Daily Market Summary - October 28, 2026

Key Takeaways

• The Federal Reserve maintained interest rates in the 3.75-4% range with a 10-2 vote split.
• Oracle shares surged 11% after projecting over $225 billion in annual revenue by fiscal year 2030.
• SK Hynix shares jumped 13% following a sevenfold profit increase driven by artificial intelligence demand.
• Gold climbed to $4,070 per troy ounce following the Federal Reserve meeting and a weakening of the US dollar.

Federal Reserve Meeting Insights

Investors were keenly awaiting the Federal Reserve's meeting, which ultimately revealed few surprises. The interest rates were held steady in the 3.75-4% range, with a notable 10-2 vote split. The dissenting vote came from Lisa Cook, who was previously dismissed by Donald Trump but was recently reinstated by the Supreme Court.

Fed Chair Kevin Warsh refrained from making explicit comments about a potential rate hike in December, although he indicated that there is a broad consensus that the current monetary policies are effective. He also noted that most Federal Open Market Committee (FOMC) members do not believe the economy is overheating.

Starting next year, the Fed plans to reduce the number of policy meetings to seven, with one meeting dedicated to broader strategic discussions without a vote. This change aims to streamline the decision-making process.

Despite the Fed's decision, the market remains uncertain about a December rate increase, with the probability now at 85%, down from 95%. The US dollar weakened against a basket of currencies and the euro, while yields on 2-year US Treasury notes fell slightly.

Equity Market Performance

The S&P 500 saw a modest gain of approximately 0.3%, while the Nasdaq 100 rose nearly 0.5%. Investors are looking forward to upcoming quarterly earnings reports from major companies like Alphabet and Microsoft.

Oracle was the standout performer of the day, with shares rising 11% after the company projected exceeding $225 billion in annual revenue by fiscal year 2030. This projection reinforces the bullish sentiment surrounding artificial intelligence investments.

SK Hynix also experienced significant gains, with a 13% increase in shares, attributed to a more than sevenfold profit increase driven by the demand for AI infrastructure memory. The company announced plans to return approximately $75 billion to shareholders this year.

Precious Metals Market

Gold prices increased to $4,070 per troy ounce following the Fed meeting and the weakening of the US dollar. The rise in gold prices was also supported by a slight decline in 2-year Treasury yields.