U.S. stock futures were little changed early Tuesday as investors anticipated the outcome of the Federal Reserve’s two-day policy meeting beginning today. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up 0.04%, 0.01%, and 0.03%, respectively, at 3:36 a.m. EDT on October 28.
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During Monday’s regular trading session, all three major indexes closed higher, with the S&P 500 closing above the 6,800 mark for the first time. Gains were driven by optimism over a potential U.S.–China trade truce, strong corporate earnings, and expectations of an interest rate cut. The Nasdaq Composite and the Dow Jones also reached record highs.
Tech giant Amazon (AMZN) announced its largest corporate layoff in history, cutting 30,000 jobs just days before its Q3 earnings report on October 30.
Traders are closely watching the Fed meeting, with markets largely pricing in a 25-basis-point rate cut. Investors also expect Chair Jerome Powell to signal another possible cut at the December meeting, citing a weakening job market. The Fed currently lacks key economic data due to the U.S. government shutdown.
Attention is now shifting to corporate earnings season, with several of the “Magnificent 7” tech firms reporting this week. Notable companies reporting today include SoFi Technologies (SOFI), PayPal Holdings (PYPL), Visa (V), and UnitedHealth (UNH).
Notably, the U.S. 10-year Treasury yield was down, floating near 3.98%. WTI crude oil futures were trending lower, hovering near $61.22 per barrel as of the last check. Additionally, the Gold Spot U.S. dollar price decreased to nearly $3,944 per ounce on Tuesday.
In Europe, stocks opened modestly higher on October 28, as global markets await the U.S. interest rate decision. According to the CME FedWatch tool and other sources, the market is currently pricing in a 96% chance that the Federal Reserve will announce a 25-basis-point rate cut tomorrow.
Asia-Pacific Markets Traded Lower Today
Asia-Pacific markets traded lower on Tuesday despite optimism about the U.S.–China trade discussions. The two nations have reportedly reached a “framework” deal related to rare-earth minerals, soybean purchases, and TikTok. Meanwhile, President Trump met with Japan’s newly elected Prime Minister Sanae Takaichi today and signed a critical minerals/rare earth deal with Japan.
Hong Kong’s Hang Seng index dropped 0.62%. In China, the Shanghai Composite fell 0.22%, and the Shenzhen Component lost 0.46%. Meanwhile, Japan’s Nikkei declined 0.58%, and the Topix fell 1.18%.
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