Stock Market Today, Oct. 28: Markets Edge Higher as Fed Holds Rates Steady
The S&P 500 (SNPINDEX:^GSPC) gained 0.28% to 7,744, the Nasdaq Composite (NASDAQINDEX:^IXIC) rose 0.27% to 26,550, and the Dow Jones Industrial Average (DJINDICES:^DJI) added 0.19% to 52,475, as all three indexes finished in the green after the Federal Reserve held rates steady.
Gold prices rose 0.10% to $4,068.14 as of U.S. market close, and the 10-Year Treasury yield rose 0.02% to 5.02%. Energy stocks led sector gains, while real estate and utilities retreated.
Today's biggest moves
Vertiv Holdings Co jumped almost 17% on bullish long-term artificial intelligence (AI) infrastructure demand forecasts. Oracle Corporation surged 11% after an investor day in which it set out new financial targets. Wingstop Inc. also climbed after reporting better-than-expected third-quarter earnings. F5, Inc. plummeted over 20% as investors weighed its guidance and an analyst downgrade.
What this means for investors
The Fed left rates unchanged today, as expected. Chair Kevin Warsh stressed the committee's commitment to reducing inflation, and officials said further data would inform interest rate decisions at its next meeting in December. The 10-year Treasury yield crossed the 5% threshold as investors weighed the impact of the decision.
The other big news today came after the bell, as Alphabet Inc. and Microsoft Corporation reported quarterly earnings. Microsoft beat expectations, particularly its Azure cloud computing division. Alphabet was a different story -- its shares slid in after-hours trading after its revenue and sales fell short of analyst predictions.
Investors can expect tech volatility to return tomorrow, as Alphabet's results raise questions about the sustainability of heavy AI capex spending. However, zooming out, the picture is more nuanced: investors are judging megatech firms by their individual results and revenue-generation potential.
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Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Applied Materials, Microsoft, Oracle, Vertiv, and Wingstop. The Motley Fool has a disclosure policy.
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