[US Pre-Market] Super Earnings Day Arrives. Google, Microsoft, Amazon, Meta to Report After the Bell; Trump Has Hinted at “Long Lockdown”; Brent Oil Touches $112
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Major indices futures rose pre-market, but tech stocks were mixed ahead of key earnings from Google, Microsoft, Amazon, and Meta. Concerns about AI spending sustainability may be addressed with these reports. Geopolitical tensions with Iran and potential Strait of Hormuz closure impacted crude prices, with Brent exceeding $112.70. Robinhood missed Q1 revenue and profit expectations, while Starbucks beat Q2 forecasts and raised guidance. The Federal Reserve's interest rate decision is imminent, with Fed Chair Powell's term ending May 15. The UAE's planned exit from OPEC in 2026 has no immediate impact on oil prices.
TradingKey - Before the U.S. market open on Wednesday (April 29), futures for the three major indices rose collectively, while tech stocks showed mixed performance. April 29 may be the most important earnings day of the quarter, with Google (GOOG) (GOOGL) , Microsoft (MSFT) , Amazon (AMZN) , Meta (META) all scheduled to report earnings after the bell. As of press time, Google fell 0.43% in pre-market trading, Microsoft dropped 0.62%, Amazon slid 0.11%, and Meta declined 0.11%.
Previous reports suggested that OpenAI failed to meet its internal revenue targets and that new user growth fell short of expectations, raising market concerns about the sustainability of massive AI capital expenditures. These market doubts may be addressed as the four aforementioned AI companies release their earnings.
Regarding U.S.-Iran tensions, Trump has instructed aides to prepare for a long-term blockade of Iran, which could lead to a sustained closure of the Strait of Hormuz. Brent crude hit an intraday high of $112.70 per barrel on Tuesday, gaining 4.1% and breaking above the $110 threshold for the first time in three weeks.
Unusual Market Activity
Robinhood (HOOD) fell nearly 11% in pre-market trading as Q1 revenue and profit both missed expectations, with crypto trading revenue halved from a year earlier.
Starbucks (SBUX) rose more than 5% in pre-market trading after Q2 fiscal 2026 revenue and profit both beat expectations, with quarterly revenue hitting a record $9.53 billion and net profit surging 33% year-over-year; meanwhile, management raised its full-year guidance for comparable profit and same-store sales growth.
Market Headlines
The Federal Reserve is set to announce its interest rate decision, which could serve as Jerome Powell's "last dance" before his departure. Powell's term as Fed Chair is scheduled to expire on May 15, and it remains uncertain whether he will continue as a member of the Board of Governors after stepping down. Kevin Warsh, President Trump's nominee for Fed Chair, is expected to receive Senate confirmation before the Fed's next meeting in mid-June.
The UAE announced its withdrawal from OPEC and OPEC+, sending Brent and WTI crude prices up 3% intraday. On April 28, the UAE announced it would exit OPEC and OPEC+ on May 1, 2026, meaning the country will no longer be bound by production quotas. However, as the Strait of Hormuz remains closed, the UAE is currently unable to increase exports; therefore, the move has no material impact on short-term oil prices.
Trump will maintain the economic and oil export blockade against Iran. In several recent meetings, Trump opted to continue the economic and oil export blockade on Iran, blocking vessels from entering or leaving its ports to force "nuclear concessions" from Tehran. Analysts believe the Iranian conflict has clearly reached a stalemate.
Key Data/Events Preview
After the market close on Thursday, April 30 (ET), Apple (AAPL) as well as memory stock Western Digital (WDC) , and SanDisk (SNDK) will all report earnings.
April 30 will feature the Federal Reserve's interest rate decision, the Bank of England's monetary policy meeting minutes and Governor Bailey's speech, and the European Central Bank's monetary policy decision statement.
This content was translated using AI and reviewed for clarity. It is for informational purposes only.
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