Powell’s final FOMC press conference keeps markets, indexes in focus

U.S. stocks traded largely sideways on April 29, 2026, as investors awaited Federal Reserve Chair Jerome Powell’s final FOMC press conference. The Fed decision was fully priced to keep interest rates unchanged, making Powell’s language and tone the main immediate market catalyst.

Major technology companies including Meta, Alphabet, Amazon and Microsoft were set to report after the U.S. close. Market participants were watching whether heavy infrastructure and artificial intelligence spending was producing measurable revenue or margin gains following large tech-sector moves in late 2025.

Traders expected elevated volatility around the Fed remarks and the large-cap tech earnings. Geopolitical tensions between the U.S. and Iran and disruptions tied to a blockade in the Strait of Hormuz pushed West Texas Intermediate crude near $105 a barrel.

On technical charts, the Dow Jones Industrial Average showed downside pressure after breaking a roughly 500-point consolidation. Near-term technical support included the two-hour 200-period moving average around 48,860, momentum support near 48,500 and a key floor at 48,000. Upside resistance included a pivot zone at 49,000–49,100, a weekend gap near 49,500–49,600, early-2026 highs around 49,900–50,000 and the all-time high near 50,544.

The Nasdaq Composite traded slightly higher in morning action but remained confined to a roughly 150-point range near 27,000. Immediate resistance was clustered at 27,000–27,150, with record highs near 27,420 and additional caps at 27,500 and the 28,000 level. Support levels included 26,600–26,750, prior all-time-high support around 26,200–26,300 and deeper support in the 25,000–25,250 area.

The S&P 500 had lost its short-term upward trend but stayed above the 7,100 level in consolidation. A breach below 7,100 would likely expose prior all-time-high support around 7,020–7,050. Near-term resistance was visible at 7,150–7,160, with a new all-time resistance band at 7,180–7,200 and a potential bounce target near 7,230. Additional support levels included a weekend gap near 7,100, a minor frame at 6,880–6,900 and a broader range around 6,750–6,770.

Market participants monitored oil prices and geopolitical headlines alongside the Fed event and earnings reports. Short-term positions were set for potential volatility around Powell’s remarks and the major tech earnings, which were expected to influence trading into the close and the next session.