Market Report, 2026-04-29

Asset prices came under pressure on Wednesday as global investors digested statements from the Federal Reserve, which held interest rates steady at this meeting. With a historically deepening division among Federal Reserve officials, there appears to be a largely hawkish tilt to the Fed’s collective statements. Three officials decided not to support the inclusion of an easing bias in the statement. As Brent crude oil prices hit their highest level since 2022, Federal Reserve officials tweaked their statement to signal a high level of uncertainty about the economic outlook. The market is now pricing in an extremely small chance of a rate cut next year and is tilting toward a possible rate hike.

Stocks held steady but rotated toward large-capitalization technology stocks. The Dow Jones Industrial Average lost 280 points to 48,862. The Nasdaq rose 0.58% to 27,187. The S&P 500 stayed flat at 7,136. The small-cap Russell index fell 0.6%. Energy led the market again as oil prices rose further, while technology ended the day meaningfully higher. Most other sectors ended the day with losses.

The Treasury market pulled back. A 9-basis-point rise in the 5-year Treasury yield brought the benchmark to 4.08%, and the 10-year yield rose 7 basis points to 4.43%. The 30-year yield is now breaching 5% as well. As yields climbed and the dollar gained, gold retreated below the $4,600 mark.

Durable goods orders in March surprised economists by rising 0.8%. Builders tried to take advantage of current supply issues and surprised economists with 1.5 million new housing starts.

The initial estimate of last quarter’s GDP, a key inflation gauge for March, and weekly jobless claims will be released tomorrow. Adams Wealth will keep you updated.