Wall Street carried fresh momentum into Wednesday, October 28, 2026, after a strong Tuesday session led by technology and chip stocks, with investors now focused on the Federal Reserve's interest-rate decision later in the day and big-tech earnings after the closing bell.
On Tuesday, the Dow Jones Industrial Average edged up 16 points to close at 52,377.57 after a choppy session. The S&P 500 rose 0.6% to 7,722.60, while the Nasdaq Composite jumped 1.2%, or 308.43 points, to 26,477.81. Six of the 11 S&P 500 sectors finished lower, but technology stood out: the Information Technology sector fund rose 1.7%, while energy fell 2.1%.
The rally was driven in large part by renewed enthusiasm for artificial intelligence. Reports noted that AI company Anthropic's public filing of its initial public offering documents helped reignite the AI trade after a softer stretch. Among chip names on Tuesday, Nvidia rose 0.91%, while AMD gained 5.45% and Broadcom added 4.00%. Market volatility also cooled, with the CBOE Volatility Index down 4.7% to 17.52.
At Wednesday's open, the picture was mixed but leaning positive for tech. The Dow slipped 42.1 points, or 0.08%, to 52,335.43, while the S&P 500 rose 13.0 points, or 0.17%, to 7,735.56 and the Nasdaq climbed 63.8 points, or 0.24%, to 26,541.61. Memory-chip firms rose after strong results from SK Hynix, giving semiconductors another lift.
The day's main event is the Federal Reserve's rate decision. Investors widely expect the central bank to hold its key rate steady today, after raising it last month for the first time in three years. That puts the focus on the Fed's guidance for December and how it balances inflation risks against growth.
Earnings are the other big test. Google parent Alphabet and Microsoft headline Wednesday's calendar and report after the close, giving investors a fresh read on whether heavy AI spending is turning into stronger revenue and margins. Earlier in the week, Seagate shares slipped despite a better-than-expected earnings report, while Robinhood fell after its results came in short of Wall Street estimates.
Elsewhere, West Texas Intermediate crude oil futures were recently up about 2% at $101.75 a barrel, gold futures eased slightly to around $4,060 an ounce, bitcoin traded near $81,300, and the yield on the 10-year Treasury ticked higher to 5.01%.
Bottom line: markets enter the Fed decision with tech leading and sentiment improved, but the rate guidance and tonight's big-tech results will likely set the tone for the rest of the week. This article is for information only and is not financial advice.
Sources: Zacks, Reuters, Investopedia, NewsPim.
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