Market Analysis Summary - April 29, 2026

S&P 500 Near Record High

The S&P 500 index remains close to its record high of 7,178, achieved recently. Despite rising yields and geopolitical uncertainties, the index is showing bullish momentum as long as it holds above recent lows of 7,050 to 7,047. If the index can surpass the psychological level of 7,500, further gains may be anticipated.

Macro Update

US equities experienced a downturn, with the Nasdaq falling by 0.90% and the S&P 500 declining by 0.49%. The Dow remained relatively unchanged. Concerns regarding artificial intelligence (AI) developments have negatively impacted tech stocks, particularly chipmakers like Nvidia, AMD, and Broadcom, following a report that raised doubts about OpenAI's growth and spending outlook.

Corporate Earnings Focus

Investors are closely watching upcoming earnings reports from major tech companies, including Microsoft, Alphabet, Amazon, and Meta, which collectively represent about 44% of the S&P 500's market value. Apple is also set to report its earnings shortly after these companies.

Mixed Corporate Updates

In corporate news, UPS shares dropped by 4.0% due to profit pressures from rising fuel costs. Conversely, General Motors saw a rise in its stock price after exceeding earnings estimates, and Coca-Cola's stock increased following an upward revision of its annual outlook.

Oil Prices and Geopolitical Tensions

Brent crude oil prices have surged to $105 amid ongoing tensions in Iran and the announcement of the UAE's exit from OPEC, which has raised inflation concerns among investors.

Federal Reserve Outlook

The Federal Reserve is expected to maintain current interest rates, while Asian equities have shown a slight decline. Investors are adopting a cautious stance ahead of Fed Chair Powell's final meeting.

EUR/GBP Analysis

The EUR/GBP currency pair is currently holding above recent lows of £0.8654. For a bullish trend to resume, it must break above the April 24 high of £0.8682. A drop below £0.8654 could lead to a revisit of the late March low at £0.8637.

Silver Price Trends

The price of silver has continued to decline, reaching a three-week low of $72.0438. If this level is breached, further declines towards early-to-mid-February lows are expected. A bullish reversal would require the price to exceed the April 24 high of $76.6785.

Outlook Summary

• S&P 500: Bullish while above 7,047; potential resistance at 7,500.
• EUR/GBP: Neutral with a bearish bias; needs to break £0.8682 for bullish momentum.
• Silver: Bearish while below $76.6785; potential support at $71.9774.