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U.S. stock markets closed higher on Wednesday for three consecutive days. Market participants’ sentiment was bolstered after the Fed kept the benchmark interest rate unchanged in the October Federal Open Market Committee (FOMC) meeting. Strong third-quarter 2026 earnings also boosted investors’ confidence in risky assets like equities. All three major stock indexes ended in positive territory.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.2% to close at 52,475.10 after a choppy session. Notably, 15 components of the 30-stock index ended in positive territory, while 15 ended in negative territory. At the intraday low, the blue-chip index was down 42.17 points, while at the intraday high, the index was up 256.72 points.
The tech-heavy Nasdaq Composite ended at 26,549.85, advancing 0.3% on strong performance of AI bigwigs. At the intraday low, the tech-laden index was down 62.89 points, while at the intraday high, the index was up 109.53 points.
The S&P 500 was up 0.3% to finish at 7,743.98. Six out of 11 sectors of the broad-market index closed in positive territory, while five were in negative territory. The Information Technology Select Sector SPDR (XLK) rose 0.8%, while, the Utilities Select Sector SPDR (XLU) fell 0.8%.
The fear gauge CBOE Volatility Index (VIX) was down 3.5% to 16.91. A total of 16.67 billion shares were traded on Wednesday, lower than the last 20-session average of 17.10 billion. Advancers outnumbered decliners by a 1.05-to-1 ratio on the NYSE. On the Nasdaq, a 1.48-to-1 ratio favored advancing issues.
Fed Funds Rate Unchanged
The Federal Reserve kept the benchmark lending rate unchanged at 3.75-4% in its FOMC meeting. Out of 12 voting members of the FOMC, 10 voted in favor of a status quo while two members opted for a higher interest rate. Notably, the central bank hiked the Fed funds rate by 25 basis points in its September FOMC meeting after three years.
The FOMC kept interest rates unchanged despite its warning that “Inflation remains elevated.” In his post-FOMC meeting statement, Fed Chairman Kevin Warsh said, “The accumulation of more information will help the Committee determine the policy stance appropriate to ensure a timely return of inflation to the Committee’s 2 percent goal. The Committee will deliver price stability.”
Strong Earnings Results
Seagate Technology Holdings plc (STX - Free Report) came up with first-quarter fiscal 2027 adjusted earnings of $7.68 per share, beating the Zacks Consensus Estimate of $7.44 per share. Quarterly revenues of $4.23 billion, surpassed the Zacks Consensus Estimate by 3%.
Amphenol Corp. (APH - Free Report) reported third-quarter 2026 adjusted earnings of $0.80 per share, beating the Zacks Consensus Estimate by 9.59%. Quarterly revenues surged 65.1% year over year to $10.23 billion and surpassed the Zacks Consensus Estimate by 8.38%.
Labcorp Holdings Inc. (LH - Free Report) reported third-quarter 2026 adjusted earnings per share of $4.78, beating the Zacks Consensus Estimate by 2.8%. Quarterly revenues increased 6.9% year over year to $3.81 billion and surpassed the Zacks Consensus Estimate by 1.1%.
For the week ending Oct. 23, U.S. Commercial crude oil inventories (excluding the Strategic Petroleum Reserve) decreased 1.9 million barrels to 410.6 million barrels.
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Stock Market News for Oct 29, 2026
U.S. stock markets closed higher on Wednesday for three consecutive days. Market participants’ sentiment was bolstered after the Fed kept the benchmark interest rate unchanged in the October Federal Open Market Committee (FOMC) meeting. Strong third-quarter 2026 earnings also boosted investors’ confidence in risky assets like equities. All three major stock indexes ended in positive territory.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.2% to close at 52,475.10 after a choppy session. Notably, 15 components of the 30-stock index ended in positive territory, while 15 ended in negative territory. At the intraday low, the blue-chip index was down 42.17 points, while at the intraday high, the index was up 256.72 points.
The tech-heavy Nasdaq Composite ended at 26,549.85, advancing 0.3% on strong performance of AI bigwigs. At the intraday low, the tech-laden index was down 62.89 points, while at the intraday high, the index was up 109.53 points.
The S&P 500 was up 0.3% to finish at 7,743.98. Six out of 11 sectors of the broad-market index closed in positive territory, while five were in negative territory. The Information Technology Select Sector SPDR (XLK) rose 0.8%, while, the Utilities Select Sector SPDR (XLU) fell 0.8%.
The fear gauge CBOE Volatility Index (VIX) was down 3.5% to 16.91. A total of 16.67 billion shares were traded on Wednesday, lower than the last 20-session average of 17.10 billion. Advancers outnumbered decliners by a 1.05-to-1 ratio on the NYSE. On the Nasdaq, a 1.48-to-1 ratio favored advancing issues.
Fed Funds Rate Unchanged
The Federal Reserve kept the benchmark lending rate unchanged at 3.75-4% in its FOMC meeting. Out of 12 voting members of the FOMC, 10 voted in favor of a status quo while two members opted for a higher interest rate. Notably, the central bank hiked the Fed funds rate by 25 basis points in its September FOMC meeting after three years.
The FOMC kept interest rates unchanged despite its warning that “Inflation remains elevated.” In his post-FOMC meeting statement, Fed Chairman Kevin Warsh said, “The accumulation of more information will help the Committee determine the policy stance appropriate to ensure a timely return of inflation to the Committee’s 2 percent goal. The Committee will deliver price stability.”
Strong Earnings Results
Seagate Technology Holdings plc (STX - Free Report) came up with first-quarter fiscal 2027 adjusted earnings of $7.68 per share, beating the Zacks Consensus Estimate of $7.44 per share. Quarterly revenues of $4.23 billion, surpassed the Zacks Consensus Estimate by 3%.
Amphenol Corp. (APH - Free Report) reported third-quarter 2026 adjusted earnings of $0.80 per share, beating the Zacks Consensus Estimate by 9.59%. Quarterly revenues surged 65.1% year over year to $10.23 billion and surpassed the Zacks Consensus Estimate by 8.38%.
Labcorp Holdings Inc. (LH - Free Report) reported third-quarter 2026 adjusted earnings per share of $4.78, beating the Zacks Consensus Estimate by 2.8%. Quarterly revenues increased 6.9% year over year to $3.81 billion and surpassed the Zacks Consensus Estimate by 1.1%.
As a result, stock prices of Seagate, Amphenol and Labcorp jumped 4.5% 3.5% and 8.8%, respectively. Seagate and Amphenol currently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Economic Data
For the week ending Oct. 23, U.S. Commercial crude oil inventories (excluding the Strategic Petroleum Reserve) decreased 1.9 million barrels to 410.6 million barrels.