Market Recap: Wednesday, April 29 — Mixed Day as Fed Keeps Rates Steady, Chip Earnings Lift Nasdaq
Stocks finished mixed Wednesday as the Fed held rates steady in a split vote and chipmakers SIMO, NXPI, and Bloom Energy soared on earnings beats.
Market Overview
U.S. stocks finished mixed on Wednesday as investors weighed a Federal Reserve decision to keep interest rates unchanged against a wave of strong earnings from chipmakers. The S&P 500 closed essentially flat, the Dow slipped, and the Nasdaq edged higher on the back of standout reports from semiconductor names. Attention also turned to the "Magnificent Seven" tech giants, with Alphabet, Amazon, Meta, and Microsoft all set to report after the closing bell.
Index Performance
| Index | Close | Change |
|---|---|---|
| S&P 500 (SPY) | $711.59 | -0.01% |
| NASDAQ (QQQ) | $661.59 | +0.61% |
| Dow Jones (DIA) | $488.65 | -0.56% |
Tech-heavy benchmarks held up better than the broader market thanks to a rally in chip stocks. The Dow lagged, weighed down by industrial and defensive names, while energy stocks benefited from rising oil prices.
What Drove the Market Today
The Federal Reserve kept its benchmark interest rate unchanged at a target range of 3.5% to 3.75%. The vote was a split 8-4 — the first time since 1992 that four committee members dissented from the policy decision. For everyday investors, that split signals real disagreement among policymakers about how quickly to cut rates, even as inflation and the job market send mixed signals.
Oil prices climbed on geopolitical worries tied to a U.S. blockade of Iranian ports, lifting energy stocks but adding pressure on industries sensitive to higher fuel costs. Higher oil tends to feed back into broader inflation expectations, which can make the Fed's job harder.
The bigger event was still ahead. Four members of the "Magnificent Seven" — Alphabet, Amazon, Meta, and Microsoft — were scheduled to report quarterly earnings after the close. With these companies making up an outsized share of the major indexes, traders pulled back from making big bets ahead of the numbers.
Today's Top Movers
Gainers
- Silicon Motion (SIMO) +45.80% to $217.50 — The chip controller maker reported Q1 revenue up 105% year over year, well ahead of estimates, and raised its forward guidance. Demand from data center and AI storage customers was the headline driver.
- Bloom Energy (BE) +27.21% to $287.97 — The fuel cell company more than tripled earnings expectations and revealed a deal to supply up to 2.45 gigawatts of power to Oracle's "Project Jupiter" AI data center campus in New Mexico. Morgan Stanley raised its price target to $310.
- NXP Semiconductors (NXPI) +25.55% to $289.25 — The Dutch chipmaker posted its best single-day gain since its 2010 IPO after topping earnings estimates and offering Q2 guidance well above Wall Street forecasts. Truist raised its price target to $310.
Losers
- Teradyne (TER) -19.41% to $306.33 — Despite reporting Q1 revenue up 87% and earnings well above estimates, shares fell sharply after the chip-equipment company guided second-quarter revenue lower. The stock had nearly doubled this year, so some of the move likely reflected profit-taking on a stretched valuation.
- Several smaller tickers (TERG, HOOX, ROBN, HOOG) also fell between 26% and 38%, but the moves came without clear company-specific news catalysts.
Most Active Stocks
Intel (INTC) topped the volume charts again, with nearly 229 million shares trading hands after last week's strong earnings continued to draw retail and institutional attention. SoFi, Nokia, and leveraged ETFs like TZA and SOXS rounded out the most-traded list, with the leveraged products signaling that some traders were positioning around the Fed decision and the looming Big Tech earnings.
What This Means for You
Days like today are a useful reminder that strong earnings from individual companies don't always lift the whole market — and that the Fed's decisions tend to ripple far beyond Wall Street. With central bankers more divided than they've been in decades, expect more day-to-day swings as new economic data arrives. For long-term investors, the steady drumbeat of AI-related earnings beats remains a notable theme worth following, even on quieter days for the broader indexes.
This recap is AI-generated from verified market data and publicly available news sources. It is not financial advice. Always do your own research or consult a qualified financial advisor.
This content is for educational purposes only. It is not financial advice. Always do your own research or consult a qualified financial advisor.