The Week Ahead: Stocks Eye Fed, PCE and Microsoft, Apple, Amazon Earnings

Market Overview

U.S. equities extended their recovery last week, with the S&P 500 rising +0.55% to 7,165.08 and the Nasdaq Composite gaining +1.50% to 24,836.60. The Dow Jones Industrial Average lagged, declining -0.44% to 49,230.72.

Technology continues to lead, supported by strong momentum in semiconductors and AI-related names. Upward revisions in tech earnings expectations have reinforced leadership in the Nasdaq and helped drive the broader rebound.

Geopolitical risks remain present but contained. The Middle East ceasefire is holding, though the closure of the Strait of Hormuz continues to support elevated oil prices near $95 per barrel. Markets are largely discounting escalation risk for now.

Economic data points to resilience. Retail sales and business surveys indicate steady growth, helping offset concerns around inflation and higher energy prices.

Focus this week centers on the Federal Reserve, a heavy slate of economic releases starting Tuesday, and a dense earnings calendar. Major reports from Microsoft, Meta, Apple, Amazon, Visa, Exxon, and Chevron will be key drivers alongside the Fed decision.

Economic Releases & Notable Earnings

Monday, April 27
Before the Open:
• Domino’s Pizza (DPZ), est. $4.27
• Verizon (VZ), est. $1.21
Economic Releases:
• No releases scheduled.
After the Close:
• Cadence Design (CDNS), est. $1.88
• Nucor (NUE), est. $2.82

Tuesday, April 28
Before the Open:
• Coca-Cola (KO), est. $0.81
• General Motors (GM), est. $2.60
Economic Releases:
• 12:15 GMT – ADP Weekly Employment Change, prior 54.8K
• 13:00 GMT – HPI m/m, forecast 0.1% (prior 0.1%)
• 13:00 GMT – S&P/CS Composite-20 HPI y/y, forecast 1.0% (prior 1.2%)
• 14:00 GMT – CB Consumer Confidence, forecast 89.4 (prior 91.8)
• 14:00 GMT – Richmond Manufacturing Index, forecast -4 (prior 0)
• 20:30 GMT – API Weekly Statistical Bulletin
After the Close:
• Visa (V), est. $3.10
• Starbucks (SBUX), est. $0.42

Wednesday, April 29
Before the Open:
• AbbVie (ABBV), est. $2.59
• ADP (ADP), est. $3.29
Economic Releases:
• 12:30 GMT – Building Permits, forecast 1.39M (prior 1.38M)
• 12:30 GMT – Core Durable Goods Orders m/m, forecast 0.4% (prior 0.9%)
• 12:30 GMT – Durable Goods Orders m/m, forecast 0.5% (prior -1.3%)
• 12:30 GMT – Goods Trade Balance, forecast -86.3B (prior -83.5B)
• 12:30 GMT – Housing Starts, forecast 1.40M (prior 1.49M)
• 12:30 GMT – Prelim Wholesale Inventories m/m, forecast 0.3% (prior 0.2%)
• 14:30 GMT – Crude Oil Inventories, prior 1.9M
• 18:00 GMT – Federal Funds Rate, forecast 3.75% (prior 3.75%)
• 18:00 GMT – FOMC Statement
• 18:30 GMT – FOMC Press Conference
After the Close:
• Microsoft (MSFT), est. $4.05
• Meta Platforms (META), est. $6.66

Thursday, April 30
Before the Open:
• Caterpillar (CAT), est. $4.65
• Eli Lilly (LLY), est. $6.88
Economic Releases:
• 12:30 GMT – Advance GDP q/q, forecast 2.2% (prior 0.5%)
• 12:30 GMT – Core PCE Price Index m/m, forecast 0.3% (prior 0.4%)
• 12:30 GMT – Employment Cost Index q/q, forecast 0.8% (prior 0.7%)
• 12:30 GMT – Advance GDP Price Index q/q, forecast 3.9% (prior 3.7%)
• 12:30 GMT – Unemployment Claims, forecast 212K (prior 214K)
• 12:30 GMT – Personal Income m/m, forecast 0.3% (prior -0.1%)
• 12:30 GMT – Personal Spending m/m, forecast 0.9% (prior 0.5%)
• 13:45 GMT – Chicago PMI, forecast 55.3 (prior 52.8)
• 14:00 GMT – CB Leading Index m/m, forecast -0.2% (prior -0.1%)
After the Close:
• Apple (AAPL), est. $1.95
• Amazon (AMZN), est. $1.63

Friday, May 1
Before the Open:
• Exxon Mobil (XOM), est. $0.97
• Chevron (CVX), est. $0.97
Economic Releases:
• No releases scheduled.
After the Close:
• No reports scheduled.

Central Bank Activity

Wednesday: Jerome Powell (Fed Chair) – 18:30 GMT

The Fed is expected to hold rates steady. Markets will focus on Powell’s tone regarding inflation and policy, particularly given this meeting may mark his final appearance as chair. Commentary will influence rate expectations and equity positioning.

Technical Outlook

Weekly Dow Jones Industrial Average Index

Dow Jones: 49,230.72 (-0.44%), support at 47,785.04, 47,452.99, 46,194.72 (52-week SMA), resistance at 49,848.69, 50,512.79.

Weekly Nasdaq Composite Index (IXIC)

Nasdaq: 24,836.60 (+1.50%), support at 21,922.22, (52-week SMA), 20,690.25, resistance at 24,854.04.

Weekly S&P 500 Index (SPX)

S&P 500: 7,165.08 (+0.55%), support at 6,553.78 (52-week SMA), 6,316.91, resistance at 7,168.59.

All major indices remain above rising 52-week SMAs, confirming an intact primary uptrend.

Outlook

Markets face a catalyst-heavy week driven by the Fed decision, a dense run of economic data, and a heavy earnings calendar. Tuesday and Wednesday data, followed by GDP and PCE on Thursday, will provide key insight into growth and inflation.

At the same time, earnings from major technology firms including Microsoft, Meta, Apple, and Amazon, alongside key names such as Visa, Exxon, and Chevron, will guide sentiment across sectors.

The combination of Fed communication, macro data, and corporate results will determine whether the current rally can extend or consolidate near recent highs.

More Information in our Economic Calendar.