Daily Bulletin · Wednesday, October 28, 2026 · pre-market

Chipmakers lift S&P 500 +0.60% as the Fed meeting begins

S&P 5007,722.98+0.60%Nasdaq26,474.90+1.17%10Y4.99%+0.01WTI$101.33+1.13%Gold$4,062.59+0.06%VIX17.55−4.57%

In brief

Stocks extend gains: The S&P 500 gained +0.60% and the Nasdaq +1.17% as enthusiasm for chipmakers continued.¹
Fed decides today: The Fed is widely expected to keep rates at 3.75% to 4% on Wednesday, with Chair Warsh's tone in focus.²^,3
Big Tech reports: Alphabet and Microsoft report Wednesday, and investors are watching their AI capex and debt plans.⁴

What it means

The advance had two supports: steady demand for chip stocks and lower oil after reports that Iran's leadership discussed conditions for ending the war with the U.S.¹^,5 In chips, NXP raised its buyback authorization by $5 billion, citing automotive, industrial and data center demand.⁶ Before the open, S&P 500 futures were at +0.08% and Nasdaq 100 futures at +0.43%.

The day in review and where money is flowing

Over the past month, Consumer Staples led Metravise's sector ranking, beating the S&P 500 by +1.9 pts, with Energy and Utilities also in the Leading group. Within Consumer Staples, Brewers (+9.7 pts), Discount Stores (+8.3 pts) and Wineries & Distilleries (+7.0 pts) were the strongest industries. Technology was the only sector in the Lagging group, even as chipmakers powered the latest session's gains.¹

Fed: Warsh steps back from guidance

The Fed raised rates by a quarter point in September, and Wednesday's decision is due at 2:00 p.m. ET.² Deutsche Bank's Brett Ryan said he is watching what Warsh signals about future policy, as Warsh moves the Fed away from forward guidance.⁷ With less guidance, each statement and press conference can carry more weight for markets.

Market mood

The VIX eased to 17.55 (-4.57%), staying in its normal zone. The equity put/call ratio was 0.59, close to its 5-day average of 0.61, which points to balanced positioning rather than heavy hedging.

What to watch today

Times are US Eastern (ET).

Reported last night

NXPINXP Semiconductors N.V.EPS above the estimate (+2.0%)
FFIVF5, Inc.EPS above the estimate (+3.9%)
ESSEssex Property Trust, IncEPS above the estimate (+7.5%)
RRCRange Resources CorpEPS above the estimate (+8.3%)
LSTRLandstar System IncEPS below the estimate (-14.7%)

00:10
US index futures (futures, not the session)Versus the prior close, S&P 500 futures are +0.08% and Nasdaq 100 futures +0.43%; these are futures prices, not the session. The US session opens at 9:30 ET.
Wed 14:00
FOMC rate decision (statement 2:00 p.m.; press conference 2:30 p.m.)Most economists expect rates unchanged at 3.75% to 4%; a more hawkish tone than expected is generally read as pressure on rate-sensitive stocks.³
Wed
Alphabet Inc. (GOOGL) earnings · today after the closeInvestors are watching Alphabet's capex plans and free cash flow forecasts as a test for tech bonds amid AI debt concerns.⁴
Wed
Microsoft Corp (MSFT) earningsMicrosoft has yet to issue bonds to fund its AI spending, so capex plans and any debt issuance are in focus.⁴
Wed
Oracle Investor DayOracle holds its Investor Day, adding another read on AI spending and financing plans.⁴
Wed
MGP Ingredients earningsMGP Ingredients reports third-quarter results after announcing plans to rebrand as Sempreon.⁸
Thu
Amazon earningsAmazon reports after the close, with investors watching capex spending and potential debt issuance.⁴

Metravise Portfolio

PortfolioTuesday change+3.18%
—No entries or exits in the last session.

Metravise is an educational research platform — this bulletin is not investment advice. News summaries are based on the footnoted sources; numbers are Metravise data. Past performance is not indicative of future results.

Sources

S&P 500 posts back-to-back winning days as chips rally and oil prices slide: Live updates — CNBC · Oct 28
Stock futures are mixed as traders await Fed decision, Big Tech earnings: Live updates — CNBC · Oct 28
Federal Reserve to announce its latest interest rate move this week. Here's what economists expect. — CBS News · Oct 28
AI debt fears ease ahead of Oracle, Alphabet and Amazon updates. Here's what to watch. — CNBC · Oct 28
Stock market today: Live updates — CNBC · Oct 28
NXP Semiconductors Reports Third Quarter 2026 Results — GlobeNewswire · Oct 28
Federal Reserve expected to hold rates, but Kevin Warsh may point to more hikes — CNBC · Oct 28
MGPI Stock Price Quote — Morningstar · Oct 27