18:21 (US) Market Trading Hours Summary: Earnings season sways trade ahead of Fed announcement

It was a mixed reaction for many key index components; nevertheless, US stock markets hovered around record highs. BA weighed on the Dow along with Microsoft. Spotify and Pinterest MAU growth concerns grew as lockdown measures eased, while Google posted blowout numbers and shares hit new all-time highs. Crude futures continued to rally and, with a large basket of commodities at or near all-time highs, focus will be on any inflation commentary coming from the Fed later today.

Overnight: - Japan Mar Retail Sales registered its fastest rise in 5 months (M/M: 1.2% v 0.6%e; Y/Y: 5.2% v 4.6%e) - Australia Q1 CPI Q/Q: 0.6% v 0.9%e; Y/Y: 1.1% v 1.4%e - Monetary Authority of Singapore (MAS) Biannual Macroeconomic Review reiterated stance that an accommodative monetary policy remained appropriate. Maintained 2021 Headline inflation forecast between +0.5% to +1.5% and noted that 2021 GDP growth projected to 'exceed' upper end of 4-6% range - President Biden poised to lay out his spending and tax plan in his 1st major speech to Congress.

US Session -(BR) Brazil Apr FGV Consumer Confidence: 72.5 v 68.2 prior -(US) MBA Mortgage Applications w/e Apr 23rd: -2.5% v 8.6% prior