets close today, while economic releases include the March advance goods trade balance and preliminary reading of durable goods orders. As of 7:21 AM ET, the Dow is little changed, while the S&P 500 is up 0.1%. The Nasdaq 100 is increasing 0.4% relative to fair value on the GLOBEX.
U.S. equities were lower on Tuesday as April consumer confidence unexpectedly increased and markets continued to await progress on reopening the Strait of Hormuz. Meanwhile, measures of February home prices came in below expectations. The Dow was down 0.1%, while the tech-heavy Nasdaq Composite fell 0.9%. The S&P 500 decreased 0.5% with five of 11 sectors finishing in negative territory. The Energy sector was the top performer, rising 1.7%, while the Information Technology sector was the bottom performer, falling 1.3%.
On the data front, the Mortgage Banker Association’s gauge of mortgage applications decreased by 1.6% for the week ending April 24 versus the prior week’s increase of 7.9%. The advance goods trade balance for March is expected to show a deficit of $88.0 billion versus the prior month’s deficit of $83.5 billion. The preliminary reading of March’s durable goods orders is forecasted to show a 0.5% month-over-month (MOM) increase, compared to the prior month’s 1.3% decline. The preliminary reading of March building permits is expected to come in at an annualized 1.39 million corresponding to a MOM decrease of 0.3%. Housing starts are expected to have been an annualized 1.38 million in March corresponding to a MOM decrease of 0.4%. Retail inventories are forecasted to have increased by 0.1% MOM in March, versus the prior month’s increase of 0.2%. The preliminary March reading of wholesale inventories is expected to show an increase of 0.4% MOM, compared to the prior month’s 0.8% increase. The Department of Energy’s measure of crude oil inventories is expected to have decreased by 190,000 barrels for the week ending April 24 versus the prior week’s increase of 1.93 million barrels.
Across the pond, European stocks are lower in mid-day trading as the eurozone’s M3 (a broad measure of the money supply) grew by 3.2% year-over-year (YOY) in March. The bloc’s April economic confidence declined.
Overnight in Asia, stocks were mixed following Australia’s Consumer Price Index (CPI) rising 1.1% MOM and 4.6% YOY in March, while the country’s first-quarter CPI increased 1.4% quarter-over-quarter, in line with expectations.
In FOREX trading, the U.S. dollar is slightly higher ahead of today’s Fed and the Bank of Canada’s policy meetings.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 3.5% higher at $103.38/barrel ahead of an expected decline in U.S. crude oil inventories.
In the metals complex, gold is 0.7% lower at $4,565.30/ounce following a strengthening US. dollar.