Nasdaq Index: Fed Outlook to Drive US Stocks as Big Tech Reports

• WTI crude oil climbed above $105/barrel and Brent past $117 due to anticipated U.S. blockade of Iranian ports, feeding inflation concerns and reducing likelihood of rate cuts
• Fed expected to hold rates steady with inflation near 3%, but Chair Jerome Powell's language in his likely final meeting will be critical for market direction and future rate expectations
• Nasdaq Composite trading at pivot level of 24,544.19 with upside target at record high of 24,889.37; breakdown below 24,199.00 would signal trend reversal and potential decline to 23,595-23,842 support zone

Market Summary

Market Overview:

US equity indices traded mixed on April 29, 2026, with the S&P 500 and Nasdaq Composite near flat while the Dow Jones fell approximately 0.5%. Markets remained range-bound ahead of three major catalysts: the Fed decision, Big Tech earnings, and surging oil prices.

Key Drivers:

*Oil Surge:* WTI crude rose above $105/barrel and Brent crude surpassed $117, driven by anticipated prolonged US blockade of Iranian ports. The supply disruption threatens to exacerbate inflation pressures and delay potential Fed rate cuts.

*Federal Reserve:* The Fed is expected to hold rates steady with inflation near 3%. This marks Jerome Powell's likely final meeting as chair, with markets focused on his "higher-for-longer" language regarding future rate policy. The Fed decision is scheduled for 18:00 GMT.

*Big Tech Earnings:* Alphabet, Amazon, Meta Platforms, and Microsoft report after the close. Investors demand evidence that massive AI spending is translating into revenue growth. Elevated expectations leave minimal room for guidance misses.

Individual Movers:

Seagate Technology and NXP Semiconductors surged on strong earnings and upbeat guidance, indicating strength in AI supply chain components. However, an OpenAI revenue miss report created broader tech sector hesitation.

Technical Outlook:

The Nasdaq Composite remains in an uptrend, trading around pivot level 24,544.19. A break above 24,889.37 signals trend resumption, while failure below 24,199.00 could trigger downside momentum toward 23,595-23,842 support zone.

Market Implications:

Volatility expected to increase as Fed guidance and tech earnings provide directional catalysts. Rising energy costs complicate the inflation outlook and monetary policy trajectory.