Updated hourly, 6 AM – 4 PM ET
Fed holds steady, stocks shrug it off. Tech leads the charge as chip stocks surge on AI infrastructure spending. ORCL soars over 10% on expanded NVIDIA partnership. Valuations remain stretched, but momentum's still the name of the game.
Chip stocks rally hard on AI infrastructure demand; SKHY leads the charge with 12.6% pop as SpaceX and others ramp capex. Broader market treads water into Fed decision with energy outperforming. Russell 2000 stuck in correction territory. Oil surges on geopolitical risks.
Nasdaq futures up 0.45% as chip stocks lead the charge; crude rallies 1.64% while metals sink across the board. Tech outperforming ahead of Big Tech earnings and the Fed decision. Small caps struggling, Russell 2000 futures down 0.18%. Watch QQQ for momentum confirmation at the open.
Nasdaq pops 1.3% as chip stocks extend their rally for a second straight day; oil weakness helps; energy sector takes the hit. CLS leads with a massive 12% surge.
Tech rallies on chip strength as oil retreats; WDC leads the charge with an 8.5% pop. Nasdaq outpaces with a 1.4% gain while energy stocks take it on the chin. Options flow steering the S&P 500 higher despite conflicting narratives on the day.
Futures creeping higher this morning as tech bounces on Anthropic IPO buzz; Nasdaq 100 up 0.32%, Russell 2000 joining the party. Copper surging 1.13% while energy slides and silver tanks 1.73%. Comms services lagging hard on heavy volume. Earnings avalanche ahead. TSLA leading the charge pre-open.
Tech gets the spotlight as Nasdaq jumps 1% on Anthropic IPO buzz, but breadth is crumbling. Mag Seven weakness dragging the S&P 500 lower for a third straight day below the 50-day. Brazil stocks in freefall. PBR.A
Tech surges on Anthropic IPO buzz while Brazil stocks crater. Semiconductor strength carries the day; TSLA leads the charge with a 5.8% pop. Fed decision and earnings deluge loom large this week.
Futures grinding higher on a mixed morning. Crude sliding 2.2% after last week's rout, natural gas crashing 4.9%, and gold catching a bid. Nasdaq futures lagging slightly while small caps and Dow lead. Big week ahead with earnings season ramping and Fed decision looming. Market trying to find its footing after taking lumps last week. IWM outperforming.
Broad selloff hammers equities as AI doubts resurface; energy rallies hard on geopolitical concerns. Dow drops 1.2% while tech stabilizes. TMUS crushed on SpaceX wireless threat. VIX spiked to 19.76, Treasury yields climbing. Oil surges 4% on Middle East tensions.
Markets turned volatile as Middle East tensions and AI spending concerns sparked broad selling, though energy surged on geopolitical risk. COP led the charge with oil rallying over 3.5% while memory chip stocks and cybersecurity names found buyers on the dip. Dow tumbled nearly 1% but Nasdaq managed modest gains as tech bottomed out. VIX ticked higher and rates climbed on safe-haven flows.
Futures pointing to modest red open as oil rallies 1.8% on supply concerns; tech remains under pressure after yesterday's AI capex reckoning. Staples leading premarket strength, but discretionary and industrials stuck in the red. Bonds catching a bid. SPY showing resilience despite broader tech anxiety.

Stock Market Dashboard

Live indices, movers, options and volatility · Oct 28, 2026

Top movers

Top movers, market cap $2B+. Select a column header to sort.
SymbolLastChgRel volMkt cap
GMAB Genmab A/S ADS 57.47 +28.64% 5.4x $27.5B
AXGN Axogen, Inc. Common Stock 49.03 +30.89% 5.7x $2.2B
VRT Vertiv Holdings Co Clas… 243.26 +16.64% 3.1x $80.3B
ICLR Icon Plc 213.41 +16.63% 4.2x $14.1B
SKHY SK hynix Inc. American … 164.59 +13.23% 2.3x $1.03T
BEAM Beam Therapeutics Inc. … 28.83 +15.78% 2.5x $2.6B
BLCO Bausch + Lomb Corporation 20.27 +15.01% 6.8x $6.3B
STLA Stellantis N.V. 4.68 +13.16% 3.5x $12.0B

Sector heat map

1D

Box size = relative volume (today vs the 20-day average), colour = 1-day change.

Fed rate odds

FedWatch
Oct 28 FOMCimplied
Hold
100%
Dec 9 FOMCimplied
Hold
15%
+25bp
85%

EFFR 3.88% · market-implied

Screeners

All

Economic calendar

Upcoming US economic events, times ET. Select a column header to sort.
TimeEventImpactActualFcstPrev
Today
Wed 10/28 08:30Goods Trade BalanceL-130.4B-132.6B
Wed 10/28 08:30Prelim Wholesale Inventories m/mL0.5%0.7%
Wed 10/28 10:30Crude Oil InventoriesL0.1M-3.1M
Wed 10/28 14:00Federal Funds RateH4.00%4.00%
Wed 10/28 14:00FOMC StatementH——
Wed 10/28 14:30FOMC Press ConferenceH——
Tomorrow
Thu 10/29 08:30Advance GDP q/qH3.2%1.5%
Thu 10/29 08:30Core PCE Price Index m/mH0.3%0.2%
Thu 10/29 08:30Advance GDP Price Index q/qM3.2%6.2%
Thu 10/29 08:30Unemployment ClaimsM198K194K
Showing 1–10 of 30
Page 1 of 4

US events · times ET · H high · M medium · L low impact

Upcoming earnings

Calendar

BMO before market open AMC after market close time not announced

Upcoming earnings in the next two weeks. Select a column header to sort.
SymbolDateEPS estExp. moveMkt cap
MSFT Microsoft Corporation Wed 10/28 AMC 4.72 +2.6% vs ±7.3% $3.96T
GOOG Alphabet Inc. Wed 10/28 AMC 3.01 −10.7% vs ±9.0% $3.87T
GOOGL Alphabet Inc. Wed 10/28 AMC 2.97 −10.8% vs ±9.0% $3.87T
GEV GE Vernova Inc. Wed 10/28 BMO 4.03 −1.9% vs ±12.1% $227.7B
KLAC KLA Corporation Wed 10/28 AMC 1.19 +3.4% vs ±13.6% $194.7B
SAN Banco Santander, S.A. Wed 10/28 BMO 0.26 −6.3% vs ±9.4% $186.1B
APH Amphenol Corporation Wed 10/28 BMO 0.73 +3.5% vs ±10.9% $185.6B
NOW ServiceNow, Inc. Wed 10/28 AMC 1.02 −18.1% vs ±14.7% $163.6B
Showing 1–8 of 536
Page 1 of 67

Market Commentary

Updated hourly
Updated: Live Data

📊 Market Overview

The Fed held rates steady with a 10-2 vote, and the market is reading this as the closing chapter on the hiking cycle rather than a prelude to cuts, which explains why equities are grinding higher while Treasuries are selling off across the curve. The real action is in what didn't happen: no policy pivot, no dovish pivot, just a hold. Tech is outperforming because investors are treating this as permission to stay long duration assets and chase AI spending stories from Microsoft and Alphabet later this week. Meanwhile, Morgan Stanley's 8% correction warning is getting no traction. The VIX compression and crypto's steady climb tell you the market has consensus-shifted to "higher for longer" rather than "lower soon," and that's bullish for risk appetite right now.

The divergence is telling. Bonds are getting hammered (long-duration paper down notably) while equities push higher, which usually signals inflation concerns or a genuine shift in terminal rate expectations. Defensives are underperforming; utilities and staples are lagging while financials, tech, and energy lead. That's not defensive positioning; that's a risk-on trade. Russell 2000 is still in correction territory but small-cap futures are holding up better than the spot index, suggesting institutional buyers are picking bottoms in rate-sensitive names. Oil and copper both rising together points to a macro shift away from recession fears and toward growth-inflation mix. The dollar weakness (DXY down) and strength in commodity-linked currencies like the Australian and Canadian dollar reinforce the story: this market is pricing sticky growth and persistent rates, not a hard landing. That's a real test of valuations when the multiple expansion game has already run.

⚠️ Risks & Opportunities

• The 10-2 FOMC dissent is a red flag; two voters wanting higher rates signals hawkish pressure lurking beneath the hold decision, and Powell's comments on AI capex and oil will set the tone for whether this is a true pause or a setup for December tightening ahead of tomorrow's GDP print.

• Tech is outrunning breadth by a mile (Nasdaq +0.6% while Russell 2000 corrects 11% from peak), and with bond yields climbing 100bps across the curve despite the pause, you're watching a classic liquidity rotation into mega-cap AI names that could crack hard if Microsoft or Alphabet disappoint earnings tonight.

• Oil up 2.16% and natural gas surging 3.89% on geopolitical noise kills the disinflationary narrative the Fed is selling; core PCE due tomorrow will either confirm sticky inflation is back or signal the energy move is just noise, but either way this cross-asset signal (commodities rising, bonds selling off, dollar weakening) screams risk-off reversal risk.

• Morgan Stanley's 8% correction call is not contrarian noise; with the S&P 500 trading at dot-com peak valuations and only 48% of constituents above their 200-day averages, this market is technologically bifurcated and vulnerable to a single bad earnings miss or inflation surprise cascading into a 5-7% pullback within two weeks.

• Small caps are imploding into correction while large-cap futures rally, meaning institutional flows are rotating into perceived safety, but the Russell 2000's technical break below trend resistance combined with rising real yields (10Y yields up 100bps YTD) suggests duration markets are pricing in slower growth, not a soft landing; this is a capitulation setup that precedes either capitulation selling or violent mean reversion.

• Gold and copper both rising while the dollar weakens signals real yield compression anxiety, and with Bitcoin up 1% and risk assets broadly bid, you've got a "Fed stays loose" trade crowding in ahead of tomorrow's GDP; if advance estimates disappoint, this could be the catalyst that triggers the 8% correction everyone's been talking about.


🚀 Notable Movers

  • ORCL surged on the heels of its expanded AI infrastructure partnership with Nvidia, expanding OCI Superclusters to multi-gigawatt scale and bringing Vera CPU general availability to Oracle Cloud.
  • VRT jumped over 16% as SpaceX announced plans to boost AI computing capacity by 10 gigawatts next year with a 20-gigawatt moonshot goal, positioning the power management specialist as a primary beneficiary of hyperscaler capex.
  • SKHY rallied 13% on the same SpaceX infrastructure expansion announcement, which explicitly named SK Hynix among the biggest winners in memory demand from the data center buildout.
  • MU climbed on broad semiconductor strength tied to enterprise AI server demand and hyperscale infrastructure investments, capitalizing on DRAM and NAND upside from the data center cycle.
  • AMAT, LRCX, LITE, and SNDK all posted modest 5-7% gains as equipment makers and optical component suppliers benefit from the surge in wafer fab and power infrastructure spending required for the AI buildout.
  • NBIS gained 7% as comparisons to CoreWeave and other AI infrastructure plays suggest positive relative momentum in cloud compute stocks.
  • NOW dropped 3.4% as growth software names appear to face valuation pressure despite earlier earnings strength, potentially reflecting profit-taking after a strong run.
  • FTNT fell 6% ahead of its earnings, losing ground to broader cybersecurity volatility and profit-taking in names that have run hard on AI security tailwinds.
  • SPOT slipped 3% despite positive Q3 commentary, likely caught in rotation away from consumer-facing tech names as investors favor pure AI infrastructure plays.
  • SAN, ITUB, and NU all declined 3-6%, reflecting weakness in emerging market and European financials as higher US rates and dollar stability keep EM assets under pressure.
  • GSK, BSX, and WM fell 4-6% on sector rotation and earnings disappointment, with healthcare and industrials lagging as capital rotates hard into AI infrastructure winners.
  • HOOD lost 3.5% on fintech underperformance, with retail and trading plays sidelined in favor of infrastructure capex stories.
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Anthropic's S-1: $141 Billion Raised, $132 Billion Unspent
October 27, 2026

Anthropic raised $141 billion, still has $132 billion of it, and reported an $80.7 billion loss anyway. We read the whole S-1 to work out how all three are true, who is really paying for the data centers, how the five share classes and the staged lock-up work, and which seven numbers in the next filing will decide the deal.

ipoaisec-filingsinvesting

National polls

Polls & odds
Trump approval36.2% / 61.3%
net −25.1approve −1.3 in 30d
Generic ballotD +8.5
D 51.5 · R 43.0margin +0.5 in 30d
House
D 92%
Senate
D 66%

Average of the major poll aggregators, past 12 months. Control odds from prediction markets.

Mortgage rates

Rates & calculator
30-yr fixed · estimate7.25%
+3 bp since last print$2,729/mo on $400,000
15-yr fixed
6.61% +124 bp in a year
30-yr jumbo
7.27% +81 bp in a year
30-yr FHA
7.06% +107 bp in a year
10-yr Treasury
5.045% +6 bp today

Average rate borrowers locked, re-priced with the 10-year Treasury between daily prints. Not a quote.