April 29, 2026

Markets:

S&P 500 futures were relatively unchanged on Wednesday, while oil prices continued their rally amid a U.S. naval blockade on Iran. Traders also awaited quarterly earnings from four of the “Magnificent Seven” as well as the conclusion of what could be Jerome Powell’s final policy meeting as Federal Reserve chair.

Stocks are coming off a losing session after The Wall Street Journal reported that OpenAI recently missed its own revenue and user growth targets. The report weighed on tech, which led the broader market lower.

Four of the “Magnificent Seven” tech titans are on the docket to report their earnings after Wednesday’s closing bell: Alphabet, Amazon, Meta Platforms and Microsoft. Investors have high expectations for these company to show the revenue that will justify the capital they have spent on artificial intelligence investments.

Wednesday will also see the conclusion of the April Fed policy meeting, which will likely be Fed Chair Powell’s last before his term ends in May. Kevin Warsh, Powell’s successor, appears on track to take the helm at the central bank. The market does not expect the Fed to make any adjustments to the current federal funds rate.

Asia-Pacific markets opened mixed Wednesday, after Wall Street declined overnight as investors assess the latest developments concerning OPEC, as well as a report that pointed to weakness in OpenAI.

Portfolio:

We step into a major session with active setups in AXTI, MSFU, and TSLL.

The market opened with a bearish gap, which now acts as a key intraday resistance level. Until that gap is meaningfully reclaimed, expect limited follow-through and more range-bound action.

Sector rotation is clearly underway:

Memory continues to show strength
Crypto and industrials are lagging
Healthcare stepped up yesterday as a defensive play

After the recent run, the market looks to be stabilizing within a range. The 697–694 zone remains a solid area for dip buyers, while 722 sits open overhead if momentum builds.

Keep a close watch on how price reacts around that gap fill—there’s potential for volatility and fakeouts once it’s tested.

Big earnings are right around the corner with:

Microsoft
Meta Platforms
Alphabet
Apple

On the hardware side, Seagate Technology delivered a standout report, and momentum could carry into names like Qualcomm as the cycle continues.

We will be on attack mode once we get through todays session and see the overnight trade with these monsters set to report.