Why it matters
- The Fed releases its decision at 2 p.m. ET on Wednesday, Oct. 28, with a press conference at 2:30 p.m., its calendar shows. Newsquawk, citing CME FedWatch, put the odds of an October hike at about 10%.
- S&P 500 futures were up about 0.18% around 8:50 a.m. ET, and December Brent was up 1.33% at about $115.39 from Tuesday's $113.88 settlement, Yahoo Finance data and Reuters showed.
- The Bank of Canada decides at 9:45 a.m. ET. Microsoft and Alphabet report after the close, and Treasury sells $30 billion of 2-year floating-rate notes and a 17-week bill at 11:30 a.m.
The day ahead: scheduled events and what forecasters expect.
The Federal Reserve announces its interest rate decision at 2 p.m. ET on Wednesday, Oct. 28, with a press conference at 2:30 p.m., according to the Fed's calendar, capping a day that also brings the Bank of Canada's decision at 9:45 a.m. and results from Microsoft and Alphabet after the close. U.S. stock futures edged higher before the open, with S&P 500 futures up about 0.18% around 8:50 a.m. ET, according to Yahoo Finance data. Oil rebounded, with December Brent up 1.33%.
Where are futures before the open?
| Market, about 8:50 a.m. ET | Level | Change vs. Tuesday |
|---|---|---|
| S&P 500 futures | 7,772.25 | +0.18% |
| Nasdaq 100 futures | 29,899 | +0.29% |
| Dow futures | 52,568 | −0.02% |
| 2-year Treasury yield (Tuesday close, Treasury) | 4.70% | +0.02 point vs. Monday |
| 10-year Treasury yield (Tuesday close, Treasury) | 4.99% | −0.01 point vs. Monday |
| Brent crude, December ($/barrel) | 115.39 | +1.33% |
| WTI crude, December ($/barrel) | 102.08 | +2.18% |
| Gold futures ($/ounce) | 4,067.20 | −0.18% |
| U.S. dollar index | 102.35 | +0.03% |
Source: Yahoo Finance chart data and Treasury. Levels are delayed and approximate; oil changes are from Tuesday's settlements, which Reuters reported at $113.88 for Brent and $99.90 for WTI.
Oil rebounded after two days of losses on reports that the U.S. could resume strikes on Iran after next week's midterm elections, Trading Economics said, while Qatari mediation efforts limited the gains. EIA's weekly petroleum status report is due at 10:30 a.m. ET, according to the agency's schedule.
On Tuesday the S&P 500 rose 0.60% to 7,722.60 and the Nasdaq Composite 1.18%; see our Americas Tuesday recap. Overnight, the Kospi jumped 6.63% on SK hynix's results, and Europe was flat as Britain presented its budget; see our Asia Wednesday recap and Europe Wednesday recap.
What time is the Fed decision today?
The Fed's decision is due at 2 p.m. ET, and the press conference starts at 2:30 p.m., the Fed's October calendar shows; Chair Kevin Warsh will speak there, Newsquawk said. This meeting has no Summary of Economic Projections; the next one comes with the Dec. 8-9 meeting, according to the FOMC calendar. The target range is 3.75% to 4.00%, Newsquawk said.
Markets price only a small chance of a move today. A Newsquawk preview on Oct. 27 put the probability of a quarter-point hike in October at about 10% and of at least one more hike by December at about 80%, citing CME FedWatch. It also cited a Reuters poll in which 94 of 100 economists expected no change this week. This site does not forecast the outcome.
What is the Bank of Canada expected to do?
The Bank of Canada announces its rate decision and publishes its Monetary Policy Report at 9:45 a.m. ET, followed by a press conference with Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers at about 10:30 a.m., the bank's events page shows. Its overnight rate target is 2.25%, last held on Sept. 2, the bank said. Trading Economics' calendar lists a consensus of 2.50%, which would be a quarter-point increase.
Which Treasury auctions are today?
- 11:30 a.m. ET: $30 billion 2-year FRN. Treasury sells a new 2-year floating-rate note, according to TreasuryDirect. Noncompetitive bids close at 11 a.m. and competitive bids at 11:30 a.m.; the notes are issued Nov. 2 and mature Oct. 31, 2028.
- 11:30 a.m. ET: $75 billion 17-week bill. The bill is issued Nov. 3 and matures March 2, 2027, TreasuryDirect shows, with noncompetitive bids due at 11 a.m.
Which companies report today?
Several companies reported before the open, according to their releases filed with the SEC, with consensus forecasts from Nasdaq's earnings calendar and the latest premarket trades before about 9:05 a.m. ET from Yahoo Finance:
| Company | Result | Consensus EPS | Premarket |
|---|---|---|---|
| Vertiv | Adjusted EPS $2.21; sales up 61% to $4.31 billion; raised guidance | $1.82 | +21.7% |
| GE Vernova | Orders $29.3 billion, up 96% organically; revenue $12.6 billion; raised guidance | $4.03 | +4.7% |
| Aon | Adjusted EPS $3.36; organic revenue growth 6% | $3.34 | +4.0% |
| ADP | Adjusted EPS $2.82; revenue up 6% to $5.5 billion; raised guidance | $2.78 | −6.0% |
| Phillips 66 | Adjusted EPS $14.08; earnings $5.6 billion | $11.97 | −6.2% |
| Boston Scientific | Adjusted EPS $0.73; sales up 1.5% to $5.14 billion | $0.73 | −11.5% |
After the close, Microsoft publishes its fiscal first-quarter results, with a webcast at 2:30 p.m. Pacific (5:30 p.m. ET), the company said; Nasdaq's consensus is $4.71 a share. Alphabet's call is at 4:30 p.m. ET, according to its investor relations release; consensus is $2.94. Nasdaq's calendar also lists KLA, ServiceNow, T-Mobile US, Fortinet, Equinix and Ford after the bell. Meta is not on today's slate: it reported on Oct. 21, according to its investor relations release. Amazon is listed for Thursday.
| Date | Event |
|---|---|
| Wed., Oct. 28 | Bank of Canada (9:45 a.m.); 2-year FRN and 17-week bill auctions (11:30 a.m.); Fed decision (2 p.m.) and press conference (2:30 p.m.); Microsoft and Alphabet after the close |
| Thu., Oct. 29 | ECB decision (per Trading Economics); $44 billion 7-year auction (1 p.m.); Amazon after the close |
Sources: Federal Reserve, Bank of Canada, TreasuryDirect, Nasdaq and company releases. Times are ET.
Upcoming releases are on our market calendar, and this week's shifted opening times for Europe are in our guide to world market hours.
Follow the rest of the trading day on our global market today page, with the latest Asia, Europe and Americas session recaps.
Sources
- Federal Reserve, October 2026 calendar and FOMC meeting calendars
- Newsquawk, Preview: Federal Reserve rate decision due Wednesday, October 28th at 18:00GMT/14:00EDT (Oct. 27, 2026)
- Bank of Canada, upcoming events and policy interest rate
- Trading Economics, Canada interest rate, Brent crude oil and France stock market
- TreasuryDirect, upcoming auctions
- U.S. Treasury, daily par yield curve rates
- U.S. Energy Information Administration, Weekly Petroleum Status Report schedule
- Reuters via Yahoo Finance, Oil falls almost $2 as Middle East talks help ease supply worries (Oct. 27, 2026)
- Vertiv, third-quarter 2026 results (SEC filing)
- GE Vernova, third-quarter 2026 results (SEC filing)
- Aon, third-quarter 2026 results (SEC filing)
- ADP, first-quarter fiscal 2027 results (SEC filing)
- Phillips 66, third-quarter 2026 results (SEC filing)
- Boston Scientific, third-quarter 2026 results (SEC filing)
- Microsoft via Finviz, Microsoft announces quarterly earnings release date (Oct. 7, 2026), and Microsoft, FY27 Q1 earnings event
- Alphabet, Alphabet announces date of third quarter 2026 financial results conference call (Oct. 6, 2026)
- Meta, Meta to announce third quarter 2026 results (Oct. 12, 2026)
- Nasdaq, earnings calendars for Oct. 28 and Oct. 29, 2026
- Yahoo Finance, chart data for S&P 500 futures, Nasdaq 100 futures, Dow futures, Brent December, WTI December, gold futures, the U.S. dollar index, Vertiv, GE Vernova, Aon, ADP, Phillips 66 and Boston Scientific