Morning Note - 04/29/26: Powell's Last FOMC Meeting, Stocks Flat
Overnight Summary & Early Morning Trading:
The S&P 500 finished Tuesday lower by -0.49% at 7138.80 from Monday higher by 0.12% at 7173.91.
The S&P 500 sees support now at 7100 from 7000. Resistance is now at 7200 from 7100. In the last month, support has moved from 6300 to 7100.
S&P 500 hit its tenth All-Time Closing High of 2026 yesterday.
Futures are higher this morning by +8.50 by +0.123 at 7179.50 on the SP 500 at 6:40 a.m. EDT.
Bond Market is lower today on price with the 10-Year Yield at 4.358% from 4.354%.
Executive Summary:
Stocks had a fourth up week, with the S&P 500 gaining 12.50% in the last four weeks. We are now up 2.68% since the peak in January on the S&P 500 as of Friday’s close.
U.S. moves into Week Ten of its attack on Iran. Key to this week is to see how the U.S. Blockade plays out and negotiations evolve.
FOMC will conclude Fed Chairman Powell’s last meeting where he will be in charge. No changes expected.
Key Events of Notre Today:
Economic news of note.
Weekly - Crude Oil Inventories and MBA Mortgage Applications of note.
Monthly - Housing Starts, Durable Orders and New Home Sales of note.
Fed Speakers of Note today: We are still in the blackout period for this week’s meeting. FOMC Meeting starts today.
7-Year Note Auction at 1:00 p.m. EDT.
President Trump’s schedule:
Participates in Executive Time at 8:00 a.m. EDT.
The President participates in a Greeting with Artemis II Astronauts at 2:00 p.m. EDT.
Participates in Policy Meetings at 4:00 and 5:00 p.m. EDT.
Notable Earnings Out After The Close:
Beats: RNR +2.47, FICO +1.61, NBR +0.95, STX +0.59, UMBF+0.59, TER +0.45, FFIV +0.44, CDNA +0.39, LRN +0.38, BE +0.32, SIMO +0.30, TMUS +0.26, EXE +0.22, V +0.21, SLDE +0.17, NTB +0.15, PEB +0.11, VRNS +0.11 of note. (>$0.10)
Misses: PPG -0.41, CZR -0.24, OKE -0.08, OI -0.06, APAM -0.06, ASH -0.05, HOOD -0.01 of note.
Flat: BRX ARE of note.
Capital Raises:
IPOs For The Week: AVLN BWGC PS RIKU SBMT of note.
New IPOs/SPACs launched/News: IPOs Ahead This Week: None of note.
IPOs Filed/Priced: None of note.
Secondaries Filed Or Priced:
AMST - Closing of Up To $7.8 Million Concurrent Registered Direct Offering and Private Placements Priced At-the-Market Under Nasdaq Rules.
ICU: Form S-1..Up to 1,664,543 Shares.
ONCO: FORM S-1 - 25,000,000 shares of Common Stock.
OPTX - Pricing of $20 Million Underwritten Public Offering of Common Stock.
ORKA - Pricing of Upsized $700 Million Underwritten Public Offering.
RNTX: Form S-1.. 30,000,000 Shares of Common Stock.
Notes Filed Or Priced: None of note.
Convertible Offerings Filed or Priced: None of note.
Private Placement: None of note.
Direct Offering: None of note.
Exchangeable Subordinate Voting Shares: None of note.
Private Placements: None of note.
Selling Shareholders:
BMNR files for 501,545 share common stock offering by selling shareholders.
Mixed Shelf Offerings:
CDNX authorizes a new $20 billion common stock share repurchase program.
CPT: FORM S-3ASR - Mixed Shelf Offering.
PN: Form F-3..US$300,000,000 Mixed Shelf.
News After The Close:
Walt Disney (DIS) spokesperson says that ABC stations are “operating in full compliance with FCC rules” , related to Trump attack on Jimmy Kimmel. (CNBC)
Walt Disney not planning to spin off ESPN. (Business Insider)
Vertex (VERX) Board approved plan that includes a reduction in force of approximately 170 employees, representing approximately 9% of the Company’s global workforce approved plan that includes a reduction in force of approximately 170 employees, representing approximately 9% of the Company’s global workforce.
Brown-Forman (BFB) and Pernod Ricard have terminated discussions regarding a potential business combination, as the companies were unable to reach mutually agreeable terms.
Huntington Ingalls (HII) awarded a $282.8 million Navy contract.
Raytheon (RTX) awarded a $206.2 million Navy contract.
Huntington Ingalls (HII) awarded a $282.8 million Navy contract.
Raytheon (RTX) awarded a $206.2 million Navy contract.
Northrop Grumman (NOC) awarded a $488 million Air Force contract.
After the Close Winners: SIMO +18.6%, STX +16%, NXPI +15.8%, VRNS +12%, FICO +11.8%, PRCH +9.9%, WERN +9%, EXLS +7.7%, VLTO +7.6%, ORN +6.4%, ESI +5.7%, V +5.5%, SBUX +5%.
After the Close Losers: OI -18.8%, ENPH -9.6%, HOOD -8.9%, TER -8.2%, NBR -5.8%, ACGL -4.7%, BKNG -4.5%.
Buybacks:
UMBF announces that the board of directors has approved the repurchase of up to 2,000,000 shares of the company’s common stock.
SLDE has authorized a new common stock repurchase program of $100 million.
ASB $100 million buyback.
Visa (V) authorizes a new $20 billion common stock share repurchase program.
Executive, Corporate Changes:
RJET names Matthew Koscal CEO, finalizing succession plan for June 2026; reiterates guidance provided during the February 2026 earnings announcement.
UCTT announces that Sheri Savage, CFO, will be retiring from the company.
Dividend Announcements:
Top Names Ex-Dividend Today: BMO STZ EC WST CALM PXED of note.
Top Names Ex-Dividend Wednesday: of note.
MET announces increase of quarterly dividend to $0.5925 per share from $0.5675 per share.
PCAR increases quarterly dividend to $0.35 per share from $0.33 per share new dividend yield is 1.2%.
What’s Happening This Morning: (as of 7:30 a.m. EDT)
Futures S&P 500 +4.50, NASDAQ 100 +95 , Dow Jones +10. Europe is lower while Asia is mixed. Bond yield is at 4.358% from 4.354% on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas lower. Gold and Silver are lower while Copper is higher. The U.S. Dollar is higher versus the Euro, higher against the Pound and higher against the Yen. Bitcoin is at $77,582 higher by 1.79% up by $1361 from $76,591 lower by -0,23% down $-191.
Sector Action:
Daily Positive Sectors: Energy, Consumer Defensive, Real Estate and Financials led the way higher.
Daily Negative Sectors: Materials, Technology, Industrials and Consumer Cyclicals were lower.
One Month Winners: Energy of note.
Three-Month Winners: Energy, Materials, Utilities, Consumer Defensive and Industrials of note.
Six-Month Winners: Energy, Materials, Utilities, Industrials, Healthcare and Consumer Defensive of note.
Twelve-Month Winners: Materials, Energy, Industrials, Utilities, Communication Services and Technology of note.
Year to Date Winners: Energy, Materials, Consumer Defensive, Utilities and Industrials of note.
Bolded means the Sector is new to the period in which it falls.
Upcoming Earnings Of Note: (Erlanger Chartroom Software – sorted by market cap, highest to lowest with most visible names)
Today After the Close:
Thursday Before The Open:
Notable Earnings of Note This Morning:
Beat: AER +1.25, PSX +1.25, BG +0.95, CSTM +0.81, PAG +0.68, BIIB +0.61, REGN +0.56, SMG +0.52 of note.
Missed: CAR (1.18), GSK (0.68), SITE (0.27), TPH (0.12), GEHC (0.06), OGE (0.01), ETSY (0.01), LXP (0.01) of note.
Flat: SOFI FVRR BIP BLCO of note.
Still to Report: Several of note.
Company Earnings Guidance:
Positive Guidance: After The Close & This Morning - None of note.
Mixed - None of note.
Negative or Mixed Guidance: After The Close & This Morning - None of note.
Advance/Decline Daily Update:
Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):
Gap Up: BBBY +32.2%, of note.
Gap Down: ERAS -35.7%, of note.
Insider Action: None see Insider Buying with dumb short selling. None see Insider Buying with smart short sellers. Above $100,000 in purchases with high shorts but no history: None of note.
Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.
WSJ Lead Story: Trump Tells Aids To Prepare For Extended Blockade. (WSJ)
NY Times Lead Story: U,S, Gas Prices Hit Highest Level Since Beginning of the War. (NYT)
USA Today: Americans Feel Bd About Economy. (USA Today)
Bloomberg: U.S, Signals No Letup on Blockade. (Bloomberg)
Market Wrap: Tech Stocks Rebound in Run-up to Mega Cap Tech Earnings. (Bloomberg)
Economic & Geopolitical:
Federal Reserve Speakers of note today: Now in blackout period until next week’s FOMC meeting.
President Trump’s schedule for today:
Participates in Executive Time at 8:00 a.m. EDT.
The President participates in a Greeting with Artemis II Astronauts at 2:00 p.m. EDT.
Participates in Policy Meetings at 4:00 and 5:00 p.m. EDT.
Economic Data Out -
Weekly -
Crude Oil Inventories out at 10:30 a.m. EDT.
MBA Mortgage Applications are out at 7:00 a.m. EDT.
Monthly -
Feb/March Housing Starts are due out at 8:30 a.m. EDT and came in last month at 1,487,000.
March Durable Orders are due out at 8:30 a.m. EDT and are expected to rise to 0.50% from -1.40%.
Feb/March New Home Sales are due out at 10:00 a.m. EDT and came in last time at 587,000.
M&A Activity & Daily: None of note.
Moving Average Table: 74% from 94% of Equities are Positive, and 12% from 28% Bonds are Positive.
Meeting & Conferences of Note:
Sellside Conferences:
DB American Depositary Receipt Investor Conference
Jefferies Boston Biotech Summit
Jefferies Beauty and Wellness Conference
Oppenheimer Innovation on the Island
Top Analyst, Investor: None of note.
Shareholder Meetings: None of note.
Fireside Chat: None of note.
FDA Presentation: None of note.
R&D Day: None of note.
Meetings: None of note.
Upgrades & Downgrades:
The recommendations listed below in this “Upgrade/Downgrade” section are compiled from what we believe are Tier I, II and III firms. Recommendations posted are taken from a variety of sources each day and we only post upgrades or significant initiations as well as downgrades to underweight or sell. The purpose of this posting is to make the reader aware of market-moving recommendations.
Upgrades: CLS, CNC, CR, ELV, MOH, MXL, RDN, TEO, VSCO of note.
Downgrades: none of note.