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US close: Stocks lower as Fed decision, oil prices weigh on stocks
By Iain Gilbert
Date: Wednesday 29 Apr 2026
(Sharecast News) - Major indices delviered a mixed performance on Wednesday as investors digested the Federal Reserve's decision to hold its benchamrk overnight interest rate unchanged.
At the close, the Dow Jones Industrial Average was 0.57% lower at 48,861.81, while the S&P 500 shed 0.04% to 7,135.95 and the Nasdaq Composite saw out the session 0.04% firmer at 24,673.24.
The Dow closed 280.12 points lower on Wednesday, extending modest losses recorded in the previous session after a Wall Street Journal report revealed that OpenAI had recently missed internal revenue and user‑growth targets, weighing heavily on tech stocks.
Oil prices pushed higher on Wednesday as traders weighed the United Arab Emirates' unexpected exit from OPEC against signs that the conflict involving Iran was unlikely to be resolved any time soon. Brent crude futures rose 7.96% to $120.12 a barrel, while West Texas Intermediate futures were up 6.95% at $106.88 - having already climbed roughly 50% since the US‑Israel‑led war against Iran began on 28 February.
The latest move higher followed news that Donald Trump had told aides to prepare for an extended blockade of Iran, with Axios later reporting that he had rejected Tehran's proposal to reopen the Strait of Hormuz and would keep the US naval blockade in effect until a deal addressing concerns about the Middle Eastern nation's nuclear programme can be reached.
Tech earnings were also firmly in focus after the close, with Microsoft trading lower in after hours action, even as revenue grew 18% to $82.89bn and net income jumped from $25.82bn to $31.78bn, while Google parent company Alphabet posted first-quarter revenues that topped expectations on the back of its surging cloud business.
Amazon reported better-than-expected quarterly earnings and revenue as its cloud sales topped' expectations, while shares in Facebook parent company Meta headed south in extended trading after the firm reported lower-than-expected capex and missed user growth targets.
Attention was also on the US Federal Reserve's decision to leave interest rates unchanged, holding its benchmark federal funds rate at 3.5-3.75% in a meeting that could potentially be Jerome Powell's last as chair, with central bank officials continuing to flag persistent inflation pressures as a key challenge.
While the decision was widely expected, with markets fully pricing in no change, the vote proved unusually divided, with the Federal Open Market Committee split 8-4 as policymakers differed over how to communicate the outlook for future policy moves. It was the largest number of dissents since 1992.
Elsewhere on the macro front, mortgage applications fell 1.6% week-on-week in the seven days ended 24 April, according to the Mortgage Bankers Association, trimming the 7.9% jump from the earlier period. Applications to refinance a mortgage, which are more sensitive to week-to-week changes in interest rates, fell by 4.4%, while applications to purchase a new home ticked up by 1.1%.
On another note, durable goods orders also improved, rising 0.8% in March to $318.9bn after a revised 1.2% decline in February and beating forecasts for a 0.5% gain. The Census Bureau said the increase reflected resilience in goods demand despite heightened uncertainty linked to the Iran conflict and higher energy costs. Orders for computers and electronic products surged 3.7% to $29.6bn, supported by continued momentum in AI‑related equipment.
Moving on, the US goods trade deficit widened to $87.9bn in March from $83.5bn in February, according to preliminary data from the Census Bureau, with exports rising 2.5% to a record $211.5bn, led by industrial supplies, capital goods, food and autos, though consumer‑goods exports fell 7.5%. Imports increased at a faster 3.3% to $299.3bn, with gains across consumer goods, industrial supplies, autos, capital goods and food.
Still on data, wholesale inventories rose for a second month, according to another preliminary reading from the Census Bureau, climbing 1.4% to $932.8bn in March after a 0.9% increase in February and well above the 0.4% expected, driven by a 3.2% jump in non‑durable goods stocks, while durable goods inventories grew a more modest 0.3%. Inventories were up 2.9% year‑on‑year.
Finally, US building permits fell sharply in March, dropping 10.8% month‑on‑month to an annualised 1.37m units - the weakest level since August 2025. In contrast, housing starts jumped 10.8% to 1.50m - the strongest reading since December 2024 and well ahead of expectations, as builders pushed ahead despite ongoing affordability pressures.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Intel Corp. (INTC) $94.75 14.77%
Visa Inc. (V) $334.86 8.26%
Dow Chemical Co. (DOW) $39.55 4.05%
Cisco Systems Inc. (CSCO) $89.57 2.34%
Chevron Corp. (CVX) $192.22 2.05%
Unitedhealth Group Inc. (UNH) $370.74 1.08%
Merck & Co. Inc. (MRK) $110.95 0.84%
Coca-Cola Co. (KO) $78.87 0.66%
Apple Inc. (AAPL) $270.17 0.20%
Walmart Inc. (WMT) $0.00 0.00%
Dow Jones - Fallers
Boeing Co. (BA) $224.11 -2.86%
International Business Machines Corporation (CDI) (IBM) $227.10 -2.55%
Travelers Company Inc. (TRV) $302.25 -2.51%
Goldman Sachs Group Inc. (GS) $905.60 -2.26%
Home Depot Inc. (HD) $322.81 -1.90%
Procter & Gamble Co. (PG) $146.46 -1.82%
3M Co. (MMM) $143.87 -1.48%
Nike Inc. (NKE) $44.39 -1.42%
Amgen Inc. (AMGN) $338.02 -1.39%
Verizon Communications Inc. (VZ) $46.61 -1.33%
S&P 500 - Risers
Intel Corp. (INTC) $94.75 14.77%
F5 Inc. (FFIV) $328.15 11.35%
Seagate Technology Plc (STX) $643.30 10.69%
Centene Corp. (CNC) $53.98 8.90%
Automatic Data Processing Inc. (ADP) $215.06 8.50%
Starbucks Corp. (SBUX) $105.50 8.36%
Visa Inc. (V) $334.86 8.26%
Gen Dynamics Corp. (GD) $338.73 7.99%
Western Digital Corp. (WDC) $412.76 6.79%
Verisk Analytics Inc. (VRSK) $188.19 6.62%
S&P 500 - Fallers
Brown Forman Corp. Class B (BF.B) $24.87 -10.31%
Charter Communications Inc. (CHTR) $158.65 -10.11%
Regeneron Pharmaceuticals Inc. (REGN) $686.36 -8.00%
Baxter International Inc. (BAX) $16.90 -5.80%
Kohls Corp. (KSS) $13.98 -5.60%
PACCAR Inc. (PCAR) $118.14 -5.55%
Bath & Body Works, Inc. (BBWI) $18.33 -4.83%
Illumina Inc. (ILMN) $120.37 -4.51%
Nektar Therapeutics (NKTR) $83.20 -4.20%
Masco Corp. (MAS) $71.26 -4.14%
Nasdaq 100 - Risers
Intel Corp. (INTC) $94.75 14.77%
Seagate Technology Plc (STX) $643.30 10.69%
Automatic Data Processing Inc. (ADP) $215.06 8.50%
Starbucks Corp. (SBUX) $105.50 8.36%
T-Mobile Us, Inc. (TMUS) $198.17 6.83%
Western Digital Corp. (WDC) $412.76 6.79%
Verisk Analytics Inc. (VRSK) $188.19 6.62%
Biogen Inc (BIIB) $194.38 6.40%
Mondelez International Inc. (MDLZ) $61.04 5.37%
QUALCOMM Inc. (QCOM) $156.00 5.34%
Nasdaq 100 - Fallers
Qvc Group Inc Series A (QVCGA) $0.34 -13.49%
Charter Communications Inc. (CHTR) $158.65 -10.11%
Regeneron Pharmaceuticals Inc. (REGN) $686.36 -8.00%
PACCAR Inc. (PCAR) $118.14 -5.55%
Illumina Inc. (ILMN) $120.37 -4.51%
Baidu Inc. (BIDU) $121.01 -4.17%
Henry Schein Inc. (HSIC) $73.80 -4.03%
Comcast Corp. (CMCSA) $26.76 -3.84%
Marriott International - Class A (MAR) $353.95 -3.29%
Mercadolibre Inc. (MELI) $1,767.02 -3.18%
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