Wall Street Flat, Market Awaits Big Tech Earnings
US stocks traded mixed on Monday (April 27th), with the previous rally that had brought the indexes to a record held back by uncertainty over Middle East oil exports and the anticipation of major technology companies' earnings releases. The S&P 500, Dow, and Nasdaq 100 fluctuated around their last closing levels with little movement.
Market sentiment was influenced by reports that Iran is open to allowing ships to pass through the Strait of Hormuz if the US lifts its blockade, potentially paving the way for the resumption of tanker exports from the region. For equity markets, this issue presents a risk channel through energy and inflation: any changes in oil supply flows could shift expectations of price pressures and ultimately influence assessments of interest rate direction.
On the corporate side, shares of technology hyperscalers tended to weaken ahead of earnings reports on Wednesday and Thursday, including Microsoft, Alphabet, Amazon, and Apple. Investors awaited updates to performance guidance and AI spending plans, amid caution over increased capital expenditures that lack clear visibility into monetization.
Beyond that, Qualcomm jumped around 7% following reports of a partnership with OpenAI and Meditek to develop smartphone processors. Meanwhile, banking and asset manager stocks were relatively flat ahead of Kevin Warsh's potential confirmation as Fed Chair, adding to the wait-and-see factor in a session lacking directional catalysts. (gn)
Source: Newsmaker.id
