Stock Market Live March 29, 2026: S&P 500 (SPY) Flat Ahead of Key Earnings

With all eyes on key earnings from Microsoft (NASDAQ: MSFT | MSFT Price Prediction) and Amazon (NASDAQ: AMZN) out after the closing bell, news from the Federal Reserve, and a new threat against Iran, most of the major indices are flat.

At the moment, the S&P 500 is down about 0.05%, or by about four points.  The SPDR S&P 500 ETF (SPY) is up about five cents. The Dow is down 0.04%, or by 16 points. The Nasdaq is up by 0.21%, or by 55 points. Gold is down about $45 at $4,547.

After the bell, Microsoft will release earnings.

Analysts remain bullish heading into the report. Goldman Sachs now has a buy rating on the tech giant with a $600 price target. According to the firm, Microsoft’s growth story remains intact, and the risk is already priced in. The firm also says Microsoft is the best compounder across AI products because it earns across AI compute, platforms, and applications.

At the center of Microsoft’s growth story is its cloud platform, Microsoft Azure. As more businesses shift their operations to the cloud, Azure has become one of the leading platforms powering that transition. Investors will be paying close attention to Azure for evidence that heavier AI spending is resulting in stronger revenue growth.

Amazon CEO bullish heading into earnings.

Fueling a good deal of recent upside is a combination of strong AI-driven growth in its cloud business and a strong shareholder letter from CEO Andy Jassy. Concerning the company’s AI business, the CEO noted, “I’ve followed the public debate on whether this technology is over-hyped, whether we’re in ‘a bubble,’ and if the margins and ROIC will be appealing. My strong conviction, at least for Amazon, is that the answers are no, no, and yes,” as quoted in a shareholder letter.

He added, “Three years after AWS launched commercially, it had a $58 million revenue run rate. Three years into this AI wave, AWS’s AI revenue run rate is over $15 billion in Q1 2026 (nearly 260 times larger than AWS at that same point)—and ascending rapidly.”

Not helping, oil is above $103 again. 

Oil is up $3.35 a barrel at $103.29 after President Trump said he would increase pressure on Iran’s economy and oil exports by preventing shipping to and from its ports, as noted by The Wall Street Journal. He also threatened Iran in a social media post, saying Iran “better get smart soon,” accusing Iran’s leadership of failing to get its act together.

“Iran can’t get their act together. They don’t know how to sign a non-nuclear deal. They better get smart soon!” Trump posted on the social media platform Truth Social.

All eyes on the Federal Reserve 

Investors will be paying close attention to the Federal Reserve this afternoon.

More than likely, they’ll keep interest rates as is. In fact, as noted by Roger Ferguson, an economist and former vice chair at the Fed, as quoted by CNBC, “On the dual mandate, they’d say we’re roughly at a stable labor market. On the inflation side of the mandate, [there’s] a lot more work to be done with a sticky 3% [inflation rate], and I hope they argue, ‘we’re going to sit tight for a little while to see how this all plays out.’”

It may also be Jerome Powell’s final meeting as Federal Reserve chair.