New York, April 27, 2026, 13:03 (EDT)
- The S&P 500 traded just about unchanged; meanwhile, both the Dow and Nasdaq slipped as investors stepped away following a string of record highs.
- Brent crude climbed roughly 3% after U.S.-Iran negotiations hit a wall and shipments through the Strait of Hormuz remained restricted, squeezing supply.
- Earnings season heats up this week, with companies representing about 44% of the S&P 500’s total value set to deliver results. Tech takes the spotlight.
Monday saw U.S. stocks tread water or dip a bit, with oil climbing and U.S.-Iran talks hitting a wall—enough to put the brakes on a run that recently lifted both the S&P 500 and Nasdaq to new highs. The S&P 500 hovered near flat in early afternoon, while the Dow Jones Industrial Average and the Nasdaq Composite edged lower.
This shift comes just as the market heads into a jam-packed stretch. Investors face a barrage: heavyweight tech earnings, the Federal Reserve’s latest, and a slew of key economic data. And with oil prices climbing again, inflation worries are back in play.
Oil remains front and center. Brent futures climbed nearly 3%, hitting $108.46 a barrel as of 12:26 p.m. EDT, according to Reuters. U.S.-Iran negotiations hit a wall, and tankers are still facing restricted movement through the Strait of Hormuz. “One direction for oil prices to go,” said PVM Oil Associates analyst Tamas Varga, pointing to the standoff’s impact. Reuters
This week’s Fed meeting could mark Jerome Powell’s last as chair. According to Reuters, officials are widely seen holding the benchmark overnight rate steady at 3.50%-3.75% on Wednesday. Investors are watching for first-quarter GDP numbers and the March personal consumption expenditures price index—the Fed’s favored inflation measure.
Phil Blancato, chief market strategist at Osaic Wealth in New York, described the current stretch as a “holding-on moment” for stocks. Investors, he said, are looking for new data to back up the year’s run-up. Reuters
Earnings are still holding their own. Out of 139 S&P 500 firms that had reported as of Friday, 81.3% topped earnings estimates, according to LSEG. For this market, said James Reilly of Capital Economics, it’s really “the outlook for tech” that’s key—not so much the overall economy. Reuters
Microsoft shares got some attention after OpenAI scrapped the company’s exclusive hold on its AI models and tools, a shift that could clear the way for cloud deals with big rivals like Amazon and Google. Microsoft hangs on as OpenAI’s main cloud partner, and it still holds an IP license running through 2032. D.A. Davidson’s Gil Luria called the revised arrangement “essential” for OpenAI’s push into enterprise. Investing.com
Nvidia clawed back, notching gains after a big run-up the previous day and pushing its market cap back over $5 trillion, according to Reuters. Microsoft eased following the OpenAI headlines. Investors eyed upcoming numbers from Alphabet, Amazon, and Meta.
Verizon shares moved higher after the company lifted its annual profit outlook and reported an unexpected increase in monthly bill-paying wireless subscribers. The telecom giant signed up 55,000 postpaid customers during the first quarter—marking its first net gain for a March quarter in over ten years. New Street Research analysts pointed to the numbers as evidence CEO Dan Schulman is prepared to “fight tooth and nail.” Reuters
Domino’s Pizza shares tumbled roughly 10% after the company’s annual sales outlook came in weak. First-quarter U.S. comparable sales—those from stores open at least a year—rose just 0.9%, missing the 2.72% increase analysts were looking for.
The danger here is that traders are betting on just a handful of outcomes. A further jump in oil prices could box the Fed in on rate cuts. Tech earnings come in soft? The index might falter—despite plenty of other companies posting upside surprises.
Selling stayed pretty localized. According to Reuters, more stocks rose than fell on both the NYSE and Nasdaq—suggesting that investors were lightening up on risk, but not rushing to unload everything.
