Here's what happened in the markets today, Wednesday, April 28th -- in 15 minutes or less.

Today was the big day:
The Fed wrapped up their 2-day meeting, and they issued a statement.

Let’s see if it moved the markets. Let’s take a look at the indices:

The Dow was down 048%, the S&P 500 is pretty much unchanged, and the NASDAQ finished 0.42% lower.

So what happened?

Everybody was waiting for Powell and any hints that the Fed might be “thinking about thinking about” changing their policy. 

But Fed Chairman Jerome Powell said at a press conference that it would likely take “some time” before the Fed’s objectives are achieved. 

Powell stressed that the vaccination push in the U.S. has helped strengthen the economy, in an afternoon press conference, while echoing the Fed’s policy statement about staying committed to keeping policy settings loose until about 8 million jobs lost to the pandemic can be recouped and until inflation tracks above its 2% “for some time.”

Powell also said it is not time yet to begin talking about tapering the Fed’s monthly asset purchases. “What Powell is really trying to emphasis is that we are not there yet,”

So the markets went up, and then they went down.

Earnings:
Boeing (BA) lost nearly 3% after posting its sixth straight quarterly loss, which also weighed on the Dow.

Spotify Technology (SPOT) slumped about 11% despite reporting quarterly results above consensus estimates and guiding for a smaller than expected loss for the second quarter.

Shares of Dow component Microsoft Corp. (MSFT), were down 2.8% Wednesday after delivering earnings late Tuesday that easily topped Wall Street forecasts.

Alphabet Inc. (GOOG)  shares were up about 4.2% after the Google parent served up record profits for a third straight quarter during the pandemic, but they fell today and finished up 3.16%

Advanced Micro Devices Inc. (AMD) said today data-center revenue more than doubled as it reported results that topped Wall Street estimates. Shares were down 1.4% 

Shares of Starbucks Corp. (SBUX) down 3.3% after the retail coffee chain reported mixed fiscal second-quarter earnings, with sales slightly below forecasts.

Facebook (FB) stock price was up more than 6% in after-hours trading on Wednesday after the company released it’s first-quarter earnings, beating Wall Street’s expectations for earnings and revenue. The company reported revenue of $26.17 billion for the quarter, which was up 48% compared with a year prior. Facebook’s net income grew 94% to $9.5 billion, from $4.9 billion a year prior.

Also tonight, Biden will outline the details of the 2nd part of his “Build Back Better” plan. He already revealed his infrastructure plan a few weeks ago, and he proposed funding it by raising corporate taxes. Part 2 will be the “American Families Plan”, and he is expected to reveal details on Wednesday night. Last week, Biden floated the idea of raising taxes for long-term capital gains from 23.8% to as high as 43.4%.

This wraps up today's stock market news in 15 min or less.

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