Powell, Big Tech Earnings, & Pershing Square IPO Update
On April 29, 2026, market activity was marked by several significant developments. Federal Reserve Chair Jerome Powell concluded his FOMC activities in Washington, D.C. Oil prices saw a sharp increase, with Brent crude futures hitting $126 amid escalating tensions involving Iran and the Strait of Hormuz. In the auto industry, Ford reported earnings that beat expectations, while Carvana also posted record first-quarter results. Furthermore, the New York Stock Exchange hosted the combined IPO of Pershing Square USA and Inc., raising $5 billion, though the stock traded below its initial offering price.
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Key market updates covered include Federal Reserve Chair Powell's conclusion of FOMC activities, significant movements in oil prices, strong earnings reports from Ford and Carvana, and the IPO debut of Pershing Square.
Federal Reserve and Economic Outlook
Jerome Powell's Departure: U.S. Federal Reserve Chair Jerome Powell concluded his activities following the two-day Federal Open Market Committee (FOMC) meeting in Washington, D.C., on April 29, 2026.
Defense Spending: Secretary of Defense Pete Hegseth testified before a U.S. House Armed Services Committee hearing regarding the Department of Defense's FY2027 budget request. Pentagon comptroller Jules Hurst estimated the war's cost at $25 billion to date.
Global Commodities: Oil Surge Amid Tensions
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Brent Crude Spike: Brent crude futures surged to $126 overnight, marking a new high since the commencement of the Iran conflict.
Geopolitical Drivers: This surge followed reports that President Donald Trump was briefed on potential military options against Tehran. Reports indicated the U.S. would maintain its blockade of the Strait of Hormuz until a nuclear deal is reached, rejecting Iran's proposal to open the strait.
Auto Sector Performance Highlights
Ford's Earnings Beat: Ford reported earnings that surpassed analyst expectations and increased its full-year guidance. The company cited a $1.3 billion tariff refund benefit following a Supreme Court reversal of certain levies.
Operational Strength: Despite a 4% decline in wholesale units year-over-year, Ford saw its adjusted earnings metric more than triple, and net income surge by approximately 400%.
Carvana's Record Quarter: In the used car sector, Carvana shares rose in premarket trading after the company announced record first-quarter results, exceeding analyst expectations on both metrics.
IPO Spotlight: Pershing Square Listing
NYSE Debut: The New York Stock Exchange welcomed Pershing Square on Wednesday, April 29, 2026, for the combined IPO of Pershing Square USA (NYSE: PSUS) and Pershing Square Inc. (NYSE: PS).
Investment Details: Bill Ackman, founder of Pershing Square, raised $5 billion in the combined offering. This allowed investors to take stakes in either the portfolio or management business.
Market Performance: PSUS closed 18% lower at $40.90, falling below its IPO price of $50. Ackman stated his intention to hold investor days and an annual meeting, similar to Berkshire Hathaway.
