S&P 500 (SPX), Nasdaq (QQQ) Update: Equity markets unchanged as Powell speech begins

Equity markets remain largely flat post the Fed leaving rates unchanged and recommitting to the $80 billion per month bond-buying program. The doveish tone continued as the Fed said any inflation effects are likely to be transitory. Chairman Powell is just beginning his speech.

The Nasdaq is -0.3%, S&P 500 flat, and Dow -0.4%.

Here is what you need to know on Wednesday, April 28:

Equity markets are following everything else and are in a holding pattern ahead of the Fed and Jerome Powell;s show later on Wednesday. European equities are at least buoyed by Deutsche Bank reporting strong results. But apart from that, it is unlikely to get interesting until the Fed takes to the airwaves later in the day.

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The dollar is trading at 1.2070 versus the euro, Gold slightly lower at $1766, Bitcoin calm at $55,000, and yields are higher at 1.63% for the US 10-year.

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European markets are all higher with the Dax and FTSE up 0.4%, while the EuroStoxx is up 0.2%.

US futures are weak with S&P 500 -0.1% and the Nasdaq and Dow futures both -0.3%.

Wall Street top news

Japan considers vaccine passports for foreign travel and testing Olympic athletes daily. 

EU looks for a verdict in its legal dispute with AstraZeneca (AZN) by the end of June.

President Biden is to unveil a $1.8 trillion family and education package in a joint speech to Congress on Wednesday. Tax hikes are to be used to fund the plan so this is what will interest markets.

Deutsche Bank (DB) posts best results since 2014, shares up 10% in premarket.

Boeing (BA) misses EPS, beats revenue, shares down 2% premarket. see more.

Tesla (TSLA) looks to make about $1 billion dollars at current prices on its Bitcoin flutter.

Alphabet (GOOGL) reported record profit and plans a $50 billion stock buy back.

Microsoft (MSFT) also reported strong earnings as cloud business performed notably well.

AMD smashes it as EPS and revenue beat estimates, shares up 4% premarket.

Spotify (SPOT) beat earnings estimates, shares down 7% as user numbers disappointed.

Pinterest (PINS) also beat earnings estimates, but user growth disappointed, shares down 11% premarket.

Stanley Black & Decker (SWK) beat earnings estimates.

Starbucks (SBUX) earnings per share, beat but revenue missed estimates, shares down 2% premarket.

Garmin (GRMN) EPS comfortably beat estimates.

Visa (V) beat on EPS, shares up 2% premarket.

SONY earnings beat estimates.

Discovery (DISCA) sales beat estimates, shares down 7% premarket.

Enphase Energy (ENPH) says Q2 sales would be less than expected, shares down 8% premarket.

Honda Motors will suspend production at three plants in Japan for up to six days due to chip shortages.

Ups and Downs

Viacom: Citi upgrades.

Microsoft: Morgan Stanley reiterates buy rating. Credit Suisse, Raymond James and Barclays raise price target.

Tilray: Bank of America reinstated as a buy.

AMD: Raymond James and JPMorgan raise price target.

3M: Credit Suisse cuts price target. RBC raises price target.

Alphabet: Raymond James, Credit Suisse, Wells Fargo, Oppenheimer, Barclays, Needham and Keybanc raise price target.

Fiserv: Wells Fargo, Raymond James and Rosenblatt raise price target.

Hasbro: DA Davidson raises price target.

Pinterest: Rosenblatt and KeyBanc lower price targets.

Starbucks: Wells Fargo, Wedbush and Stephens&Co raise price target.

UPS: Oppenheimer, Raymond James and Keybanc raise price target.

Visa: Wells Fargo and Raymond James raise price target.

Economic data

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