S&P 500 heads into Thursday after Fed hold and 0.3 percent gain
Published on 10/29/2026 at 13:07 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSFed and earnings set the tone
- The S&P 500 ended at 7,744 points on October 28, up 21 points or 0.3 percent.
- The Fed held rates at 3.75 percent to 4.00 percent in a 10-2 vote.
- Alphabet fell 10.5 percent before the open after disappointing results and higher AI spending.
- US GDP, core PCE inflation and jobless claims are due at 8:30 a.m. ET.
The S&P 500 closed at 7,743.98 points on October 28, 2026, up 21 points or 0.3 percent. The index rose after the Federal Reserve held its policy rate at 3.75 percent to 4.00 percent, while two officials favored a hike, CNBC reported.
Alphabet fell 10.5 percent before the open after its results renewed concerns about search advertising and AI spending. Microsoft rose 3.5 percent after stronger cash flow and cloud growth, according to Reuters via Yahoo Finance.
Why is the S&P 500 facing an earnings test?
US equity futures weakened after the technology earnings releases. S&P 500 futures were down 31 points, or 0.4 percent, at 4:09 a.m. ET on October 29, while Nasdaq 100 futures fell 1.2 percent, Reuters via Yahoo Finance reported.
The Fed's hold matched expectations, but the 10-2 vote kept attention on possible tightening later in the year. The S&P 500 still posted its third straight gain, with semiconductor shares helping offset weakness elsewhere.
S&P 500 winners and losers from Wednesday
Winners and losers for October 28, 2026, according to Chartmill:
- Vertiv up 13.9 percent: quarterly sales growth and stronger guidance.
- Labcorp up 10.4 percent: quarterly results and higher full-year guidance.
- F5 down 20.6 percent: the day's steepest decline among the listed S&P 500 movers.
- CoStar Group down 14.7 percent: shares fell sharply during the session.
Chip stocks carried the index higher
Broadcom rose 4.0 percent and Nvidia gained 0.8 percent on October 28. Broadcom also announced a USD 63 billion financing arrangement tied to Anthropic's access to its AI accelerators, Fortune reported.
Six of the eleven major sectors advanced, while real estate lagged with a decline of 0.9 percent near the close. The 10-year Treasury yield was near 5.04 percent, up more than four basis points, according to Investopedia.
What comes next for the S&P 500 on Thursday
- October 29, 2026, 8:30 a.m. ET: Advance third-quarter GDP is expected at 3.2 percent, while core PCE inflation is expected to rise 0.3 percent month over month, Yahoo Finance reported.
- October 29, 2026, 8:30 a.m. ET: Initial jobless claims are expected at 199,000, versus 194,000 previously, followed by the ECB decision at 9:15 a.m. ET, ATFX reported.
S&P 500 price data for October 28, 2026
The S&P 500 closed at 7,743.98 points on October 28, 2026, up 21.38 points or 0.28 percent versus the previous close. The previous close was 7,722.60 points, AP reported.
S&P 500 by the numbers on October 28, 2026
- Index: S&P 500
- Home exchange: NYSE and Nasdaq, United States
- Close on October 28, 2026: 7,743.98 points
- Change versus previous close of October 27, 2026: up 21.38 points (up 0.3 percent)
- Previous close: 7,722.60 points
- Top gainer: Vertiv up 13.9 percent
- Top loser: F5 down 20.6 percent
- Next scheduled event: October 29, 2026, 8:30 a.m. ET: US GDP and core PCE inflation data
