Market Analysis Summary
Publication Date: Tuesday, 28 April 2026
Macro Update
US equities are showing stability, with the S&P 500 and Nasdaq reaching new record closes, while the Dow Jones experienced a slight dip amid quiet trading as investors consolidate recent gains.
Earnings Season Insights
The first-quarter earnings reporting season is gaining momentum, with 81% of S&P 500 companies surpassing earnings estimates. Full-year growth expectations have risen to 16.1%, ahead of significant tech results expected this week.
Macro Economic Context
Markets are currently in a cautious stance as they await the Federal Reserve's decision on interest rates, which are expected to remain unchanged. Investors are particularly focused on inflation risks associated with rising energy prices.
Geopolitical Tensions
Ongoing tensions between the US and Iran remain unresolved, with disrupted shipping through the Strait of Hormuz keeping oil prices above $100, contributing to uncertainty in the global growth outlook.
Asian Market Reactions
In Asia, the Bank of Japan maintained its interest rates at 0.75%. However, a split vote indicates rising inflation concerns, which has supported the yen while Japanese equities have pulled back from their record highs.
Oil Market Dynamics
Brent crude oil prices have climbed towards $104, driven by stalled diplomatic efforts and restricted tanker flows through the Strait of Hormuz, which have kept supply tight and reinforced an upward trend in energy markets.
Technical Analysis: Nasdaq 100
The Nasdaq 100 is on a swift upward trajectory, approaching the 261.8% Fibonacci extension at 28,860. It is expected to maintain this momentum as long as it remains above the April 21 low of 26,405.
Technical Analysis: USD/JPY
The USD/JPY currency pair is currently trading sideways with low volatility, remaining below recent highs of ¥159.84 to ¥159.86, but above the mid-April low of ¥157.59.
Technical Analysis: Brent Crude
Brent crude has closed its early April gap and continues to rise towards the $105 region. Resistance may be encountered between the late March to early April highs of $108.41 to $108.88.
Outlook Summary
The short-term outlook for the Nasdaq 100 remains bullish as long as it stays above 26,405, while the USD/JPY has a neutral outlook with a bullish bias above ¥157.51. Brent crude is also bullish while above $97.81.