Caterpillar surge lifts Dow toward 50,000; Nasdaq stalls

U.S. stock benchmarks moved in differing directions after the Federal Open Market Committee meeting on April 30, 2026. Caterpillar shares jumped about 10% on unusually large orders for generators used in data-center AI infrastructure, and the Dow Jones Industrial Average rose roughly 1,000 points from a recent level of 48,500 toward the 50,000 mark. The Nasdaq Composite traded above 27,000 but posted little net gain.

Federal Reserve Chair Jerome Powell’s post-meeting comments did not signal imminent rate hikes. A softer dollar, steady jobs data, rising retail sales and U.S. purchasing managers’ indexes staying above contraction helped support risk appetite in equity markets.

Technology companies reported strong cloud and AI-related revenue in the latest earnings cycle. Microsoft reported AI-related revenue growth of about 123%. Google and Amazon logged double-digit gains in cloud sales. Meta Platforms reported a 33% revenue increase and said it will add roughly $10 billion in capital expenditure for AI data centers; Meta’s shares faced selling pressure after that announcement.

On technical charts, traders identified resistance for the Dow in the high 49,000s into the 50,000 level and all-time high territory around the low 50,500s. Intraday moving averages and pivot points provided short-term support near 49,200–49,300, with broader support closer to 48,000. The Nasdaq has been consolidating above 27,000; a break below the four-hour 50-period moving average could prompt a retest of prior peaks near 26,300, while upside would face psychological ceilings around 28,000. The S&P 500 traded in a range near 7,100 to 7,200.

An OANDA market analyst wrote that defensive, high-moat value names have attracted renewed attention and that investors are rotating between sectors, a pattern that has contributed to intraday volatility. Market participants said they will watch crude oil prices and developments in U.S.-Iran relations, along with upcoming economic releases and the remainder of corporate earnings, for signals that could affect whether gains near 50,000 hold or give way to consolidation.