Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) closed lower on Tuesday ahead of the April 29 Federal Open Market Committee (FOMC) meeting.
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News That Moved the Stock Market Today
- The central bank is widely expected to hold rates steady tomorrow, with the CME FedWatch tool assigning a 100% probability to that outcome.
- OpenAI missed internal revenue and weekly user projections, leading to weakness in AI-related stocks, including Nvidia (NVDA), AMD (AMD), and Oracle (ORCL).
- U.S.-Iran negotiations remain stalled, with President Trump displeased with Iran’s proposal to end the war and reopen the Strait of Hormuz in exchange for the U.S. lifting its blockade on Iranian ports.
- Trump said in a Truth Social post that Iran is in a “State of Collapse” and that the country requested the U.S. to reopen Hormuz “as soon as possible.”
- Iran is working on a revised proposal to send to Pakistani mediators, although the terms of the deal are still unclear.
- The Consumer Confidence Index (CCI) climbed to a year-to-date high, rising by 0.6 points to 92.8 in April. Sentiment toward the labor market and income expectations improved, while concerns of rising gas prices persisted.
- Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOGL) and Meta Platforms (META) will report their earnings after the closing bell on Wednesday.
- Spotify (SPOT) plunged after its earnings report fell short of expectations.