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Daily Bulletin · Thursday, October 29, 2026 · pre-market

Chipmakers extend S&P 500 gains as December hike odds rise

S&P 5007,748.03+0.32%Nasdaq26,561.23+0.33%10Y5.05%+0.05WTI$101.45−0.48%Gold$4,054.21−0.30%VIX16.86−3.71%

In brief

  • Chips lead: The S&P 500 rose +0.32% for a third straight day, as Micron and Broadcom gained.1
  • Rate pressure: The 10-year yield rose to 5.04% after the Fed's decision lifted the odds of a December rate hike.2
  • Futures slip: Nasdaq 100 futures were down -0.64% before the open, with Apple and Amazon reporting after today's close.

What it means

Chipmakers carried the market even as the Fed's decision raised the odds of another rate hike in December.1,2 Jeff Schulze, head investment strategist at Franklin Templeton Institute, said nothing in the decision rules out another hike before year-end.3 S&P 500 futures were down -0.18% pre-market, pointing to a cautious tone ahead of a heavy day of data and earnings.

The day in review and where money is flowing

Over five sessions the S&P 500 slipped -0.10% and the Nasdaq 100 edged up +0.06%, while the Metravise Portfolio gained +1.82% in the last session. Consumer Staples and Energy lead Metravise's one-month sector view at +2.1 pts and +2.1 pts versus the S&P 500, with Utilities at +0.6 pts. Within Consumer Staples, Brewers (+10.1 pts), Wineries & Distilleries (+8.1 pts) and Discount Stores (+7.5 pts) stand out, while Technology trails at -10.2 pts.

Real estate: upbeat updates

Equinix reported results for the quarter ended September 30 and raised its 2026 guidance.4 JLL reported higher third-quarter revenue, led by Advisory, and said it intends to execute a new $500 million accelerated share repurchase imminently.5 The updates arrive as Real Estate sits among Metravise's improving sectors with strengthening momentum.

Market mood

The VIX fell -3.71% to 16.86, staying in its normal zone. The equity put/call ratio came in at 0.54, below its 5-day average of 0.62, a sign of lighter demand for downside protection.

What to watch today

Times are US Eastern (ET).

Reported last night

  • FTNTFortinet, Inc.EPS above the estimate (+6.0%)
  • EQIXEquinix, Inc. Common Stock REITEPS above the estimate (+31.9%)
  • ORLYO'Reilly Automotive, Inc.EPS above the estimate (+4.7%)
  • CMGChipotle Mexican Grill, Inc.EPS below the estimate (-7.2%)
  • ARANTERO RESOURCES CORPORATIONEPS below the estimate (-15.3%)
  • ALGNAlign Technology IncEPS above the estimate (+1.3%)
  • FORMFormFactor Inc.EPS above the estimate (+20.5%)
  • AXSAxis Capital Holders LimitedEPS above the estimate (+9.5%)
  1. 00:15
    US index futures (futures, not the session)Versus the prior close, S&P 500 futures are -0.18% and Nasdaq 100 futures -0.64%; these are futures prices, not the session. The US session opens at 9:30 ET.
  2. Thu 08:30
    GDP (Advance Estimate)An above-consensus GDP print is generally read as a sign of resilient growth, which keeps rate-hike expectations in focus.
  3. Thu 08:30
    Personal income and outlays (PCE inflation)A hotter-than-expected PCE reading is generally read as added inflation pressure, a key input for the Fed's December decision.
  4. Thu 08:30
    Initial jobless claims (weekly)Low jobless claims are generally read as a tight labor market, while a jump is often seen as an early sign of cooling.
  5. Thu
    Amazon.Com Inc (AMZN) earnings · today after the closeJefferies analyst Brent Thill wrote that AWS is not yet done accelerating and that retail has kept surprising positively despite cautious consumers.6
  6. Thu
    Apple Inc. (AAPL) earnings · today after the closeResults after the close are generally judged by guidance as much as by the quarter's headline figures.

Metravise Portfolio

  • PortfolioWednesday change+1.82%
  • —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

  1. Nasdaq-100 futures dip as Alphabet shares sell off after earnings report: Live updates — CNBC · Oct 29
  2. Fed keeps interest rates unchanged, but two officials dissented in favor of a rate hike — CNN · Oct 29
  3. S&P 500, Dow rise for third consecutive day after Fed holds steady on rates: Live updates — CNBC · Oct 29
  4. Equinix Reports Third-Quarter Results and Raises 2026 Guidance — PR Newswire · Oct 29
  5. JLL Reports Financial Results for Third-Quarter 2026 — PR Newswire · Oct 29
  6. Earnings playbook: Alphabet, Microsoft, Amazon and more report this week. Here's what to expect — CNBC · Oct 26

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