Stocks Drift After Fed Decision as Oracle Surges: Markets Wrap
(Bloomberg) — Stocks churned after the Federal Reserve held rates steady, but refrained from offering a clear signal on whether it will hike in December.
Following back-to-back gains, the S&P 500 fluctuated. Oracle Corp. jumped 12% on a long-term outlook for free cash flow that eased investor nerves about the potential payoff from its artificial-intelligence spending. The AI trade will face a fresh test when Microsoft Corp. and Alphabet Inc. report earnings after the close. Short-dated Treasuries outperformed. The dollar wavered.
The Federal Open Market Committee voted 10-2 to hold its benchmark federal funds rate in a range of 3.75% to 4%. In their post-meeting statement, officials said they hoped incoming data in the coming weeks would help inform their next decision.
In a press conference, Fed Chair Kevin Warsh said officials have “made clear our readiness to act as circumstances require, and we have shown our willingness to act.”
“The Fed appears comfortable being patient for now as financial conditions have evolved broadly in line with expectations,” said Luis Alvarado at Wells Fargo Investment Institute. “But patience should not be confused with complacency. Warsh made clear that officials remain prepared to act if price pressures broaden.”
Warsh also said the central bank will phase in an adjusted meeting schedule, with plans to hold rate-setting votes at seven out of eight meetings next year.
Corporate Highlights:
Apple Inc., after two decades of spurning the idea, unveiled an overhauled MacBook Pro that includes a touch screen, giving its flagship laptop a feature that has become a must-have in the personal computer industry. OpenAI intends to buy AI computing chips from Alphabet Inc.’s Google, according to a person familiar with the matter. Nelson Peltz’s Trian Fund Management offered to buy out Wendy’s Co. for about $1.4 billion, saying the burger chain will be better off attempting a multiyear turnaround bid as a private company. GE Vernova Inc. agreed to pay $9 billion to acquire Trench Group in a deal aimed at bolstering its portfolio of high-voltage power grid equipment to meet the surging demand for electricity. Vertiv Holdings Co. expects 2026 sales to almost triple since 2021 as it benefits from soaring demand for data-center equipment. Some of the main moves in markets:
Stocks
The S&P 500 rose 0.2% as of 3:33 p.m. New York time The Nasdaq 100 rose 0.3% The Dow Jones Industrial Average rose 0.2% The MSCI World Index rose 0.2% Currencies
The Bloomberg Dollar Spot Index fell 0.1% The euro rose 0.3% to $1.1162 The British pound rose 0.2% to $1.3331 The Japanese yen was little changed at 157.85 per dollar Cryptocurrencies
Bitcoin rose 0.7% to $81,235.46 Ether rose 0.9% to $2,362.43 Bonds
The yield on 10-year Treasuries advanced four basis points to 5.03% Germany’s 10-year yield advanced one basis point to 3.37% Britain’s 10-year yield declined three basis points to 5.32% Commodities
West Texas Intermediate crude rose 2.8% to $102.70 a barrel Spot gold was little changed ©2026 Bloomberg L.P.
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