Stocks Edge Higher as Fed Holds Rates; Tech Outperforms Despite Alphabet Slump
MarketsFN Team
US equities advanced modestly on Wednesday as the Federal Reserve kept rates unchanged at 4.00%, aligning with expectations, while tech stocks outperformed despite a 9% plunge in Alphabet after its capital expenditure outlook disappointed. The Nasdaq 100 led gains with a 0.55% rise to 29,813.16, buoyed by Microsoft's post-earnings surge.
🇺🇸 US Session Overview
The S&P 500 edged up 0.28% to 7,743.98, supported by tech and small caps, with the Russell 2000 climbing 0.41%. The Dow lagged slightly at +0.19%. Sector performance was mixed: Microsoft’s 4% jump after its cloud-driven earnings beat offset Alphabet’s slump, while energy stocks benefited from a 2.04% rally in WTI crude to $101.94. FedEx also lifted sentiment after raising its outlook.📅 Economic Calendar Highlights
The Fed’s decision to hold rates dominated the session, though the Bank of Canada also paused at 2.50%, as expected. US data showed a wider-than-forecast goods trade deficit of -$134.9B, while oil inventories fell 1.892M barrels, extending recent drawdowns. The Atlanta Fed GDPNow estimate ticked down to 3.3% for Q3. German consumer sentiment worsened (-30.8 vs. -30.1 expected), weighing on the euro.📋 Earnings Spotlight
Microsoft surged post-market after beating estimates on cloud growth, while Alphabet tumbled as it held 2026 capex flat, signaling heavier 2027 spending. FedEx rose after hours after raising guidance in its first report since a calendar adjustment.💱 FX & Commodities
The dollar was mixed, with USD/JPY up 0.17% to 157.79, while the euro and pound dipped 0.12% and 0.18%, respectively. Natural gas soared 12.31% to $3.03 on weather-driven demand, but Brent crude slid 3.02% to $110.44. Bitcoin held steady near record highs at $81,315.24 (+0.63%).Asian markets open Thursday with Australia’s inflation data in focus after Q3 figures met expectations. Watch for reaction to the Fed’s pause and tech earnings, particularly Microsoft’s momentum and Alphabet’s fallout. The Bank of Japan’s policy decision looms Friday.
🇺🇸 US Indices — Session Close
| Index | Price | Change | Change % |
|---|---|---|---|
| S&P 500 | 7,743.98 | ▲ +21.38 | ▲ +0.28% |
| Nasdaq 100 | 29,813.16 | ▲ +161.72 | ▲ +0.55% |
| Dow Jones | 52,475.10 | ▲ +97.53 | ▲ +0.19% |
| Russell 2000 | 2,830.51 | ▲ +11.64 | ▲ +0.41% |
💱 FX Majors
| Pair | Rate | Change % |
|---|---|---|
| EUR/USD | 1.1161 | ▼ -0.12% |
| GBP/USD | 1.3321 | ▼ -0.18% |
| USD/JPY | 157.79 | ▲ +0.17% |
| AUD/USD | 0.7058 | ▲ +0.55% |
| USD/CHF | 0.8275 | ▲ -0.00% |
🛢️ Commodities & Crypto
| Asset | Price (USD) | Change % |
|---|---|---|
| Gold (XAU/USD) | 4,081.20 | ▲ +0.16% |
| Silver (XAG/USD) | 54.04 | ▼ -0.47% |
| Crude Oil (WTI) | 101.94 | ▲ +2.04% |
| Brent Oil | 110.44 | ▼ -3.02% |
| Natural Gas | 3.03 | ▲ +12.31% |
| Bitcoin | 81,315.24 | ▲ +0.63% |
| Ethereum | 2,364.00 | ▲ +0.69% |
📅 Economic Calendar
All times in UTC — Actual highlighted where available
| Time | Currency | Event | Imp. | Actual | Forecast | Previous |
|---|---|---|---|---|---|---|
| 01:00 | NZD | RBNZ Interest Rate Decision | 🔴🔴🔴 | 2.75% | 3.00% | 2.75% |
| 13:45 | CAD | BoC Interest Rate Decision | 🔴🔴🔴 | 2.50% | 2.50% | 2.25% |
| 14:30 | USD | Crude Oil Inventories | 🔴🔴🔴 | -1.892M | 0.100M | -3.060M |
| 18:00 | USD | Fed Interest Rate Decision | 🔴🔴🔴 | 4.00% | 4.00% | 4.00% |
| 00:30 | AUD | CPI (QoQ) (Q3) | 🟡🟡 | 1.3% | 1.3% | 0.6% |
| 00:30 | AUD | CPI (YoY) (Q3) | 🟡🟡 | 3.9% | 3.9% | 3.9% |
| 00:30 | AUD | Trimmed Mean CPI (QoQ) (Q3) | 🟡🟡 | 1.0% | 1.0% | 0.8% |
| 07:00 | EUR | GfK German Consumer Climate (Nov) | 🟡🟡 | -30.8 | -30.1 | -30.6 |
| 07:00 | THB | Interest Rate Decision | 🟡🟡 | 1.00% | 1.00% | 1.00% |
| 10:30 | EUR | German 10-Year Bund Auction | 🟡🟡 | 3.370% | 3.580% | |
| 11:00 | EUR | France Jobseekers Total (Sep) | 🟡🟡 | 3,192.5K | 3,081.7K | |
| 12:30 | USD | Goods Trade Balance (Sep) | 🟡🟡 | -134.90B | -130.40B | -132.07B |
| 12:30 | USD | Retail Inventories Ex Auto (Sep) | 🟡🟡 | 0.4% | 0.1% | |
| 14:30 | USD | Cushing Crude Oil Inventories | 🟡🟡 | -0.624M | 0.987M | |
| 14:50 | USD | Atlanta Fed GDPNow (Q3) | 🟡🟡 | 3.3% | 3.4% | 3.4% |
| 16:00 | RUB | GDP Monthly (YoY) (Sep) | 🟡🟡 | 0.5% | 0.8% | |
| 16:00 | RUB | Retail Sales (YoY) (Sep) | 🟡🟡 | 3.9% | 3.5% | 3.3% |
| 16:00 | RUB | Unemployment Rate (Sep) | 🟡🟡 | 2.2% | 2.2% | 2.2% |
| 12:30 | GBP | Autumn Forecast Statement | 🔴🔴🔴 | — | ||
| 18:00 | USD | FOMC Statement | 🔴🔴🔴 | — | ||
| 18:30 | USD | FOMC Press Conference | 🔴🔴🔴 | — | ||
| 00:15 | AUD | RBA Assist Gov Bullock Speaks | 🟡🟡 | — | ||
| 01:00 | NZD | RBNZ Rate Statement | 🟡🟡 | — | ||
| 02:00 | NZD | RBNZ Press Conference | 🟡🟡 | — | ||
| 13:45 | CAD | BoC Monetary Policy Report | 🟡🟡 | — | ||
| 13:45 | CAD | BoC Rate Statement | 🟡🟡 | — | ||
| 14:30 | CAD | BOC Press Conference | 🟡🟡 | — |
Report published: October 28, 2026 — 22:20 CET
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