Public Markets 8 Hours

Last updated: April 29, 2026, 5:30 PM ET

Tech & Corporate Earnings

The technology sector saw mixed results as major players released quarterly data, with Amazon reporting a 17% revenue jump anchored by its booming Web Services division, while Microsoft sales reached $82.9 billion for the January-to-March period, though questions about the ultimate return on massive AI spending remain. Elsewhere, Meta Platforms posted its largest revenue jump in recent history but simultaneously signaled even greater capital expenditures for AI data centers this year than previously anticipated, signaling an escalating arms race in digital infrastructure. Separately, EBay achieved higher first-quarter revenue as its gross merchandise volume climbed an impressive 18%, contributing to a $512 million profit for the quarter.

Geopolitics, Energy, and Inflation Fears

Market sentiment was dampened as oil prices touched wartime highs amid escalating fears surrounding the Iran conflict, prompting former Fed Chair Jerome Powell to warn that inflation has not yet peaked during his final press conference. The geopolitical tension is having tangible economic effects: the Pentagon estimated the cost of the Iran conflict at $25 billion due to the expenditure on missiles and interceptors, raising concerns about US readiness for other potential engagements. In response to rising energy prices, President Trump praised the UAE’s exit from OPEC, claiming it would help temper soaring costs, even as Australia warned China that stable commodity trade requires sustained fuel imports. Furthermore, the naval blockade around Iran pushed the Iranian currency to a record low, while the nuclear watchdog indicated that Tehran could potentially access its stockpile of near weapons-grade uranium if it chose to retrieve material from bombed sites.

Asia Markets & Currency Movements

The Japanese yen slid past the key 160-per-dollar mark as traders digested the Bank of Japan's recent meeting, where Governor Ueda offered no clear forward guidance, keeping pressure on the currency. In India, Prime Minister Narendra Modi is poised to secure a landmark victory in West Bengal for the first time, according to exit polls, reinforcing his strong political standing domestically. Meanwhile, in the energy space, BP Plc agreed to a deal with Venezuela to explore offshore gas reserves, signaling an acceleration in the South American nation's energy sector revival following geopolitical shifts.

Corporate Strategy & Restructuring

Several large firms announced strategic shifts: PayPal intends to reorganize into three distinct business units—Checkout Solutions & PayPal, Consumer Financial Services & Venmo, and Payment Services & Crypto—as part of a streamlining effort. In the semiconductor space, Qualcomm posted a $7.37 billion profit driven by growth in automotive and IoT segments, even as it navigates ongoing memory supply shortages. Elsewhere, KPMG is laying off 4% of its U.S. advisory workforce due to slowing demand in certain consulting services and lower levels of voluntary employee turnover.

Travel, Retail, and Consumer Health

Consumer-facing companies showed resilience despite macroeconomic headwinds; The Cheesecake Factory reported higher profits as same-store sales increased by 1.6% year-over-year. The used-car marketplace Carvana posted a $405 million profit following a record quarter selling 187,393 retail units. In the travel sector, the combined effects of war and higher oil prices are expected to steer the industry toward merger and acquisition activity, as tourists may stay closer to home. However, MGM Resorts logged lower first-quarter profit, falling to $125.1 million from $148.6 million a year prior, despite achieving higher overall revenue boosted by growth in China operations.

Finance, Tech Infrastructure, and Debt Markets

The push for AI capacity is driving significant investment in data centers, with one developer offering $999 million in junk bonds for a project leased to a SoftBank subsidiary, testing investor appetite for AI-linked debt. In Europe, UBS’s bumper profit both supports and complicates its ongoing discussions regarding the required fortification level of its balance sheet. Furthermore, the fallout from geopolitical instability is causing some European banks to become more selective in asset-backed lending following recent collapses in the sector. Separately, the crypto market is grappling with instability, as the decentralized lender Aave has experienced over $10 billion in outflows since April 18 following a major hack.