US open: Stocks lower as tech jitters, FOMC decision weigh
By Iain Gilbert
Date: Wednesday 29 Apr 2026
(Sharecast News) - Major indices were in the red early on Wednesday as investors looked ahead to a heavy evening of tech earnings and the conclusion of what will likely be Jerome Powell's final Federal Reserve policy meeting.
As of 1525 BST, the Dow Jones Industrial Average was 0.40% lower at 48,944.98, while the S&P 500 shed 0.15% to 7,127.82 and the Nasdaq Composite came out of the gate 0.23% weaker at 24,607.55.
The Dow opened 196.95 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 early 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 4.98% to $116.80 a barrel, while West Texas Intermediate futures were up 4.85% at $104.78 - having already climbed almost 50% since the US‑Israel‑led war against Iran began on 28 February.
The latest move higher followed reports that the US was preparing to extend its blockade of Iranian ports, adding to concerns over prolonged disruption in the Strait of Hormuz.
In terms of earnings, Starbucks traded higher in early action after lifting its full‑year outlook, while Robinhood slumped following weaker‑than‑expected first‑quarter results. Seagate Technology and NXP Semiconductors both surged double digits after posting earnings beats and issuing upbeat revenue guidance.
Wednesday's primary corporate focus, however, will be earnings from tech behemoths Alphabet, Amazon, Meta and Microsoft, all of which were set to report after the close of trading.
Attention will also turn to the Federal Reserve later in the day, with the central bank set to wrap up its two-day interest policy meeting at 1900 BST, with the meeting expected to be Jerome Powell's last before his term ends in May and he is succeeded by Kevin Warsh. The FOMC was not expected to make any changes to its benchnark overnight interest rate.
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, the Census Bureau said 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
Visa Inc. (V) $334.58 8.63%
Intel Corp. (INTC) $87.81 5.97%
Dow Chemical Co. (DOW) $38.81 2.07%
Coca-Cola Co. (KO) $79.10 0.97%
Chevron Corp. (CVX) $190.08 0.76%
Unitedhealth Group Inc. (UNH) $367.64 0.74%
Cisco Systems Inc. (CSCO) $87.53 0.18%
Walgreens Boots Alliance, Inc. (WBA) $0.00 0.00%
Walmart Inc. (WMT) $0.00 0.00%
Dowdupont Inc. (DWDP) $0.00 0.00%
Dow Jones - Fallers
Home Depot Inc. (HD) $321.14 -2.40%
Boeing Co. (BA) $226.82 -2.00%
Amgen Inc. (AMGN) $335.51 -2.00%
Goldman Sachs Group Inc. (GS) $911.45 -1.71%
JP Morgan Chase & Co. (JPM) $307.81 -1.15%
Travelers Company Inc. (TRV) $306.37 -1.14%
Nike Inc. (NKE) $44.49 -1.02%
International Business Machines Corporation (CDI) (IBM) $230.44 -1.01%
Johnson & Johnson (JNJ) $225.41 -0.99%
Merck & Co. Inc. (MRK) $108.74 -0.94%
S&P 500 - Risers
Seagate Technology Plc (STX) $673.00 15.73%
F5 Inc. (FFIV) $326.99 11.65%
Western Digital Corp. (WDC) $427.87 10.35%
Centene Corp. (CNC) $54.20 9.36%
Gen Dynamics Corp. (GD) $342.75 9.22%
Visa Inc. (V) $334.77 8.63%
Incyte Corp. (INCY) $100.74 6.25%
Intel Corp. (INTC) $87.84 5.97%
Mondelez International Inc. (MDLZ) $61.49 5.95%
Starbucks Corp. (SBUX) $103.11 5.84%
S&P 500 - Fallers
Brown Forman Corp. Class B (BF.B) $24.83 -9.83%
Regeneron Pharmaceuticals Inc. (REGN) $685.72 -7.26%
Marriott International - Class A (MAR) $350.57 -4.11%
Nektar Therapeutics (NKTR) $83.22 -4.03%
Kohls Corp. (KSS) $14.39 -3.44%
General Motors Corp (GM) $76.14 -3.42%
PACCAR Inc. (PCAR) $120.87 -3.37%
Charter Communications Inc. (CHTR) $170.68 -3.31%
Baxter International Inc. (BAX) $17.38 -3.26%
Ecolab Inc. (ECL) $258.65 -3.17%
Nasdaq 100 - Risers
Seagate Technology Plc (STX) $673.00 15.73%
Western Digital Corp. (WDC) $427.87 10.35%
Incyte Corp. (INCY) $100.74 6.25%
Intel Corp. (INTC) $87.84 5.97%
Mondelez International Inc. (MDLZ) $61.49 5.95%
Starbucks Corp. (SBUX) $103.11 5.84%
Automatic Data Processing Inc. (ADP) $208.00 5.74%
T-Mobile Us, Inc. (TMUS) $195.61 5.41%
Biogen Inc (BIIB) $188.93 4.71%
Verisk Analytics Inc. (VRSK) $180.61 4.07%
Nasdaq 100 - Fallers
Qvc Group Inc Series A (QVCGA) $0.34 -13.49%
Regeneron Pharmaceuticals Inc. (REGN) $685.72 -7.26%
Baidu Inc. (BIDU) $120.34 -4.76%
Marriott International - Class A (MAR) $350.57 -4.11%
Mercadolibre Inc. (MELI) $1,752.50 -3.88%
PACCAR Inc. (PCAR) $120.87 -3.37%
Charter Communications Inc. (CHTR) $170.68 -3.31%
DENTSPLY Sirona Inc. (XRAY) $11.51 -2.79%
Cadence Design Systems Inc. (CDNS) $319.52 -2.76%
Idexx Laboratories Inc. (IDXX) $555.37 -2.65%
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