Fed policy and inflation
The FOMC kept the overnight rate at 3.50-3.75% in an 8-4 vote. Powell said energy prices were lifting inflation, core PCE reached 3.2% in March and tariffs were still expected to have a one-time price effect.
Apr 29, 2026 · QQQ/SPY Market Review · 75 headlines
An 8-4 Fed vote and mega-cap results accompany QQQ's 1.42% advance
QQQ moved from a 0.16% opening gain to finish 1.42% above the prior close, while SPY went from a 0.10% opening decline to a 0.28% gain. QQQ led by 1.13 percentage points. The FOMC held rates at 3.50-3.75% on an 8-4 vote, and Powell discussed energy inflation and tariff pass-through. After-hours trading featured sharp reversals around results from Meta, Alphabet, Amazon, Qualcomm and Microsoft, while Iran blockade and oil-supply headlines remained in view.
Published
- QQQ
- +1.42%
- SPY
- +0.28%
- QQQ − SPY
- +1.13%
What shaped the session
Mega-cap earnings
Meta, Alphabet, Amazon and Microsoft all reported revenue above expectations. Qualcomm also beat quarterly estimates but issued third-quarter earnings and sales guidance below consensus.
AI infrastructure spending
Meta raised its fiscal 26 capital-spending range, Microsoft reported $54.5 billion in cloud revenue and a 99% increase in commercial remaining obligations, and Alphabet said near-term compute constraints limited cloud revenue.
Iran and oil supply
Trump reportedly rejected Iran's offer and kept the blockade tied to a nuclear deal. U.S. crude inventories posted a 6.234 million-barrel draw, while Reuters reported that OPEC+ was likely to agree another output increase without the UAE.
Key news
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