Stock market today: Dow, S&P 500, Nasdaq rise as Fed holds rates steady, Big Tech earnings loom
The Fed voted 10-2 to hold its policy rate in the 3.75%-4% range, with Cleveland Fed President Beth Hammack and Governor Lisa Cook dissenting in favor of a hike, and Chair Kevin Warsh said the Fed will have one fewer policy-setting meeting in 2027. Traders see about an 85% chance of a quarter-point hike at the Dec. 9 meeting, per Bloomberg data, with Microsoft and Alphabet reporting after the close. Yahoo Finance
Microsoft stock up over 2% after hours as Azure strength drives FQ1 results beat
Microsoft reported fiscal first-quarter revenue of $92.28 billion against expectations of $90.61 billion and EPS of $4.89 against $4.72, with Azure revenue up 48% year over year and Microsoft Cloud revenue up 31% in constant currency to $63.9 billion. Interactive Brokers' Steve Sosnick said capex was significantly lower than expected. Investing.com
Google misses Wall Street expectations, Alphabet stock sinks in early after-hours trading
Alphabet reported third-quarter revenue of $127.58 billion against the $127.97 billion analysts expected, per FactSet, and earnings of $2.12 per share against estimates of about $3.01. Google Cloud revenue rose 103% year over year to $30.7 billion, the CFO said capital expenditures are expected to "increase significantly" in 2027, and shares fell more than 10% after hours to $289.95. Associated Press
Oil Rises with Iran Attack Report, Israeli Election in Focus
WTI for December delivery rose 2.9% to settle at $102.78 a barrel and Brent for December advanced 1.3% to $115.32 as traders weighed whether the US could resume strikes on Iran after the midterms, with Saudi energy infrastructure under repeated attack by Yemen's Houthi rebels. US crude stocks fell 1.9 million barrels, a fourth straight weekly drop, while Iran's foreign minister said the country continues to give diplomacy a chance, which eased some of the gains. Bloomberg
Oracle shares jump as long-term outlook targets $225 billion in revenue
Oracle targeted at least $225 billion in fiscal 2030 revenue, a compound annual growth rate above 35% from fiscal 2026, and limited additional capital-market funding through fiscal 2030 to $20 billion, split evenly between equity and debt. It expects free cash flow to turn positive in the second half of fiscal 2028 and capital spending to peak in fiscal 2027 and 2028, and reaffirmed fiscal 2027 guidance of at least $90 billion in revenue. Investing.com
Why is Vertiv stock surging today?
Vertiv reported third-quarter adjusted EPS of $2.21 against a $1.82 consensus and revenue of $4.31 billion, up 61% year over year, against a $3.75 billion forecast, with organic orders more than doubling. The company raised full-year 2026 guidance to EPS of $7.15 and revenue of $14.65 billion, above consensus of $6.73 and $13.99 billion. Investing.com
Why F5 (FFIV) stock is falling today
F5 beat fiscal fourth-quarter estimates, with revenue of $917.4 million, up 13.3% year over year, and adjusted EPS of $4.42 against $4.26 expected. Its fiscal 2027 sales outlook implies 8% to 9% growth, a deceleration from 11% in fiscal 2026, next-quarter EPS guidance slightly missed, and operating margin fell to 23.1% from 25.4% a year earlier. StockStory
| Asset | Close | Chg | % |
|---|---|---|---|
| S&P 500^GSPC | 7,743.98 | +21.38 | +0.28% |
| Nasdaq Composite^IXIC | 26,549.85 | +72.04 | +0.27% |
| Dow Jones^DJI | 52,475.10 | +97.53 | +0.19% |
| CBOE Volatility Index^VIX | 16.91 | -0.61 | -3.48% |
| U.S. Dollar IndexDXY · 4:00 PM ET | 102.12 | -0.18 | -0.17% |
| Brent CrudeICE Dec '26 · 2:30 PM ET settle | $115.32 | +$1.44 | +1.26% |
| WTI CrudeNYMEX Dec '26 · 2:30 PM ET settle | $102.78 | +$2.88 | +2.88% |
| GoldCOMEX Dec '26 · 1:30 PM ET | $4,051.10 | -$24.10 | -0.59% |
| Tenor | Close | Chg | % |
|---|---|---|---|
| 1-MonthT-bill | 4.07% | -3bp | -0.73% |
| 3-MonthT-bill | 4.18% | -4bp | -0.95% |
| 6-MonthT-bill | 4.32% | -2bp | -0.46% |
| 1-YearT-note | 4.47% | -3bp | -0.67% |
| 2-YearT-note | 4.67% | -3bp | -0.64% |
| 5-YearT-note | 4.85% | +3bp | +0.62% |
| 10-YearT-note | 5.05% | +6bp | +1.20% |
| 30-YearT-bond | 5.37% | +7bp | +1.32% |
Equities rose for a third straight session as the FOMC held policy steady: the S&P 500 gained 21.38 points, or 0.28%, to 7,743.98, the Nasdaq Composite 0.27% to 26,549.85 and the Dow 97.53 points, or 0.19%, to 52,475.10, while the VIX fell 0.61 to 16.91. Six of 11 sectors closed higher: Technology (+0.80%), Financials (+0.45%) and Energy (+0.35%) led, while Utilities (-0.84%) was the weakest sector, behind Real Estate (-0.73%) and Communication Services (-0.42%). Vertiv (+16.48%) led S&P 500 gainers after a third-quarter beat and raised full-year guidance, ahead of Flex (+11.61%), Oracle (+10.73%) on its fiscal 2030 targets, Labcorp (+8.78%) and Sandisk (+7.66%). F5 (-20.43%) was the index's weakest name after a fiscal 2027 outlook implying slower revenue growth, followed by CoStar Group (-13.96%), C.H. Robinson Worldwide (-11.14%), Lennox International (-10.59%) and Baker Hughes (-7.36%).
The Committee held the target range at 3.75% to 4.00% in a 10-2 vote, with Governor Cook and Cleveland Fed President Hammack dissenting in favor of a 25bp hike, and futures continue to price a December 9 hike as the most likely outcome. The Treasury curve steepened sharply: the 1-month fell 3bp to 4.07%, the 3-month 4bp to 4.18% and the 2-year 3bp to 4.67%, while the 5-year rose 3bp to 4.85%, the 10-year 6bp to 5.05% and the 30-year 7bp to 5.37%, widening 2s10s by 9bp to 38bp and returning the 10-year above 5.00%. December Brent rose $1.44 to $115.32 and December WTI $2.88 to $102.78 on reports the US could resume strikes on Iran after the midterms, narrowing the Brent-WTI spread to $12.54 from $13.98. The dollar eased (DXY 102.12, -0.18), and gold fell 0.59% to $4,051.10 (1:30 PM ET print, ahead of the decision).
After the close, Microsoft beat fiscal first-quarter revenue and EPS estimates on 48% Azure growth, while Alphabet missed third-quarter revenue and EPS estimates and fell more than 10% in after-hours trading, setting up a split read on hyperscaler results into Thursday's open. Thursday carries the week's heaviest data, with the advance estimate of third-quarter GDP and September personal income and outlays both at 8:30 AM, alongside weekly jobless claims and $44bn of 7-year notes at 1:00 PM. Friday brings the third-quarter Employment Cost Index at 8:30 AM, the October Chicago Business Barometer at 9:45 AM and the expiry of the December Brent contract. Monday opens November with the October ISM Manufacturing PMI and September construction spending at 10:00 AM and the Fed's Senior Loan Officer Opinion Survey at 2:00 PM, ahead of Treasury's quarterly refunding announcement on Wednesday, November 4, and the October employment report on Friday, November 6.