Investors stay defensive as tech weakness offsets gains in Hong Kong, with oil risks and Fed caution shaping sentiment.
Markets were mixed as Arm plunged 7.98%, dragging the Nasdaq down 0.90% and the S&P 500 lower 0.49%. The Hang Seng gained 1.58%, while Brent rose 0.31% to $111.26 and gold slipped 0.09% ahead of the Fed.
Today's Snapshot
- Arm Holdings plc: 215.88 (-7.98%)
- Nasdaq Composite: 24,887.10 (-0.90%)
- S&P 500: 7,173.91 (-0.49%)
- Gold: $4,597.06/oz (-0.09%)
- Brent Crude: $111.26/bbl (+0.31%)
Global Markets
(A) Commodities
Gold: $4,597.06/oz (-0.09%)
Gold fell $4.14/oz (-0.09%) as the U.S. dollar strengthened and Treasury yields remained elevated ahead of the Federal Reserve decision, reducing demand for non-yielding assets like gold.
Trump reportedly rejected Iran's latest proposal and said Tehran was in a "state of collapse," which supported the dollar through safe-haven flows and kept pressure on gold prices.
Brent Crude: $111.26/bbl (+0.31%)
Brent crude rose 0.31% to $111.26/bbl as Middle East supply risks remained the main driver. Reuters reported that President Donald Trump told aides to prepare for an extended blockade of Iran, keeping pressure on Iranian oil exports and shipping flows. The move kept Brent near elevated levels, as the Strait of Hormuz handles about 20% of global oil and LNG supplies.
(B) FX
Dollar Index (DXY): 98.57 (+0.10%)
The U.S. dollar edged higher as investors moved cautiously ahead of the Federal Reserve decision and sought safety amid Middle East tensions. Firm Treasury yields also supported the dollar, as higher U.S. rates continue to attract capital flows.
USD/JPY: 159.55 (+0.02%)
USD/JPY was little changed near 159.55, staying close to the key 160 intervention-watch level. The pair remained supported by wide U.S.-Japan yield differentials, as the Fed is expected to keep rates elevated while the Bank of Japan remains gradual in tightening policy.
Stock Market — What Happened Today?
United States
U.S. Equities
- Nasdaq Composite: 24,887.10 (-0.90%)
- S&P 500: 7,173.91 (-0.49%)
Technology-led weakness weighed on U.S. equities as investors turned cautious ahead of the Federal Reserve decision, with the Nasdaq underperforming while the S&P 500 also closed lower amid pressure on growth stocks and elevated macro uncertainty.
Major Movers
NVIDIA Corporation | NASDAQ: NVDA | -1.59% ▼
NVIDIA fell as AI-linked stocks weakened after concerns over slowing OpenAI growth targets, pressuring semiconductor sentiment.
Arm Holdings plc | NASDAQ: ARM | -7.98% ▼
Arm dropped sharply after TSMC disclosed the sale of its remaining stake, triggering profit-taking.
Hong Kong
Hang Seng Index: 25,679.78 (+1.58%)
Baidu, Inc. | HKEX: 9888 | -1.76% ▼
Baidu fell after reports that China suspended approvals for new autonomous vehicle permits following an Apollo Go robotaxi outage in Wuhan. The news pressured autonomous-driving sentiment and weighed on the stock despite broader market gains.
Taiwan
TAIEX Index: 31,845.20 (-0.55%)
Taiwan Semiconductor Manufacturing Company | TWSE: 2330 | -1.58% ▼
TSMC declined as investors reacted to news that the company fully exited its remaining stake in Arm Holdings plc, selling 1.11 million shares at $207.65 each for a total of $231 million. The disposal added $174 million to retained earnings, but the market viewed the move as profit-taking rather than an operational growth catalyst, leading to mild pressure on the stock amid broader semiconductor caution.
Volatility
VIX closed at 17.83, indicating relatively calm conditions.
What Traders Are Watching
- Fed decision — Powell's final meeting as chair could shape rate expectations and dollar direction.
- Megacap tech earnings — Alphabet, Microsoft, Amazon, and Meta results will test confidence in AI spending.
- Iran and oil risk — Brent near elevated levels keeps inflation pressure and supply-risk pricing in focus.
“The individual investor should act consistently as an investor and not as a speculator.”
Yesterday's Market News – 28 April 2026
Markets were mixed as the Nikkei 225 fell 1.13%, while U.S. equities reached fresh highs with the Nasdaq rising 0.20% and the S&P 500 gaining 0.12%. Precious metals weakened sharply, with gold down 1.09% and silver lower 2.72%, as the dollar firmed ahead of the Federal Reserve meeting and oil-driven inflation concerns stayed elevated.
Read full recap →Sources
- Reuters – Precious Metals – Gold steady as markets await Powell's comments on Iran war impact
- Reuters – Energy – Oil rises on reports U.S. will extend Iran blockade, prolonging Mideast supply disruptions
- Reuters – FX Markets – Dollar steady as investors brace for Fed decision in face of war
- Investing.com – Semiconductors – Taiwan's TSMC exits Arm position with $231 million stake sale
- Reuters – Asia Tech – China suspends new autonomous vehicle permits after Baidu outage
- Reuters – Global Markets – Stocks retreat on Iran, AI concerns as Fed meeting looms
Disclaimer
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