[New York Stocks] Decline Ahead of April FOMC Announcement

Global Oil Prices Climb
WTI Surpasses $104 per Barrel

As international oil prices rise due to stalled negotiations between the United States and Iran, all three major U.S. stock indices declined on April 29 (local time) ahead of the Federal Open Market Committee (FOMC) announcement for April.

According to the Home Trading System (HTS), as of 9:50 a.m. at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average was trading at 48,861.60, down 280.33 points (0.57%) from the previous session. The S&P 500 Index, which focuses on large-cap stocks, was down 11.67 points (0.16%) at 7,127.13, while the tech-heavy Nasdaq Index dropped 34.098 points (0.15%) to 24,629.701.

New York Stock Exchange. New York (USA) – Special Correspondent Yoonju Hwang

On this day, the FOMC is expected to leave the benchmark interest rate unchanged in its April meeting. The market is closely watching statements from Fed Chair Jerome Powell. As this is the last meeting before his term expires, there is heightened interest in whether he will make any remarks on inflation or whether he will remain on the Board after stepping down as Chair.

In addition, Alphabet's earnings announcement is scheduled for after the market close. Investors are hopeful that the company will generate profits sufficient to justify its capital investments in artificial intelligence (AI).

Investor sentiment was dampened after reports that OpenAI had recently missed its targets for both revenue and user growth. However, positive revenue outlooks from companies such as Seagate Technology and NXP Semiconductors led to sharp rallies of more than 17% and 23%, respectively.

Chris Brigati, Chief Investment Officer at SWBC, analyzed, "While the earnings of major technology companies are generally expected to exceed estimates, the market's focus is on their growth trajectories and outlook for future investment pace. Each company faces its own set of circumstances, but achieving tangible results from high capital expenditures remains a crucial factor."

Meanwhile, international oil prices continued their upward trend. This comes after U.S. President Donald Trump instructed preparations for a prolonged blockade against Iran. As of this time, West Texas Intermediate (WTI) crude for June delivery was up 4.82% from the previous session at $104.81 on the New York Mercantile Exchange. Brent crude for June delivery on the ICE Futures Exchange was trading at $116.88, up 5.05% from the previous session.

This content was produced with the assistance of AI translation services.