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US Equity Markets End Lower as Chipmakers Slide, Middle East Tensions Lift Oil

US equity indexes closed lower on Tuesday as semiconductor shares fell and Middle East tensions lifted crude oil prices.* Arm Holdings (ARM), Applied Materials (AMAT), Lam Research (LRCX), Arista Networks (ANET), and Advanced Micro Devices (AMD) were among the tech decliners.* Iran's latest proposal to end the war in the Middle East failed to win President Donald Trump's support, Reuters reported, citing a US official.* The Conference Board's measure of consumer confidence rose to 92.8 in April from an upwardly revised 92.2 in March, compared with 89 expected in a Bloomberg survey.* The Richmond Fed's monthly manufacturing index rose to 3 in April from zero in March, above expectations for 1 in a Bloomberg poll.* May West Texas Intermediate crude oil rose $3.51 to settle at $99.88 per barrel, while June Brent crude, the global benchmark, was last seen up $2.90 at $111.13.* Alexandria Real Estate Equities (ARE) shares fell 11%, the biggest drop on the S&P 500, after the company reported lower Q1 results.* Centene (CNC) shares rose 13%, the top gainer on the S&P, after the company reported higher Q1 results and raised its 2026 outlook.

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Daily Roundup of Key US Economic Data for April 28

The Conference Board's Consumer Confidence Index rose to 92.8 in April from a 92.2 reading in March reflecting an increase in the expectations reading that was partially offset by a decline in the reading for current conditions.Current employment conditions improved but the assessment of current business conditions deteriorated.The Conference Board noted that the survey was conducted during the two-week ceasefire in the Middle East and the rebound in US equity prices.The FHFA home price index was unchanged in February after a 0.2% increase in January. The index was 1.7% higher than a year ago.Released at the same time, S&P Case-Shiller reported a 0.3% February home price gain after a 0.2% decline in January. The index was up 0.7% year-over-year, down from the 0.8% rate in the previous month.The Richmond Fed's manufacturing index rose to 3 in April from 0 in March after positive readings in most of the regional data.At same time, the Richmond Federal Reserve's services reading remained at 9 in April, while the Dallas Fed's services reading fell to minus 9.9 in April from minus 13.3 in March.Redbook reported that US same-store retail sales were up 7.7% year-over-year in the week ended April 25, faster than a 6.7% gain in the prior week due to an extra selling day this year and sales of seasonal items despite mixed weather conditions.

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FOMC Seen Holding Rates Steady Again at April Meeting

The Federal Open Market Committee is widely expected to maintain the target range for its federal funds rate at 3.50% to 3.75% at its meeting this week, putting the focus on post-meeting comments from Federal Reserve Chairman Jerome Powell.Powell is due to leave his post before the next FOMC meeting in June but has said he will remain until his named replacement, Kevin Warsh, is confirmed.The CME's Fed Watch Tool currently shows a 100% chance being priced in for no change to the current target range.The FOMC's statement following Wednesday's meeting is due for release at 2:00 pm ET, with Fed Chair Powell's press conference scheduled to begin at 2:30 pm ET.There will not be an update to the Summary of Economic Projections at this week's meeting.Continued debate remains between FOMC members, with some, particularly Fed Governor Stephen Miran, suggesting that the inflation impact of the conflict in Iran is temporary and should be ignored, while others have been more cautious that the effects could be widespread and longer-lasting.Powell said on March 30 that inflation expectations remain well anchored after an expected short-term price shock from the conflict in Iran and that the FOMC has time to see if that is the case before incorporating it into policy making.Since then, the consumer price index jumped by 0.9% for the March reading, lifted by a 21.2% jump in gasoline prices and retail sales proved to be resilient in March even outside of gains in both vehicle sales and gasoline station sales.At the same time, nonfarm payrolls rebounded in March from a February decline and the unemployment rate declined to 4.3% from 4.4% in the previous month.Cleveland Fed President Beth Hammack and Dallas Fed President Lorie Logan, both voters on the FOMC this year, said in early-April that the conflict in Iran adds uncertainty to the outlook. Hammack added that the FOMC should hold rates steady for a time and that the next rate move could be a rate increase if inflation moves higher.Later in the month, Fed Governor Christopher Waller said on April 17 that he would be willing to look through the most recent energy price spike if he knew that prices would soon unwind, but said that the FOMC is likely to stay on hold for longer if it appears that the conflict in Iran is having a deeper impact on inflation in other categories outside of energy.Warsh's confirmation hearing on April 21 raised concerns from US senators that he will not be able to avoid political bias when making policy decisions, but Warsh said that he made no deal with US President Donald Trump to earn the nomination as Fed chair and will not be Trump's "sock puppet" as was suggested by Democratic Senator Elizabeth Warren.

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India's Industrial Production Shows Moderate Growth of 4.1% in March

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Dallas Fed Services Index Rises in April, Still Indicates Contraction

The Dallas Federal Reserve's monthly general business services index rose to a reading of minus 9.9 in April from minus 13.3 in March, still indicating contraction.There were increases in the readings for revenue, input prices and selling prices, but decreases in the readings for employment and wages.This is the final regional services reading for the month, with mixed readings in the other measures.

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April Dallas Fed Service Sector Index -9.9 vs. -12 Expected, Prior -13.3 Reading

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April US Consumer Confidence Rises Unexpectedly

The Conference Board's measure of consumer confidence rose to 92.8 in April from an upwardly revised 92.2 reading in March, compared with a decrease to a reading of 89.0 expected in a survey compiled by Bloomberg as of 7:30 am ET.The survey for preliminary results was conducted from April 1 to April 22, 2026, which included a temporary ceasefire in Middle East conflict for two weeks and the subsequent rebound in US equities.The present situation reading decreased to 123.8 from 124.1, while the expectations reading increased to 72.2 from 71.0.The current assessment of employment improved modestly while business conditions weakened in April."Consumer confidence edged up in April but was overall little changed, despite material concern about rising gasoline prices as the war in the Middle East prompted a surge in Brent crude oil prices," said Dana Peterson, Chief Economist at The Conference Board. "Consumer appraisals of current and expected business conditions declined moderately compared to last month. This was offset by modest improvements in consumers' perceptions of the labor market, both current and expected, as well as income expectations, which were slightly more optimistic in April."The monthly consumer confidence index from the Conference Board measures consumer sentiment in the current month, with the headline index a combination of the present situation and expectations for the near future. The report also includes the current and future assessments for business and employment conditions.An increase in the reading suggests consumers are more confident, a positive for stocks if that confidence translates into spending. Increased demand is usually inflationary, a negative for bonds.

International11d ago

April Richmond Fed Regional Manufacturing Index Rises More than Expected, Services Index Unchanged

The Richmond Fed's monthly manufacturing index rose to a reading of 3 in April from 0 in March, higher than expectations for a smaller increase to 1 in a survey compiled by Bloomberg.Other regional manufacturing data already released have suggested expansion with the exception of the Dallas Fed's measure.Released at the same time, the services revenue index remained unchanged at 9 in April. Other services data have been mixed. The demand index fell to 10 in April from 21 in March.

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April US Consumer Confidence Index 92.8 Vs. Expected 89.0, Prior 92.2

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April Richmond Fed Services Revenue Index 9 Vs. Expected 0 Print, Prior 9

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April Richmond Fed Manufacturing Index 3 Vs. Expected 1 Print, Prior 0

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February Case-Shiller US Home Price Index Rebounds From January Drop

The Case-Shiller National Home Price index rose by 0.3% in February before seasonal adjustment following a 0.2% decrease in January.The 10-city index rose by 0.6% in the month, while the 20-city index was up 0.4%.National home prices were up 0.7% year-over-year, down from a 0.8% annual gain in January."More than half of major U.S. metropolitan markets posted year-over-year price declines in February, signaling that the housing slowdown has broadened well beyond its Sun Belt origins," said Nicholas Godec, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices.National home prices were up 0.1% month-over-month in February after seasonal adjustment, with the 10-city measure up 0.1% but the 20-city measure 0.1% lower.The monthly home price index report from S&P CoreLogic Case-Shiller measures single-family home prices across the US with a two-month lag, broken down by city, with combined measures of the 10 and 20 largest cities and a national index. Case-Shiller reports percentage gains both from the previous month and a year earlier.Higher home prices are inflationary and are usually negative for bonds. The possible outcome for housing-related stocks is mixed, as higher prices suggest strong demand, but prices that are accelerating too fast can also deter potential buyers.

International11d ago

February FHFA Home-Price Index Holds Steady, Below Expectations

The FHFA's measure of home prices held steady in February after an upwardly revised 0.2% increase in the previous month, below the 0.1% gain expected in a survey compiled by Bloomberg as of 7:30 am ET.Prices were up 1.7% from a year earlier in February.Sale prices were up in four of the nine regions from the previous month, down in four other regions and unchanged in the East North Central region.The monthly home price index report from the Federal Housing Finance Agency measures single-family home prices across the US with a two-month lag, broken down by region. The FHFA reports percentage gains both from the previous month and a year earlier.Higher home prices are inflationary and a negative for bonds. The outcome for housing-related stocks is mixed, as higher prices suggest strong demand, but prices that are accelerating too fast can also deter potential buyers.

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February Case-Shiller National Home-Price Index Rises 0.3% After 0.2% Decline, Up 0.7% Year-Over-Year

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February FHFA House-Price Index Flat Vs 0.1% Gain Expected, Prior Revised 0.2% Gain, Up 1.7% Year-Over-Year

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Redbook US Same-Store Sales Rise in Week Ended April 25

Redbook US same-store sales rose by 7.7% from a year earlier in the week ended April 25 after a 6.7% year-over-year increase in the previous week, with sales benefitting from an extra selling day this year compared with last year due to the timing of Easter."As warmer weather arrives, early increases are evident in sales of lawn and garden products as well as spring apparel," Redbook noted. However, weather event such as severe storms and tornadoes disrupted business in affected areas, Redbook said.Through the third selling week for April, sales were up 7.1% compared with April 2025, slightly lower than the target for a 7.2% gain, Redbook said.

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Redbook US Same-Store Sales Rises 7.7% Year-Over-Year in Week Ended April 25 After Prior 6.7% Gain

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Greenply Industries' JMD & CEO Resigns

Greenply Industries (NSE:GREENPLY, BOM:526797) said its joint managing director and chief executive officer, Manoj Tulsian, has resigned due to personal reasons, according to a Tuesday filing on Indian bourses.The resignation will be effective April 30, the filing said. Tulsian will continue to be associated with the company in an advisory capacity, it added.

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International11d ago

Corporate Earnings Nudge European Bourses Higher Midday

European bourses tracked modestly higher midday Tuesday as traders monitored the corporate earnings season and weighed news reports regarding the still-closed Strait of Hormuz.Oil and bank stocks led gains on continental trading floors, while property shares lagged.BP stock was up 3% midday after the company reported higher Q1 underlying replacement cost profit and sales.Investors also eyed Wall Street futures in the red amid mostly lower closes overnight on Asian exchanges.In economic news, continental consumers in March expected inflation in the next 12 months to log at 4%, up from the 2.5% rate in February, the European Central Bank reported.The pan-continental Stoxx Europe 600 Index was up 0.1% mid-session.The Stoxx Europe 600 Technology Index was down 0.8%, while the Stoxx 600 Banks Index advanced 1.3%.The Stoxx Europe 600 Oil and Gas Index rose 1.6%, while the Stoxx 600 Europe Food and Beverage Index edged 0.8% higher.The REITE, a European REIT index, declined 0.7%.On the national market indexes, Germany's DAX was up 0.2%, and the FTSE 100 in London gained 0.3%. The CAC 40 in Paris was up 0.3%, and Spain's IBEX 35 lifted 1%.Yields on benchmark 10-year German bonds were higher, near 3.07%.Front-month North Sea Brent crude-oil futures were up 3.1% at $104.83 a barrel.The Euro Stoxx 50 volatility index was down 1% at 23.72, still indicating above-average volatility for European stock markets in the next 30 days, a negative signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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US Dollar Rises Early Tuesday Ahead of Redbook, Home Prices, Consumer Confidence

The US dollar rose against its major trading partners early Tuesday ahead of a busy day of economic data releases, starting with weekly Redbook same-store sales at 8:55 am ET.Home price data for February from FHFA and Case-Shiller are due to be released at 9:00 am ET, followed by consumer confidence data for April and manufacturing data for April from the Richmond Federal Reserve, both at 10:00 am ET.The Dallas Fed's non-manufacturing reading for April is due to be released at 10:30 am ET.A quick summary of foreign exchange activity heading into Tuesday:EUR/USD fell to 1.1694 from 1.1721 at the Monday US close and 1.1746 at the same time Monday morning. European Central Bank President Christine Lagarde is due to speak at 1:30 pm ET. The next European Central Bank meeting is scheduled for Thursday, when no change in the target rate is expected.GBP/USD fell to 1.3484 from 1.3532 at the Monday US close and 1.3560 at the same time Monday morning. There are no UK data on Tuesday's schedule. The next Bank of England meeting is scheduled for Thursday, when no change in the target rate is expected.USD/JPY rose to 159.6894 from 159.4238 at the Monday US close and 159.1148 at the same time Monday morning. The Bank of Japan maintained its target rate on a 6-3 vote in its statement released Monday evening US time, but lowered its growth forecast and raised its inflation outlook due to the conflict in the Middle East. The three dissenting votes were for a rate increase. The next Bank of Japan meeting is scheduled for June 15-16. Also released overnight, the Japanese unemployment rate rose modestly in March.USD/CAD rose to 1.3664 from 1.3635 at the Monday US close and 1.3612 at the same time Monday morning. There are no Canadian data on Tuesday's schedule. The next Bank of Canada meeting is scheduled for Wednesday, when no change in the target rate is expected.

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