The Federal Reserve kept interest rates unchanged at its April meeting, with growing divisions among policymakers on future direction. Meanwhile, oil prices surged above $120 per barrel due to the Iran conflict, intensifying inflation concerns.
Brent crude oil futures broke through $120 per barrel after the US announced an extension of its naval blockade of Iran, with fears of a prolonged conflict driving energy prices sharply higher.
Brent crude oil breaks above $125 per barrel, reaching the highest level since 2022. US military commanders to brief Trump on new Iran military options Thursday as global stocks decline broadly.
Amazon reported Q1 2026 revenue of $181.5 billion, beating Wall Street expectations. AWS cloud unit grew 28%, marking a 15-quarter high. Stock slides after hours on rising AI spending concerns.
Meta reported Q1 2026 revenue of $42.3 billion, up 33% year-over-year, with net income of $26.8 billion. However, the company raised full-year AI capital expenditure guidance to $125-145 billion, sparking investor concern and sending shares down over 6% after hours.
Brent crude briefly hits $119 per barrel as reports emerge of US plans to extend the blockade on Iranian ports.
Microsoft, Amazon, Google and Meta all report Q1 earnings. Copilot reaches 20M paid seats, AWS revenue grows 28% to $37.6B, but massive AI spending raises investor concerns.
Federal Reserve Chair Jerome Powell announced he will continue to serve as a Fed governor after his chair term expires in May, thwarting President Trump’s plan to appoint a new board member and triggering a new institutional showdown in Washington.
International oil prices surge over 5% to $117 per barrel following reports that Trump has instructed aides to prepare for an extended Iranian blockade of the Strait of Hormuz.
As Fed Chair Jerome Powell prepares to step down and Trump’s nominee Kevin Warsh takes over, a look back at the most fractious public clashes between two of America’s most important economic figures — from ’numbskull’ to ’too stupid’ personal attacks.