Stock Market Today: Dow, S&P Live Updates for Apr. 28, 2021 - Bloomberg

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U.S. equities were mixed as investors parsed the latest batch of corporate earnings reports and awaited clues on the timing of stimulus tapering by the Federal Reserve.

The S&P 500 was little changed while the Nasdaq 100 fell after the first round of results from tech megacaps. Alphabet Inc. was a standout gainer in both indexes, rising toward a record after its results showed a surge in ad sales related to travel and retail. Microsoft Corp. was among the biggest drags, dropping to a three-week low after the software maker failed to deliver the blockbuster results some analysts were looking for.

Among other earnings-related news:

• Boeing Co. dropped after it burned through more cash than expected in the first quarter.
• Advanced Micro Devices Inc. swung between gains and losses after its forecast for second-quarter revenue exceeded analysts estimates.
• Texas Instruments Inc. fell the most in two months after it gave a sales forecast that some analysts saw as weak.
• Apple Inc. and Facebook Inc. will report after the close of trading Wednesday.

Equity investors have been searching for new catalysts with stock valuations about 25% above their five-year average. In addition to solid corporate earnings results, they may need further assurance that the Fed will overlook stronger economic data to keep rates ultra-low and bond purchases at pace. Policy makers are expected to hold interest rates near zero at the conclusion of a two-day meeting Wednesday and repeat a vow to keep buying bonds at the current $120 billion monthly pace.

“You’re seeing a little bit of a push-pull with the markets,” said Chuck Cumello, president and chief executive officer of Essex Financial Services. Stock prices already reflect a lot of good economic news, but there’s also the realization that there’s “a tremendous amount of pent-up demand” among U.S. consumers, he said.

A string of encouraging data and rapid vaccination progress have boosted optimism about growth prospects in the developed world, reviving the so-called reflation trade in recent days. A release Thursday may show the U.S. gross domestic product increased an annualized 6.8% in the first quarter. All these recovery signals are stoking speculation over when the Fed will start slowing its stimulus.

While markets expect no change in the Fed’s policy or its message Wednesday, they seemed to be going into a wait-and-see mode before ruling out hawkish surprises. A rally in commodities including copper and wheat paused, while European stocks were little changed.

“Repeated positive economic surprises mean that quantitative policy is a subject of interest,” Paul Donovan, chief economist at UBS Global Wealth Management said in an audio comment. “No one expects bond buying to end now, but there may be hints at it ending later this year.”

Crude-oil futures rose after OPEC+ expressed confidence in the demand outlook with plans to boost supply, even India’s raging Covid-19 crisis is causing near-term pressure.

For live updates and commentary on the markets, see the MLIV <GO> blog.

Here are some key events to watch this week:

• Fed Chair Jerome Powell holds a press conference Wednesday following the Fed meeting
• Joe Biden makes his first address as president to a joint session of Congress Wednesday
• U.S. GDP Thursday is forecast to show growth strengthened in the first quarter

These are some of the main moves in markets:

Stocks

• The S&P 500 was little changed as of 11:53 a.m. New York time
• The Nasdaq 100 fell 0.4%
• The Dow Jones Industrial Average fell 0.4%
• The Stoxx Europe 600 was little changed
• The MSCI Emerging Markets Index rose 0.3%

Currencies

• The Bloomberg Dollar Spot Index fell 0.1%
• The euro was little changed at $1.2099
• The British pound was little changed at $1.3917
• The Japanese yen was little changed at 108.80 per dollar

Bonds

• The yield on 10-year Treasuries advanced one basis point to 1.63%
• Germany’s 10-year yield advanced two basis points to -0.23%
• Britain’s 10-year yield advanced two basis points to 0.80%

Commodities

• West Texas Intermediate crude rose 2.1% to $64 a barrel
• Gold futures fell 0.2% to $1,775 an ounce

— With assistance by Andreea Papuc, Emily Barrett, Srinivasan Sivabalan, and Claire Ballentine

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