S&P Ends Flat As Fed Keeps Rates Near Zero; Dow, Nasdaq Decline

S&P 500 ended Wednesday’s session at around yesterday’s closing range after the Federal Reserve decided to maintain its interest rates near zero. The index had rallied to its intraday record before slipping, while the Dow Jones Industrial Average and the NASDAQ Composite Index closed lower on April 28.

The S&P 500 declined marginally by 0.08 percent to 4,183.18. The Dow Jones was down up 0.48 percent to 33,820.38. The NASDAQ Composite Index fell 0.28 percent to 14,051.03 while the small-cap Russell 2000 dropped 0.13 percent to 2,304.16.

The Federal Reserve Committee on Wednesday said it plans to maintain the target range for the federal funds rate at 0 to 1/4 percent. The Fed noted that indicators of economic activity and employment have strengthened amid the progress in vaccination and strong policy support. The Feb will also will continue buying at least US$80 billion Treasury securities and at least US$40 billion agency mortgage‑backed securities per month.

Meanwhile, President Joe Biden unveiled his American Family Plan, which consists of US$1 trillion in investments and US$800 billion in tax cuts for families and workers in the U.S. The plan is expected to support better access to education and child care for middle-class families. Biden looks to fund the US$1.8 trillion plan by raising the tax rate on the wealthiest Americans to 39.6 percent from 37 percent.

Microsoft reported a 19 percent year-over-year growth in its revenue during the fiscal third quarter whiles strong advertising revenue and cloud business boosted Alphabet Inc.’s 34 percent revenue growth in the first quarter.

Apple Inc., Facebook Inc. and Qualcomm Inc. will report their March quarter results today.

@Kalkine 2021

Top Gainers

Top performers on S&P 500 were Nov Inc (9.57%), Devon Energy Corp (8.54%), Hess Corp (7.79%) and APA Corp (US) (7.67%).

Uxin Ltd (45.32%), US Well Services (26.65%), Galectin Therapeutics Inc (22.60%) and Aurora Mobile Ltd (19.60%) were top performers on NASDAQ.

On Dow Jones, Chevron Corp (2.45%), Visa Inc (1.54%), American Express Co (1.45%) and Salesforce.Com Inc (1.14%) gained the most.

Top Losers

Top laggards on S&P 500 were Enphase Energy Inc (14.14%), F5 Networks Inc (9.08%), Amgen Inc (7.22%) and Automatic Data Processing Inc (4.73%).

Urban Tea Inc (37.50%), Revolution Medicines Inc (20.82%), Atea Pharmaceuticals Inc (20.68%) and Benitec Biopharma Inc (20.62%) were among the top losers on NASDAQ.

On Dow Jones, Amgen Inc (7.22%), Boeing Co (2.89%), Microsoft Corp (2.83%) and Mcdonald's Corp (1.09%) were laggards.

Source: Refinitiv, S&P 500 Index chart on April 28

Volume Movers

Top volume movers were MicroVision Inc (28.59M), Sundial Growers Inc (24.39M), Apple Inc (22.89M), Advanced Micro Devices Inc (19.36M), ADMA Biologics Inc (18.88M), Uxin Ltd (18.19M), Microsoft Corp (13.32M), Ocugen Inc (12.38M), Ford Motor Co (11.88M), Clover Health Investments Corp (11.01M), General Electric Co (10.96M), and Facebook Inc (10.19M).

Futures & Commodities

Gold futures were flat at US$1,781.65 per ounce on Wednesday. Silver was up 0.13 to US$ 26.282 per ounce. Copper grew 0.10 percent to US$ 4.5025.

Brent oil futures remained flat at US$ 66.53 per barrel and WTI crude rose 0.09 percent to US$ 63.72.

Bond Market

The 30-year Treasury bond yields decreased 0.42 percent on Wednesday to 2.290 while the 10-year bond yields were down 0.55 percent to 1.611.

US Dollar Futures Index was down 0.34 percent to US$ 90.580 on April 28.