Markets Hold Firm as Central Banks Pause, Oil Surges, and Earnings Drive Stocks Higher (April 27- May 1, 2026, Recap)

The final week of April was packed with major central bank decisions, inflation updates, growth data, and heavyweight corporate earnings. Central banks across Japan, Canada, the US, the UK, and the Eurozone largely held rates steady, while policymakers remained cautious amid elevated inflation risks, higher energy prices, and uncertainty linked to the Middle East conflict and global trade policy.
Economic data showed mixed but active momentum, with Australian inflation accelerating, Canadian GDP expanding modestly, and US Core PCE remaining elevated. In markets, commodities were volatile, with crude oil and Brent rising sharply while gold and silver declined. Equity indices ended the week higher, supported by strong earnings from several major companies, particularly in technology, payments, consumer goods, and energy.

Major Economic Indicators and Events in Review

Tuesday, April 28

Tentative – Japan: BOJ Policy Rate (JPY)

On April 28, 2026, the Bank of Japan decided to keep its monetary policy stance unchanged, setting the target for the uncollateralized overnight call rate at around 0.75%.
The decision was made by a 6-3 majority vote at the Monetary Policy Meeting. This suggests that while most board members supported maintaining the current rate, there was some disagreement within the Policy Board.
Overall, the statement indicates that the Bank of Japan is continuing with a cautious policy approach, keeping short-term interest rates steady while monitoring economic and inflation developments.
USD/JPY ticked 0.12% higher on the day.

Wednesday, April 29

04:30 am – Australia: CPI m/m (AUD)

On April 29, 2026, Australia’s CPI inflation accelerated to 4.6% year-on-year in March, up from 3.7% in February. On a monthly basis, CPI rose 1.1% in both original and seasonally adjusted terms.
The main drivers of annual inflation were Housing, up 6.5%, Transport, up 8.9%, and Food and non-alcoholic beverages, up 3.1%. Meanwhile, trimmed mean inflation was unchanged at 3.3%, suggesting underlying price pressures remained relatively stable.
AUD/USD slipped 0.90% during the session.

16:45 – Canada: Overnight Rate (CAD)

On April 29, 2026, the Bank of Canada held its policy rate at 2.25%, citing global uncertainty from the Middle East conflict and US trade policy.
The Bank noted that higher energy prices have lifted near-term inflation, with CPI expected to rise to about 3% in April, but said inflation should return to the 2% target early next year if oil prices ease.
USD/CAD ticked up 0.01% on the day.

21:00 – USA: Federal Funds Rate (USD)

On April 29, 2026, the Federal Reserve kept the federal funds rate target range unchanged at 3.50% to 3.75%.
The Fed also maintained the interest rate on reserve balances at 3.65% and the primary credit rate at 3.75%, while continuing operations to keep reserves ample and support its monetary policy stance.
EUR/USD declined 0.31% on the day.

Thursday, April 30

14:00 – UK: Official Bank Rate (GBP)

On April 29, 2026, the Bank of England voted 8–1 to keep Bank Rate unchanged at 3.75%, with one member supporting a hike to 4%.
The MPC said inflation has risen to 3.3% and could move higher as energy prices increase, but it will monitor risks closely and act as needed to keep inflation on track toward the 2% target.
GBP/USD rose 0.96% on the day.

15:15 – Eurozone: Main Refinancing Rate (EUR)

On April 30, 2026, the ECB kept its three key interest rates unchanged, with the deposit rate at 2.00%, the main refinancing rate at 2.15%, and the marginal lending rate at 2.40%.
The ECB said Middle East tensions have pushed energy prices higher, increasing inflation risks while weighing on growth, and reaffirmed that future decisions will remain data-dependent.
EUR/USD rose 0.47% during the session.

15:30 – CANADA: GDP m/m (CAD)

Canada’s real GDP grew 0.2% in February, supported mainly by goods-producing industries, which expanded 0.4% for a second straight month.
Growth was driven by gains in manufacturing and mining, quarrying, and oil and gas extraction. Services-producing industries edged up 0.1%, as rebounds in transportation and warehousing and wholesale trade were partly offset by weakness in the public sector.
USD/CAD fell 0.75% on the day.

15:30 – USA: Core PCE Price Index m/m (USD)

In March 2026, US personal income rose 0.6%, while disposable personal income also increased 0.6%. Consumer spending was stronger, with PCE rising 0.9%, led by higher spending on goods and services.
The PCE price index rose 0.7% on the month and 3.5% year-on-year. Core PCE, which excludes food and energy, increased 0.3% monthly and 3.2% annually, pointing to still-elevated underlying inflation pressures.
USD/JPY fell 2.37% on the day.

Commodities

1. Crude Oil
   Crude oil prices rose by 6.60% over the past week
2. Brent Oil
   Brent was up 9.30% compared to the previous week
3. Gold
   The precious metal Gold (XAUUSD) concluded the week on Friday with a 2.04% weekly decrease
4. Silver
   XAGUSD decreased by 0.45% from last week

Stock Market

1. S&P 500 increased by 0.78%
2. DJIA was up 0.43%
3. NASDAQ 100 increased by 1.32%

Top Gainers

1. Akanda Corp. (AKAN) 366.80%
2. AIOS Tech Inc. (AIOS) 164.07%
3. Edesa Biotech, Inc. (EDSA) 142.29%

Top Losers

1. Chanson International Holding (CHSN) -84.43%
2. Soligenix, Inc. (SNGX) -75.18%
3. Rich Sparkle Holdings Limited (ANPA) -71.38%

Company Earnings (April 27 – May 1)

Tuesday, April 28: V (Visa Inc.)
Tuesday, April 28: KO (The Coca-Cola Company)
Tuesday, April 28: SBUX (Starbucks Corporation)
Tuesday, April 28: GM (General Motors Company)
Wednesday, April 29: GOOGL (Alphabet Inc.)
Wednesday, April 29: MSFT (Microsoft Corporation)
Wednesday, April 29: AMZN (Amazon.com, Inc)
Wednesday, April 29: META (Meta Platforms, Inc.)
Wednesday, April 29: F (Ford Motor Company)
Wednesday, April 29: EBAY (eBay Inc.)
Thursday, April 30: AAPL (Apple Inc.)
Thursday, April 30: MA (Mastercard Incorporated)
Thursday, April 30: CAT (Caterpillar Inc.)
Thursday, April 30: MRK (Merck & Co., Inc.)
Friday, May 1: XOM (Exxon Mobil Corporation)
Friday, May 1: CVX (Chevron Corporation)

Visa reported a strong fiscal Q2, with net revenue up 17% to $11.2 billion, EPS up 20%, and payments volume rising 9%. Management also raised full-year revenue and EPS guidance.
Growth was supported by value-added services, Commercial & Money Movement, Visa Direct, AI-related initiatives, and stablecoin/blockchain expansion. However, management flagged near-term uncertainty from the Middle East conflict, Ramadan timing effects, and higher interest costs.

V shares rose 6.01% over the past week.

Coca-Cola delivered a solid Q1, with unit case volume up 3%, organic revenue rising around 10%, and comparable EPS increasing 18% to $0.86.
The company raised its 2026 outlook, supported by digital initiatives, product innovation, and expanded market execution. However, margin pressure from commodities and regional weakness in the Middle East, Mexico, and Argentina remain key risks.

KO shares gained 2.54% last week.

Starbucks raised its full-year outlook after a strong fiscal Q2, with revenue up 9% to $9.53 billion and adjusted EPS of $0.50, beating expectations.
Global same-store sales rose 6.2%, driven by stronger traffic, especially in the US, where same-store sales climbed 7.1%. Management said the turnaround is gaining traction, though international growth remained softer and China continued to weigh on results.

SBUX shares increased by 7.33% over the past week.

GM reported a strong Q1, with EBIT-adjusted earnings of $4.3 billion and higher full-year guidance for both EBIT-adjusted earnings and adjusted EPS.
Growth was supported by strong North American margins and expanding OnStar, digital services, and Super Cruise subscriptions. However, additional EV-related charges and uncertain tariff refund timing remain near-term cash flow risks.

GM shares declined 2.92% last week.

Alphabet delivered a strong quarter, with revenue rising 22% to $109.9 billion, net income up 81%, and operating margin reaching 36.1%.
Google Cloud accelerated sharply, supported by strong backlog growth and AI adoption across consumer and enterprise products. However, rising CapEx, depreciation, energy, and compensation costs remain key expense pressures.

GOOGL shares jumped 11.99% over the past week.

Microsoft reported a strong quarter, with revenue up 18% to $82.9 billion and adjusted EPS up 21% to $4.27.
Microsoft Cloud revenue hit a record $54.5 billion, supported by rapid AI growth, including AI ARR above $37 billion and strong Microsoft 365 Copilot adoption. However, CapEx is rising sharply as the company invests heavily in AI infrastructure, which may pressure margins in the near term.

MSFT shares fell by 2.40% last week.

Amazon reported strong momentum, led by AWS revenue growth of 28% to $37.6 billion, supported by accelerating AI adoption and demand for custom silicon.
Retail, grocery, and advertising also performed well, while Amazon Leo progressed toward commercial service. However, heavy AI-related CapEx and rising costs are pressuring near-term free cash flow.

AMZN shares gained 1.62% for the week.

Meta reported strong quarterly results, with revenue rising 33.1% year-on-year to $56.31 billion, beating expectations.
EPS came in at $10.44, well above the $6.67 consensus estimate, supported by strong profitability, including a 30.08% net margin and 38.61% return on equity.

META shares fell by 9.82% over the past week.

Ford raised its full-year adjusted EBIT guidance to $8.5 billion–$10.5 billion, supported by stronger Ford Blue and Ford Pro performance, higher pricing, and cost timing benefits.
Software and services revenue remains a key growth driver, with paid subscriptions up 30%. However, Model e losses, higher commodity costs, and alternative aluminum sourcing expenses continue to weigh on the outlook.

F shares fell 4.04% in the past week.

eBay reported a strong Q1, with GMV (gross merchandise value) up 14% to $22.2 billion, revenue rising 17% to $3.09 billion, and non-GAAP EPS increasing 21% to $1.66.
Growth was supported by focus categories, recommerce, AI-led listing tools, advertising, and cross-border shipping initiatives. However, Q2 and full-year GMV growth are expected to moderate, while the pending Depop acquisition may slightly pressure earnings.

EBAY shares rose 6.26% for the week.

Apple reported a strong March quarter, with revenue up 17% to $111.2 billion and EPS rising 22% to $2.01, supported by strong iPhone sales, record services revenue, and a device install base above 2.5 billion.
The company also announced a planned leadership transition, with Tim Cook set to become Executive Chairman and John Ternus named CEO. However, supply constraints and rising memory costs may pressure margins, even as Apple increases investment in AI and silicon.

AAPL shares gained 3.35% over the past week.

Mastercard reported solid Q1 results, with currency-neutral net revenue up 12%, net income up 15%, and EPS of $4.60, supported by strong share repurchases.
Growth was driven by value-added services, AI/security demand, and innovation in agentic commerce and digital assets. However, Middle East-related travel weakness is pressuring cross-border volumes and may weigh on Q2 growth.

MA shares fell 1.73% in the last week.

Caterpillar reported a strong start to 2026, with sales up 22% to $17.4 billion, adjusted EPS up 30% to $5.54, and backlog reaching a record $63 billion.
The company raised its full-year outlook, supported by strong demand, capacity expansion, and higher free cash flow expectations. However, tariffs remain a major margin headwind, while Resource Industries performance was weaker due to delivery timing, pricing issues, and tariff costs.

CAT shares gained 7.09% over the past week.

Merck reported Q1 revenue of $16.3 billion, up 5%, and raised its 2026 non-GAAP guidance, supported by oncology, Animal Health, and new product momentum.
Keytruda sales remained strong, while the company made progress across its HIV, cancer, and hematology pipeline. However, acquisition-related charges weighed heavily on GAAP results and created near-term EPS pressure.

MRK shares ticked up 0.23% in the last week.

ExxonMobil reported a resilient Q1 performance, supported by higher refinery throughput, stronger Permian and Guyana production, and improved Energy Products earnings.
Golden Pass LNG also made progress, with first LNG achieved in March and further trains expected to come online. However, damage to two LNG trains in Qatar creates supply uncertainty, while trading-related accounting timing effects weighed on short-term earnings visibility.

XOM shares were up 2.8% in the last week.

Chevron reported solid Q1 cash generation, with adjusted free cash flow of $4.1 billion and continued shareholder returns through buybacks and dividends.
Operational momentum remained strong, supported by higher production, strong LNG performance, and record US refinery throughput. However, timing and working-capital headwinds weighed on earnings and cash flow, while Venezuela remains a longer-term optional opportunity.

CVX shares gained 2.93% over the past week.

Conclusion

Overall, the week highlighted a cautious but resilient market backdrop. Central banks remained on hold as inflation and energy-price risks stayed in focus, while key economic data pointed to uneven growth and persistent price pressures.
Despite macro uncertainty, equity markets finished higher, supported by generally strong corporate earnings and upbeat guidance from several major companies. Looking ahead, investors are likely to remain focused on inflation trends, energy prices, geopolitical developments, and whether strong earnings momentum can continue in the coming weeks.