An article in Axios called yesterday’s session a “monetary panic,” after an article in the Wall Street Journal suggested OpenAI was behind in subscribers and revenue milestones. There are names closely associated with OpenAI that took it on the chin, but even in the grand scheme of things, I wouldn’t say it was a full-blown panic.

Sam Altman is making big promises.

There is no doubt Anthropic has momentum, but this is a long race that’s just beginning. The pie will grow larger, and there will be nip-and-tuck battles along the way.

Investors will learn much more once OpenAI and Anthropic file their respective SEC Form S-1s as they prepare to go public. These companies are trying to pull off trillion-dollar market capitalizations (market caps) out of the gate, which means they better convince the public they can grow into such valuations.

That said, the stocks involved are extremely volatile and require close monitoring and management.

Fair Amount of Green

There was a fair amount of green on the screen. Technology (XLK) brought up the rear, followed by Materials (XLB) and Industrials (XLI), but for the most part, it was a run-of-the-mill down day.

Software (IGV) was the outlier among tech names, and might be ready for a more robust rebound.

Investors retreated to low volatility, but not quality or core, and large-cap value ekked out a tiny gain.

Today is Fed Day

It's the end of the Fed Powell Era, as Jay Powell will wrap up his tenure as head of the Federal Reserve, with no action taken on rates. Powell could decide to stay on, but I think that would be an incendiary move.

Today’s Session

It's Jay Powell’s last FOMC meeting as Chair. The Fed is expected to stand pat on rates, but there will be much intrigue over whether Powell will remain at the Fed.

Then, after the bell, the four Mag Seven names report (MSFT, AMZN, META, GOOG/L).  These names have powered the market higher off the March 30^th lows.

Earnings Season

Stocks are making big moves on earnings and guidance.

Higher

• Seagate Technology Holdings plc (STX)
• Silicon Motion Technology Corporation (SIMO)
• Bloom Energy Corporation (BE)
• Generac Holdings Inc. (GNRC)
• Starbucks Corporation (SBUX)
• Visa Inc. (V)

This should be a very eventful day, especially after the close.

Comments

Taking advantage where and when I can. Would love some more options ideas, helps to have extra eyes, cant see it all killed it with NOK... Andrew Kowalyk on 4/29/2026 11:31:53 AM

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