Market Summary - October 28, 2026

The US stock index futures opened positively, driven primarily by the technology and AI infrastructure sectors. Notably, SK Hynix announced that its AI memory production capacity is sold out through 2029, which has significantly boosted optimism within the sector.

Key Market Highlights

• US stock index futures are trading positively, with the tech-heavy US100 leading gains at +0.4%.
• The US500 index is up by 0.2%, while the US30 remains close to its previous close.
• WTI crude oil prices have risen by 1.4%, surpassing $101 per barrel, amid increasing geopolitical risks.
• Vertiv shares surged by 14% after the company raised its full-year earnings guidance significantly.

Market Sentiment

Despite the positive movements in the tech sector, investors are exercising caution ahead of the Federal Reserve's interest rate decision scheduled for later today. The futures market indicates only a 10% probability of a rate change, with expectations that the current range will remain between 3.75% and 4.00%. The Fed Chair's subsequent press conference is anticipated to provide crucial insights into future monetary policy adjustments.

Company News

• Vertiv Holdings (VRT.US): Shares increased by 14% following a positive earnings forecast.
• Alphabet (GOOGL.US): Stock rose by 1.2% on news of OpenAI's plans to purchase TPU processors, enhancing Google's position in AI infrastructure.
• Microsoft (MSFT.US): Investors are keenly awaiting quarterly results, particularly focusing on Azure's performance.
• Ultralife (ULBI.US): Shares skyrocketed by 145% after an acquisition announcement by EnerSys.
• Enphase Energy (ENPH.US): Stock fell by 16% due to disappointing Q4 guidance, with analysts pushing recovery expectations to 2027.
• Boston Scientific (BSX.US): Shares dropped by 8% after issuing a lower-than-expected profit outlook.
• F5 Inc. (FFIV.US): Shares declined by 17% following weaker profit guidance.

Technical Analysis

The US100 index is attempting a rebound after a significant correction from October highs. Prices have moved above the key support level of 29,300 points and are testing the 29,800 to 30,000 zone. A sustained breakout above this area could lead to a retest of resistance levels around 30,570 points and then 31,200 points. However, the current RSI reading indicates no clear advantage for buyers, and MACD remains in negative territory, suggesting ongoing downward pressure.

Upcoming Economic Data

At 13:30, the US wholesale inventories for September will be released, with a consensus expectation of a 0.5% month-over-month increase. The Federal Reserve's interest rate decision will be announced at 19:00, followed by a press conference at 19:30, which may significantly impact the bond market, the dollar, and US equity indices.