Market Review: April 29, 2026

Closing Recap

Wednesday, April 29, 2026

U.S. stocks finished the day little changes as the FOMC meeting (Powell’s last as Fed Chairman) provided no changes to interest rates as expected but did have dissenters (more below) in an interesting twist, while oil prices surged over 7% to their highest levels since 2022 as the Iran situation worsens and Treasury yields surge on now rising chances the next by the Fed would be a hike. Still, with all that news today (and a lot of big movers on earnings), U.S. averages held up incredibly well all things considered, still not far off record highs just a few days ago as many hope positive earnings results and capex spending headlines from AMZN, META, GOOGL, MSFT after the bell would extend gains in the AI space which has spiked the last 4 weeks. Inflation fears and rising yields are not raising market concerns at this time; with major averages little changed into the earnings deluge.

As mentioned above, all eyes on tech, AI, data center, semis and infrastruture tonight with the fate of the industry (for the near term at least) in the hands of capex spending comments from the likes of the bigger hyperscalers out there, namely AMZN, GOOGL, META and MSFT. Their commentary (and results/guidance) should play a major roll in the rest of the week stock market outcomes, especially in tech where the Nasdaq is up 17% in April and semis +33% on the month. Memory, optical and other sub sector plays have been surging amid growth prospects for the industry. Energy was the big gainer today for the S&P to no surprise given the spike in oil, and technology (XLK) with notable weakness in Materials (XLB), Industrials (XLI), Healthcare (XLV) and Utilities (XLU). Also, of note tomorrow, the ECB and BOE central bank policy meetings with no changes expected at this time. Tomorrow also a look at the Fed’s key inflation gauge, the core PCE Index along with GDP data, personal income and spending and jobless claims.

• March Housing permits reported at 1.372M unit rate (vs. consensus 1.390M) while March housing starts 1.502M unit rate (above the consensus 1.400M).

• Crude stocks fell by 6.2 million barrels last week (vs. forecast of small -200K barrel draw), with exports posting a weekly record of 6.4 million barrels a day and big drawdowns for gasoline and distillate inventory levels on the week as week. Also, U.S. net imports of crude oil fell into negative territory in latest week, lowest on record.
• Donald Trump discussed how to alleviate the impact of a possible months-long U.S. blockade of Iran’s ports with U.S. oil companies, a White House official said, as the U.S. president urged Tehran to "get smart soon" and sign a deal. Tuesday’s talks with oil executives followed deadlock in efforts to resolve the conflict, which has led the United States to try to squeeze Iran’s oil exports with a naval blockade to try to force it to reopen the Strait of Hormuz to shipping. Trump has said Iran can call if it wants to talk and, in a post on Truth Social on Wednesday before details of the meeting emerged, said Tehran "couldn’t get its act together".
• U.S. Treasury yields surged following the Fed meeting results/outlook, as the two-year yield climbs 10 basis points on day to 3.94% (highest in over a month and near 2026 highs, and the 10-year stayed elevated at 4.4%. Traders add to bets on fed rate hike in 2027, now see 45% chance based on CME FedWatch aggregated probabilities.
• The dollar index (DXY) was higher as the Japanese Yen weakens to hit 160 versus the Dollar, weakest since April 7, while the euro falls further below the 1.17 level. June gold prices tumbled -$46.90, or 1% to settle at $4,561.50 before extending losses after the close post FOMC.

• Restaurant sector: SBUX delivered strong FQ2 results, exceeding Street estimates for global comps (+6.2%; est. +4.0%), operating margin (9.4%; est. 8.4%), and EPS 0.50; est. $0.43). EAT posted Q3 EPS beat on in-line revs, driven by Chili’s same-store sales growth due to higher menu pricing, though partially offset by lower traffic and narrows year EPS view. WING Q1 revenue rose 7.4% to 41.38B despite same store sales decline of -8.7% due to lower transaction volumes and continued pressure on consumer spending while adj Q1 EPS beat analyst expectations and reiterates 2026 global unit growth rate of 15% to 16%. YUM Q1 EPS $1.50 tops $1.38 estimate on better revs as Q1 system sales grew 6% excluding foreign currency translation (Taco bell comps better, KFC worse) while targets 5% unit growth over the long term.
• Food & Beverages: BF shares fell after Pernod Ricard (PRNDY) terminated merger talks with the company saying discussions did not result in agreement as cos were unable to reach mutually acceptable terms; MDLZ reported stronger-than-expected Q1 EPS of $0.67, driven by better organic sales growth and solid margin performance, while 2026 guidance was reaffirmed.

• In Online Travel/Lodging: BKNG Q1 results and outlook were lighter than expected as the conflict in the Middle East weighed on travel demand, with Q1 room night miss and Q2 guide below estimates. UBER users can now book hotel stays on the app, following a new offering, a partnership with EXPE the NYT said.

• In Power & Equipment: BE shares jumped after the fuel cell power generation company beat Q1 revenue estimates($751M vs. est. $551.5M) and raised its 2026 revenue growth outlook to be between $3.4B-43.8B, up from prior view $3.1B-$3.3B and said sees increasing gross margin and operating Income guidance.
• In Solar: the sector was broadly lower (SEDG, RUN, ARRY) after ENPH delivered in-line Q1 revenue and strong margins in Q126, as management commentary pointed to market transition headwinds in the US even as EU Battery demand picks up, while Q2 guide reflects continued near-term softness and an intentional channel correction, though margins improve as tariff pressure eases.
• In Autos: CAR shares extended its recent plunge following a massive short squeeze for 3 weeks after posting a larger-than-anticipated loss in Q1; Q1 revenue was up 4.3% y/y to $2.53B and adj EBITDA was -$113M vs. -$93M a year ago. GAAP EPS of -$8.01 missed the consensus estimate by $0.51.

• In Asset Managers: BEN was upgraded to Equal Weight at Barclays on improving fundamentals saying Q2 results were solid and represented a continuation of ongoing trends (improving flows, raised alts guidance, solid cost controls). IVZ downgraded to Hold at Argus reflects a better than 80% rise in the shares over the past year, which has narrowed the valuation Gap with peers, and the expected considerable competition from new ETF entrants for IVZ’s flagship QQQ vehicle; AB Q1 earnings slightly missed estimates.

• In Consumer Finance: Visa (V) shares up on earnings as posted accelerating constant currency revenue growth of 16% Y/Y and raised its annual guide, countering fears of an economic slowdown and sees FY net revs on adjusted constant Dollar basis +low-double-digits to +low-teens.
• In Consumer Lending: SOFI reported Q1 revs rose 41% y/y to $1.1B vs. est. $1.05B on better earnings but kept its 2026 revenue forecast unchanged, overshadowing record Q1 results; still sees EPS $0.60 and revs $4.66B.
• In Crypto: shares of Bitcoin miners and levered names saw broad weakness today; CRCL shares declined after Visa (V) said it will add five blockchains to its global stablecoin settlement pilot, expanding how issuers and acquirers can settle with the network. Visa’s stablecoin settlement pilot now supports nine blockchains and has reached a $7B annualized stablecoin settlement run rat
• In FinTech: STNE was downgraded to Neutral from Buy at Goldman Sachs as they expect weaker earnings momentum (-1% YoY in 2026), given TPV underperformance relative to the industry and to main peer PAGS, leading to market share losses. PYPL shares got a midday pop after their new CEO makes Venmo a standalone business unit as potential buyers Circle, per an afternoon CNBC report. https://tinyurl.com/ms8e9ab5
• In Mortgage space: RDN double upgraded to Buy from Underperform at Bank America (tgt to $43 from $35) after the co has announced an exit from its real estate services businesses and closed the Inigo acquisition, simplifying the model and improving earnings quality.

• AKR reported a $0.01 and raised FY26 guidance by $0.01 at the midpoint, driven by incremental acquisition activity as SSNOI growth of 5.9% is favorable, management affirmed its 5-9% growth outlook.
• BXP reported a 1Q26 FFO beat (+$0.01 vs. cons.) which appears to be driven by higher term income of $12.8M, and mgmt raised FY26 FFO guidance by 0.1% to $6.90–$7.04 ($0.02 above cons; Operational metrics in 1Q26 showed solid execution as net rents improved (-3.2% vs. -5.5%).
• CURB delivered a strong start to 2026, +$0.01 vs. consensus and raising FY26 OFFO guidance ~2% at the midpoint. Results were strong including 4.8% SSNOI growth (vs. 1.5% in 4Q), a 96.3% leased rate, and nearly 8% blended cash leasing spreads.
• ESS 1Q26 CFFO beat cons. and management’s 1Q guidance, but ’26 CFFO guidance was affirmed.
• EXR delivered a 1Q beat with same-store growth accelerating to the strongest levels since mid-2023; management affirmed its FY26 guidance.
• IVT delivered a 1Q FFO beat vs. consensus (+$0.03 NAREIT; +$0.01 Core FFO) and management raised FY26 NAREIT/ Core FFO guidance by 1.5%/0.5%. SSNOI growth guidance was unchanged.
• WELL posted a Q1 NFFO beat y 2%, and management increased 2026 NFFO guidance by ~2% (1.3% above est and SHOP SSNOI growth sustained elevated growth at +22% y/y, which contributed to a 100 bps increase to SHOP SSNOI growth and 60+ bps increase to total portfolio SSNOI growth.

• AZN posted revenue of $15.21B, +2% vs consensus and EPS of $2.58 up +2% vs consensus driven by higher than expected Farxiga sales (+12% vs consensus) and other operating income from various milestone payments which drove a 2% operating profit beat.
• BIIB Q1 adjusted EPS $3.57 vs. consensus $2.77; Q1 revenue $2.48B vs. est. $2.25B; lowers FY26 adjusted EPS view to $14.25-$15.25, consensus $15; sees full year 2026 total revenue expected to decline by a mid-single digit percentage versus full year 2025.
• GSK reported a top and bottom line beat as core EPS +7% vs. consensus; Q1 Turnover +5% on a current exchange rate basis to 7.63B pounds compared with a consensus of 7.58B pounds; Turnover is expected to grow between 3%-5%, while core operating profit and core earnings per share are expected to grow between 7%-9%.
• KALV to be acquired by Chiesi Group for $27.00 per share in cash, representing an equity consideration of approximately $1.9B as the transaction expected to close in Q3 2026.
• TEVA beats top-line and bottom-line estimates; reaffirms FY26 outlook and agreed to acquire Emalex, including its lead asset, ecopipam as upon closing, Teva will pay $700M, and Emalex’s shareholders will be eligible to receive up to $200M based on future commercial milestones as well as royalties on global net sales of ecopipam, subject to regulatory approval.

• In Healthcare Technology: GEHC shares fell after Q1 profit miss and lower guide; Q1 adjusted EPS $0.99 vs consensus $1.05, and revs rose 7.3% Y/y to $5.1B vs. est. $5.03B; lowers adj EPS in the range of $4.80-$5.00 from prior $4.95-$5.15 and vs. $5.06 consensus.
• Healthcare Services/Facilities: NEO was upgraded to Buy from Hold at Benchmark with an $11 price target after the company reported better than expected revenue and in-line earnings and said it continues to plan for an improvement in adjusted EBITDA during the second half. UHS was downgraded from Outperform to Market Perform at Raymond James as they are concerned about the attainability of Q2-Q4 EBITDA guidance.
• In Medical Research: ICLR shares rebounded after provides update on audit committee investigation and timing of Q4 and FY25 financial results; said investigation finds revenue overstated in 2023 and 2024; said revenue overstatement in each year below 2% upper limit; 2025 impact less than prior years; to restate results for 2023, 2024, and first nine months of 2025.

• In Trucking: LSTR reported 1Q26 EPS of $1.16, above consensus $1.13, driven by higher-than-expected revenue and operating income. Revenue and adjusted EPS increased 1.6% and 36.5% y/y, respectively, reflecting solid execution across both BCOs and employees amid a strengthening TL and flatbed spot rate. WERN posted adj Q1 EPS of $0.02, ahead of the average Street forecast of a $0.06 loss as upside came from the cost side, as revenue was just short of consensus, with One-Way restructuring initiatives helping to boost the margin. ODFL Q1 EPS $1.14 topped ests of $1.05, but down from $1.19 y/y while revs $1.33B beat ests $1.31B, but also down 2.9% y/y and said its revenue per shipment in the LTL segment, a gauge for pricing, rose 5.9% during the quarter.

• In Aerospace sector: AER said higher fuel prices for between three and six months would pressure the airline industry but could bring benefits for aircraft lessors. Prolonged high fuel prices could contribute to an acceleration in the retirement of older technology aircraft, the CEO said on c/c after results.

• Metals & Mining: shares of gold and silver miners slumped (AEM, AG, B, CDE, FSM, HL, NEM, PAAS, WPM) following another decline in silver and gold prices with oil prices continuing to push higher, raising inflation fears.

• In Internet: META, GOOGL, AMZN all expected to report tonight after the close; MELI was to Neutral at UBS and cut tgt to $2,050 as it incorporate trends from the ongoing investment Cycle and believes margins should remain under pressure and only start to recover from 2027-28 onward.

• EMS Sector: CLS was upgraded to Buy at TD Cowen after results and TDCowen’s recent work, saying it has become increasingly challenging to maintain a Hold rating while forecasting such strong future performance. Today’s sell-off offers that opportunistic entry point TDCowen has been looking for.

• Another good result in the analog/auto semi sector as NXPI reported strong Q1 results and Q2 guidance, which exceeded expectations. Bookings improvement was broad-based and its outlook for 2026 also improved as growth products grew 18% Y/y, while core grew 10% Y/y. Pricing increased selectively but the impact to Q2 GM was immaterial. In Auto, NXPI cited the shift to SDV and content growth as offsetting weaker China production, while DC tailwinds are expected to grow from $200M in ’25 to over $500M in ’26 (shares of other analog/auto semi names like TXN, ADI, ON, STM, MPWR saw early strength.
• Semi Equipment: TER shares tumbled from all-time highs after Q1 EPS $2.56 beat consensus $2.11 and guided above consensus, with sales and EPS expected at 2% above consensus at the midpoint. Importantly, TER’s sales/EPS guides imply sequential deceleration following 1Q’s strong results.
• Other semi news: SIMO 1Q Revs $342M, up 23% QoQ and 105% YoY, with GM% 47.2%, and EPS $1.58. 2Q guided Revs to $393-411M, 15-20% QoQ and 98-107% YoY, with GM% 48.5-49.5% and steady QoQ expansion through 2026; INTC shares extended recent gains to multi decade highs after Commercial Times reports that Google will leverage Intel’s EMIB technology for its next-generation TPU chip, according to WCCF Tech.