Tech Stocks Power Wall Street Gains Before Fed: Markets Wrap
(Bloomberg) — A rally in technology companies lifted stocks ahead of results from industry giants valued at more than $10 trillion, with traders also bracing for the Federal Reserve rate decision.
Despite losses in most of its companies, the S&P 500 advanced. A closely watched gauge of chipmakers climbed 2%. Meta Platforms Inc.’s $25 billion stock sale was said to have attracted demand for about five times the available shares. Brent crude dropped below $115. Treasuries wavered.
The Fed and its peers in the euro zone and Japan will probably keep interest rates steady this week, opting to bide their time before potential further hikes.
Fed Chairman Kevin Warsh, who’s eschewed guidance on future moves, will face a tricky test at his post-meeting press conference Wednesday. He probably won’t offer much insight about December, but may also not want to sway market bets away from the current expectation for a hike.
On the economic front, US consumer confidence unexpectedly rose in October for the first time in four months as views about the job market and business conditions improved.
Despite the increase in confidence this month, consumers remain troubled by the impact of higher prices on their budgets and on wage growth that is lagging behind inflation. Borrowing costs have also climbed more recently, making homes, vehicles and other big-ticket purchases less affordable.
Corporate Highlights:
Broadcom Inc. has arranged a $63 billion deal with Bank of America Corp., Blackstone Inc., Citigroup Inc. and Morgan Stanley to finance the purchase of chips for AI model developer Anthropic PBC. United Parcel Service Inc. boosted its financial guidance for the year above Wall Street’s estimates, suggesting the courier expects to benefit from high prices and resilient demand through the holiday season. Boeing Co. Chief Executive Officer Kelly Ortberg struck a cautious tone about efforts to ramp up production of the 737 Max jetliner, highlighting the tension between investors demanding improved cash flow and senior management still working to get production lines into shape for higher output. Coca-Cola Co. raised its 2026 full-year outlook on strong international demand for soda, but notched lower-than-expected sales volume in North America. PayPal Holdings Inc. raised its full-year earnings guidance amid promising growth in key business units, even as revenue missed analysts’ estimates. JetBlue Airways Corp. reassured Wall Street that it’s still on track to be profitable in the near future, despite deepening its projected operating margin loss for the current year as fuel costs soar. General Motors Co. plans to shift its stock listing to the Nasdaq Global Select Market from its longtime home on the New York Stock Exchange, an attempt to position the old-school automaker as a tech-forward company embracing automated driving and electric vehicles. Some of the main moves in markets:
Stocks
The S&P 500 rose 0.3% as of 10:34 a.m. New York time The Nasdaq 100 rose 0.8% The Dow Jones Industrial Average was little changed The Stoxx Europe 600 rose 0.3% The MSCI World Index rose 0.3% Currencies
The Bloomberg Dollar Spot Index rose 0.1% The euro fell 0.2% to $1.1151 The British pound was little changed at $1.3331 The Japanese yen fell 0.2% to 157.78 per dollar Cryptocurrencies
Bitcoin rose 0.6% to $80,224.26 Ether rose 1.2% to $2,329.99 Bonds
The yield on 10-year Treasuries was little changed at 4.99% Germany’s 10-year yield declined two basis points to 3.35% Britain’s 10-year yield declined one basis point to 5.33% Commodities
West Texas Intermediate crude fell 1.4% to $100.33 a barrel Spot gold rose 0.8% to $4,046.94 an ounce ©2026 Bloomberg L.P.
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