Why it matters
- The S&P 500 rose 21.38 points, or 0.28%, to 7,743.98 on Wednesday, Oct. 28, the Dow 0.19% and the Nasdaq Composite 0.27%, Yahoo Finance data showed, after the Fed held its target range at 3.75% to 4%.
- The Fed's vote was 10-2, with Lisa D. Cook and Beth M. Hammack preferring a quarter-point hike, its statement said. The Bank of Canada raised its policy rate 25 basis points to 2.5%.
- The 10-year Treasury yield rose to 5.05% from 4.99%, Treasury data showed. December Brent settled up $1.44 at $115.32, Reuters said. Alphabet fell about 8.6% after hours on lower earnings.
Session recap: what happened in this region's trading day, with sources.
U.S. stocks ended slightly higher on Wednesday, Oct. 28, after the Federal Reserve held interest rates steady, as expected. The S&P 500 rose 21.38 points, or 0.28%, to 7,743.98, the Dow Jones Industrial Average gained 97.53 points, or 0.19%, to 52,475.10 and the Nasdaq Composite added 0.27% to 26,549.85, according to Yahoo Finance data. Oracle jumped 10.73%, while Enphase Energy sank 16.03%.
| Index | Wednesday close | Change vs. Tuesday, Oct. 27 |
|---|---|---|
| S&P 500 | 7,743.98 | +21.38 (+0.28%) |
| Dow Jones Industrial Average | 52,475.10 | +97.53 (+0.19%) |
| Nasdaq Composite | 26,549.85 | +72.04 (+0.27%) |
| Russell 2000 | 2,830.51 | +11.64 (+0.41%) |
| Cboe Volatility Index (VIX) | 16.91 | −0.61 (−3.48%) |
| S&P/TSX Composite (Canada) | 36,265.09 | +93.59 (+0.26%) |
| Ibovespa (Brazil) | 171,006.09 | −4,703.91 (−2.68%) |
| S&P/BMV IPC (Mexico) | 69,182.39 | −529.48 (−0.76%) |
Source: Yahoo Finance daily chart data.
What did the Fed decide today?
The Federal Open Market Committee kept the federal funds target range at 3.75% to 4% in a 10-2 vote, according to its statement released at 2 p.m. ET. Lisa D. Cook and Beth M. Hammack voted against the decision because they preferred to raise the range by a quarter point. The statement said economic activity "is expanding at a strong pace" and that "inflation remains elevated."
Stocks showed little reaction and ended slightly higher, Investing.com reported. Chair Kevin Warsh said financial conditions had tightened somewhat since September and declined to give forward guidance, Investing.com said. Traders saw about an 85% chance of a quarter-point hike at the Dec. 9 meeting, Yahoo Finance said, citing Bloomberg futures data. The Fed's next meeting is Dec. 8-9, its calendar shows.
What did the Bank of Canada do?
The Bank of Canada raised its target for the overnight rate by 25 basis points to 2.5%, with the Bank Rate at 2.75% and the deposit rate at 2.45%, the bank said in its release. It said it acted to reduce the risk that high energy prices spread to other prices. It expects CPI inflation to rise to about 3.5% by the end of the year and said "there could be a need to increase the policy rate further." Its next decision is Dec. 9. The TSX rose 0.26%.
Which stocks moved the most?
| Stock | Wednesday close | Change |
|---|---|---|
| Vertiv | $242.94 | +16.48% |
| Wendy's | $7.07 | +15.15% |
| SK hynix (U.S.-listed shares) | $164.70 | +13.30% |
| Oracle | $144.54 | +10.73% |
| Aon | $315.72 | +4.37% |
| ADP | $285.37 | −2.64% |
| Robinhood | $91.43 | −3.31% |
| Boston Scientific | $42.43 | −5.84% |
| Fortinet | $174.08 | −5.90% |
| Enphase Energy | $24.99 | −16.03% |
Source: Yahoo Finance chart data.
Vertiv rose after net sales grew 61% to $4.31 billion and it raised its full-year 2026 guidance, its earnings release showed. Oracle jumped after it issued revenue projections through fiscal 2030, Yahoo Finance said. Wendy's rose after the Wall Street Journal reported a $1.4 billion offer from Trian Partners, Yahoo Finance said. Robinhood fell after weaker-than-expected third-quarter profit, Yahoo Finance reported.
Enphase forecast fourth-quarter revenue of $225 million to $255 million, down from $293.3 million in the third quarter, its release showed. Boston Scientific said it expects fourth-quarter net sales to fall about 1% to 3% from a year earlier. The Philadelphia Semiconductor Index rose 1.75% to 11,684.00, Yahoo Finance data showed.
What happened after the bell?
Microsoft reported fiscal first-quarter revenue of $92.3 billion, up 19%, and non-GAAP earnings of $4.89 a share, its release showed, above Nasdaq's $4.71 consensus. Microsoft Cloud revenue rose 30% to $63.9 billion and Azure revenue 48%. Its shares were up about 2.8% at $546.01 around 4:57 p.m. ET, Yahoo Finance data showed.
Alphabet's revenue rose 25% to $127.6 billion and Google Cloud revenue 103% to $30.7 billion, its release showed. But earnings fell to $2.12 a share from $2.87 a year earlier, below Nasdaq's $2.94 consensus, as other income swung to an $8.2 billion expense. Alphabet's Class A shares were down about 8.6% at $297.09 around 4:57 p.m. ET.
What happened to oil and Treasury yields?
December Brent rose $1.44, or 1.26%, to settle at $115.32 a barrel, and U.S. crude rose $2.88, or 2.88%, to settle at $102.78, Reuters reported. Prices rose on fighting in Yemen, a reported attack on a Saudi refinery and a surprise 1.9 million-barrel drop in U.S. crude stocks, the EIA said, according to Reuters.
The 10-year Treasury yield rose to 5.05% from 4.99%, the 30-year to 5.37% from 5.30%, and the 2-year eased to 4.67% from 4.70%, Treasury data showed. Gold futures were up about 0.17% at $4,081.50 an ounce late in the day, Yahoo Finance data showed.
This morning's day-ahead guide has the rest of this week's calendar. See the Europe Wednesday recap, the Asia Wednesday recap and Tuesday's U.S. session recap. The markets page tracks the latest numbers.
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, Federal Reserve issues FOMC statement (Oct. 28, 2026) and FOMC meeting calendars
- Bank of Canada, Bank of Canada raises the policy rate by 25 basis points to 2½% (Oct. 28, 2026)
- Investing.com, Wall Street ends slightly higher after Fed holds rates steady (Oct. 28, 2026)
- Yahoo Finance, Stock market today: Nasdaq wavers, S&P 500 and Dow climb as Fed votes to hold rates steady in 10-2 decision (Oct. 28, 2026)
- Reuters via Investing.com, Oil prices rise on Yemen fighting, Saudi refinery attack (Oct. 28, 2026)
- U.S. Treasury, Daily Treasury par yield curve rates, 2026
- Microsoft, first-quarter fiscal 2027 results (SEC filing)
- Alphabet, third-quarter 2026 results (SEC filing)
- Vertiv, third-quarter 2026 results (SEC filing)
- Enphase Energy, third-quarter 2026 results (SEC filing)
- Boston Scientific, third-quarter 2026 results (SEC filing)
- Nasdaq, earnings calendar for Oct. 28, 2026
- Yahoo Finance, daily chart data for the S&P 500, Dow, Nasdaq Composite, Russell 2000, VIX, S&P/TSX Composite, Ibovespa, S&P/BMV IPC, PHLX Semiconductor Index, gold futures, Vertiv, Wendy's, SK hynix (U.S.), Oracle, Aon, ADP, Robinhood, Boston Scientific, Fortinet, Enphase, Microsoft and Alphabet