Market Roundup: What Happened Yesterday and What Awaits Us Today (April 28)

US equities started the week on firm footing, with the S&P 500 and Nasdaq Composite pushing to fresh record highs, gaining around 0.1% and 0.2% respectively. The Dow Jones Industrial Average, however, edged slightly lower by 0.1%, weighed down by weaker performance in select blue-chip names.

The move extends last week’s rally, where markets were buoyed by a sharp surge in Intel shares, helping the S&P 500 and Nasdaq log a fourth consecutive week of gains. The Dow, by contrast, saw its three-week winning streak come to an end.

Investor focus now shifts squarely to the upcoming Federal Open Market Committee meeting, with expectations that interest rates will hold steady in the 3.5%–3.75% range. Markets are less concerned with the decision itself and more focused on forward guidance, particularly any signals on the timing and pace of future rate adjustments.

At the same time, earnings season is intensifying, with results due from major technology players including Alphabet, Amazon, Meta Platforms, and Microsoft. Apple is expected to report later in the week, while Nvidia continued its strong momentum, hitting another record high.

In commodities, oil prices climbed amid geopolitical tensions, with West Texas Intermediate rising about 2% to near $96 per barrel, while Brent Crude gained 2.8% to trade above $108. Meanwhile, the yield on the 10-year US Treasury rose to around 4.34%, signaling sustained pressure on borrowing costs.

Gold prices slipped roughly 1% to around $4,695 per ounce, reflecting the impact of rising yields, while Bitcoin pulled back to near $76,900 after earlier gains. The US dollar index remained broadly stable.

At the corporate level, Intel extended its rally, while Qualcomm gained on reports of a new technology partnership. In contrast, Domino's Pizza declined sharply after disappointing earnings, while Verizon rose on strong results. In deal activity, Organon surged following an $11.75 billion takeover agreement with Sun Pharma, highlighting renewed momentum in healthcare M&A.

Market Outlook

Markets are likely to trade cautiously in the near term, with attention firmly on Fed guidance and Big Tech earnings as key directional drivers. Elevated bond yields may continue to cap equity upside, while oil prices could remain supported by geopolitical risks. Meanwhile, gold and cryptocurrencies are expected to stay sensitive to shifts in yields and US dollar strength.