US Pre-Market Briefing for April 28, 2026

I. Overall Pre-Market Overview

As of pre-market on April 28, Eastern Time, the three major index futures showed narrow-range, divergent fluctuations: the Dow Jones futures rose slightly by 0.04% to 49,187 points, the S&P 500 futures rose 0.12% to 7,182 points, and the Nasdaq 100 futures fell slightly by 0.11% to 27,397 points. The market is caught in a dual game of "tech earnings validation" and "energy geopolitical risks," with capital rotating from crowded semiconductor leaders to defensive sectors like energy and utilities. Overall volatility remains near the 20 threshold, showing significant characteristics of high-level oscillation.

II. The Logic Behind the Energy Sector's Outperformance and Stock Performance

The US-Iran negotiation deadlock remains unresolved, and shipping through the Strait of Hormuz has not resumed. Goldman Sachs warns of a "historically rare" drawdown in global crude inventories and has raised its Q4 Brent crude target to $115 per barrel. Pre-market, WTI crude rose 1.02% to $97.28 per barrel, and Brent crude rose 1.25% to $109.58 per barrel, making the energy sector a pre-market highlight.

Among crude oil ETFs, USO rose 0.95% pre-market to $140.26, showing the greatest elasticity; the XLE Energy Index ETF rose 0.78% to $57.21, offering the best liquidity. For individual stocks: XOM ExxonMobil rose 0.82% to $150.73, benefiting from high upstream profitability; OXY Occidental Petroleum rose 1.05% to $68.42, supported by Buffett's increased holdings; CVX Chevron rose 0.69% to $186.06, with a dividend yield of 3.2% and strong defensiveness.

Small and mid-cap oil and gas stocks performed notably: USEG U.S. Energy Group surged 2.13% to $12.45, exceeding production guidance expectations; KOS Kosmos Energy rose 1.87% to $8.69, undergoing asset value re-rating; CLYM Clymer Energy rose 1.54% to $5.27, demonstrating clear cost advantages in shale oil extraction.

III. The Technology Sector and Capital Flows

Divergence within the technology sector intensified. The Philadelphia Semiconductor Index, after 18 consecutive days of gains, shows signs of pullback pressure. Pre-market, NVIDIA rose slightly by 0.15%, AMD rose 0.42%, and Micron rose 0.76%. Capital is shifting from high-valuation pure-play AI software companies to computing hardware and energy sectors with stronger earnings certainty. Capital flow data shows that over the past 24 hours, the energy sector saw a net inflow of $1.27 billion, utilities $430 million, and healthcare $380 million; while the software sector saw a net outflow of $850 million and the consumer sector $520 million.

IV. Key Events and Trading Strategies

This week, the market focuses on the Fed's interest rate decision and tech giant earnings. CME data shows a 100% probability of the Fed holding rates steady, with the probability of a rate cut in December falling to 37%. Microsoft and Google report earnings after the market close today, requiring close attention to AI capital expenditures and cloud business growth rates.

In terms of trading strategies, the S&P 500 has short-term support at 7,140-7,160 points and resistance at 7,210-7,230 points. For the energy sector, focus on leaders like XLE and XOM; USO can be configured to hedge geopolitical risks. For the semiconductor sector, be wary of pullback risks due to shrinking trading volume, and consider positioning only after earnings validation.

V. Risk Points

Main risks include: escalation of US-Iran conflict pushing oil prices above $110 per barrel; tech giant earnings falling short of expectations triggering a collective adjustment; the Fed releasing hawkish signals suppressing market sentiment.

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