U.S. stock market indices showed mixed performance on April 29, with the Dow Jones Industrial Average and the S&P 500 declining, while the Nasdaq Composite edged slightly higher. The Dow recorded its fifth consecutive daily loss. Most major U.S. technology stocks declined, with Nvidia and Microsoft both falling over 1%. Popular Chinese American stocks were mixed, with the Nasdaq Golden Dragon China Index dropping 0.64%. European stock markets closed lower across the board, with the UK's FTSE 100 index falling more than 1%.
In commodity markets, spot gold prices fell over 1%, while spot silver prices dropped more than 2%. International crude oil prices surged significantly.
The U.S. Federal Reserve concluded its two-day monetary policy meeting on April 29, announcing it would maintain the federal funds rate target range at 3.5% to 3.75%. This decision, which aligned with market expectations, marks the third consecutive time this year that the central bank has held rates steady.
In other news, U.S. President Donald Trump stated on April 29 that the United States is negotiating with Iran via telephone, while emphasizing that Iran must clearly commit to completely abandoning its nuclear weapons program.
European and U.S. stock markets generally declined. At the close, the Dow and S&P 500 fell 0.57% and 0.04% respectively, while the Nasdaq gained 0.04%.
Major European indices all closed lower. The UK's FTSE 100 dropped 1.16%, France's CAC 40 fell 0.39%, Germany's DAX declined 0.27%, Italy's MIB index decreased 0.51%, and the Euro Stoxx 50 index was down 0.34%.
Looking at specifics, most major U.S. tech stocks closed lower. The Wind U.S. Tech Giants Seven Index fell 0.54%. Amazon rose 1.29%, while Google slipped 0.05%, Apple declined 0.20%, Meta dropped 0.33%, Tesla fell 0.86%, Microsoft decreased 1.12%, and Nvidia declined 1.84%.
Notably, Google's shares surged over 6% in after-hours trading. The move followed earnings results from its parent company, Alphabet, which reported first-quarter revenue of $109.9 billion, exceeding expectations of $107.1 billion. Revenue excluding traffic acquisition costs was $94.67 billion, compared to an expected $91.57 billion. Google Cloud revenue reached $20.03 billion, surpassing the $18.41 billion forecast. Monthly active users for Alphabet's Gemini Enterprise grew 40% quarter-over-quarter. Alphabet's operating profit was $39.7 billion, above the expected $36.19 billion, while capital expenditures were $35.67 billion, slightly below the expected $36.39 billion.
Conversely, Meta's shares fell over 6% in after-hours trading. The company reported first-quarter revenue of $56.31 billion, a 33% year-over-year increase, beating analyst expectations of $55.51 billion. Operating profit was $22.87 billion, up 30% year-over-year, with earnings per share at $10.44 compared to $6.43 a year earlier. Meta forecast second-quarter revenue between $58 billion and $61 billion, compared to a consensus estimate of $59.56 billion. The company also raised its full-year capital expenditure forecast to a range of $125 billion to $145 billion, up from a prior projection of $115 billion to $135 billion.
Most U.S. bank stocks declined. JPMorgan Chase fell 0.72%, Goldman Sachs dropped over 2%, Citigroup decreased 0.70%, and Morgan Stanley declined over 1%. Bank of America rose 0.46%, while Wells Fargo edged up 0.02%.
The majority of U.S. chip stocks advanced. Intel surged over 12%, reaching a new all-time high and bringing its gains for April to 114.71%; its market capitalization reached $475.9 billion. NXP Semiconductors jumped over 25%, Microchip Technology rose over 7%, Advanced Micro Devices gained over 4%, Qualcomm increased 4%, and Micron Technology climbed nearly 3%.
U.S. energy stocks collectively rose. Exxon Mobil and Chevron both gained over 2%, while ConocoPhillips and Occidental Petroleum each advanced over 3%. Schlumberger edged up 0.08%.
Popular Chinese American stocks were mixed. The Nasdaq Golden Dragon China Index declined 0.64%. iQiyi rose over 4%, while JD.com, Li Auto, and Alibaba registered slight declines. Pony.ai fell over 6%, and Daqo New Energy dropped over 13%.
The Federal Reserve announced it was holding interest rates steady for the third consecutive time this year. In its statement, the Fed noted that recent indicators suggest economic activity is expanding at a solid pace, job gains have remained strong, and the unemployment rate has remained low. Inflation remains elevated, partly due to recent increases in global energy prices.
The Fed stated that developments in the Middle East have heightened uncertainty regarding the economic outlook. It reaffirmed its commitment to achieving maximum employment and its 2% inflation target. Regarding future adjustments to the target range for the federal funds rate, the Fed said it will carefully assess incoming data, the evolving economic outlook, and the balance of risks.
The statement indicated that eight of the twelve members of the Federal Open Market Committee supported the decision. One member dissented, favoring a 25 basis point rate cut. Three other members supported maintaining the rate but did not endorse the statement's implication of a potential easing bias.
In commodity markets, at the close on April 29, London spot gold fell 1.06% to $4,547.803 per ounce, while COMEX gold futures declined 1.11% to $4,557.3 per ounce. London spot silver dropped 2.37% to $71.291 per ounce, and COMEX silver futures fell 1.96%. LME copper and LME tin registered minor declines, while LME zinc, LME nickel, and LME aluminum all fell over 1%.
ICE Brent crude and NYMEX WTI crude oil prices surged sharply, both closing up over 8%.
S&P Global noted that the rise in oil prices reflects prolonged disruptions to oil supply and an increased geopolitical risk premium, as talks between the U.S. and Iran remain deadlocked.
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