TLDR
- S&P 500 and Nasdaq closed at record highs last week; futures are mixed Monday morning
- Trump canceled U.S.-Iran peace talks, sending oil prices above $100 a barrel
- Five of the “Magnificent Seven” tech giants report earnings this week
- The Federal Reserve is expected to hold rates steady at its upcoming meeting
- Jerome Powell may host his final press conference as Fed chair this week
Wall Street started the week cautiously on Monday, with stock futures moving in different directions as investors waited on two major events: Big Tech earnings and a Federal Reserve interest rate decision.
Futures for the Dow Jones Industrial Average dropped about 45 points, or 0.1%. S&P 500 futures slipped slightly, while Nasdaq 100 futures edged up around 0.2%.
Both the S&P 500 and the Nasdaq closed at record highs last Friday. Chip stocks, including Intel, helped push the indexes higher to end last week.
Now investors are watching closely to see if that momentum continues. Alphabet, Apple, Microsoft, Amazon, and Meta Platforms are all set to report quarterly results this week.
“This may be the most important week for markets so far this year,” said Glen Smith, chief investment officer at GDS Wealth Management. “Earnings are back in the driver’s seat.”
The Federal Reserve is also meeting this week. Most traders expect the Fed to hold interest rates unchanged.
Powell’s post-meeting press conference will be closely watched. It could be his second-to-last as Fed chair, with Kevin Warsh expected to take over leadership of the central bank.
Oil Jumps After Trump Cancels Iran Peace Talks
Oil prices rose sharply Monday after President Trump canceled a planned visit by U.S. envoys to Iran for peace negotiations.
Brent crude futures jumped 2.5% to $101.56 a barrel. West Texas Intermediate climbed 2.3% to $96.55 a barrel.
Iran had reportedly put forward a new proposal to reopen the Strait of Hormuz and end the war, while pushing nuclear talks to a later date. But peace efforts stalled over the weekend, with both sides pulling back.
BREAKING: Iran through Pakistani mediators has given the US a new proposal for reaching a deal on the reopening of the Strait of Hormuz and ending the war, per Axios.
Details include:
1. Nuclear negotiations are postponed for a later stage under the deal
2. President Trump is…
— The Kobeissi Letter (@KobeissiLetter) April 27, 2026
The Strait of Hormuz is a key route for global oil shipments. Any continued blockade raises fears of higher energy prices and broader inflation.
The dollar slipped 0.1% against a basket of major currencies. The yield on the 10-year Treasury note was slightly higher at 4.32%.
Gold prices dipped as stalled Iran peace talks pushed oil higher and investors reassessed risk.
What Investors Are Watching This Week
South Korea’s Kospi index rose 2.2% overnight, hitting a record high on strength in chip stocks.
Adidas shares jumped after a runner broke the two-hour marathon world record wearing the company’s shoes.
Back in the U.S., all eyes remain on the five Magnificent Seven companies reporting this week. Their results will likely set the tone for markets heading into May.
The Fed’s policy statement is also due this week, giving markets more clarity on the path of interest rates for the rest of 2026.
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