Trader Talk Market mayhem? Powell's last stand, Big Tech earnings in focus
Apr 29, 2026
Brian Sozzi, Yahoo Finance exec editor known for tech and earnings coverage, and Steve Sosnick, Interactive Brokers chief market strategist with decades of trading and macro experience, break down Powell's likely final press conference and its market implications. They preview Big Tech earnings, discuss AI-driven momentum vs Fed narrative, and examine capex, semiconductors, and volatility around results.
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Powell's Last Hurrah Will Be Narrative Not Policy
- Powell's final press conference is likely a valedictory narrative rather than a policy pivot.
- Steve Sosnick expects Powell to summarize inflation, growth, and risks without changing rates ahead of the Warsh era.
CapEx Decisions Will Drive Tech Reaction
- Big Tech earnings will be judged primarily on CapEx plans and timing of ROI, not just headline revenue.
- Sosnick suggests hedging exposure via semiconductors (SOX) because cap spending shows up there more than indexes.
Hedge Earnings With Semiconductor Exposure
- Hedge Big Tech earnings risk by using semiconductor exposure instead of broad indexes or single names.
- Sosnick points out SOX reacted to hyperscaler CapEx expectations and may move more than mega-cap stocks.