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Today is Wednesday, October 28, 2026 - A pivotal day for markets. Top business/market headlines:

1. U.S. Markets - Fed Decision Day & Big Tech Earnings in Focus

•Fed Decision at 2 p.m. ET: Wednesday, Oct. 28, 2026 could bring big swings for the stock market as the Federal Reserve's Open Market Committee (FOMC) announces whether interest rates will move. The rate announcement is set for Oct. 28 at 2 p.m. ET and will be followed by a press conference at 2:30 p.m.

•Expected to Hold Steady but Signal Future Hikes: The Fed is expected to leave rates unchanged tomorrow, choosing another month of wait-and-see. The decision comes as inflation remains elevated - CPI rose 3.7% in Septemberwhile hiring was sluggish averaging 45,000 jobs a month over the last year, and unemployment is at 4.2%.

•Context: The Federal Reserve's next policy meeting is scheduled for October 27–28, and on Wednesday, October 28 the Federal Reserve announces its policy decision with Microsoft's quarterly results also commanding attention.

•Hyperscaler Earnings: Microsoft and Alphabet report quarterly results after the market close on Wednesday, October 28, 2026, and Amazon follows on Thursday, October 29. The three companies anchor a week in which roughly one-third of S&P 500 members report, with Wall Street focusing on capital spending on artificial intelligence infrastructure.

•Microsoft (MSFT) | October 28 | Consensus EPS $4.71 | Key focus Azure growth near 45 percent

•Alphabet (GOOGL) | October 28 | $2.94 | Cloud revenue and net income

•Amazon (AMZN) | October 29 | $1.96 | Capex and AWS growth

•Market Action Ahead of Events: U.S. stocks rose for the second straight session amid growing optimism about upcoming earnings reports from so-called artificial-intelligence hyperscalers. Specific headline at 9 PM ET: U.S. Stocks Add to Gains Ahead of Earnings, Fed Statement.

•S&P 500 Level: The S&P 500 was up 0.60% (+45.83) to Index Level 7,722.60.

•Economic Data: U.S. Consumer Confidence Improved in October, Conference Board Says - The Conference Board's consumer confidence index rose to 91.7 in October, above the 84.2 of September and economists' expectations of a reading of 81.

•Dollar Holds Gains: The dollar held steady at a two-week high early on Wednesday ahead of a string of policy decisions from central banks, with the Federal Reserve... The dollar index rose 0.3% to 102.40 on Tuesday, touching its highest level since October 14.

•Market Rotation: Why Smaller Company Stocks Are Beating Market Giants - U.S. small-cap stocks surged nearly 62% from April 2025 through late 2026, signaling a rare market shift, though the Russell 2000 corrected more than 11% from its mid-August 2026 peak to an October 19 low.

2. India & Asia Markets

•BL Morning Report Headlines for Oct 28: Get today's top business news, market headlines about the Stock Market, Sensex & Nifty trends, key market insightsUpdated October 28, 2026 at 06:30 AM:

•Jio Platforms IPO: Jio Platforms has finalised the allotment of its ₹30,213-crore IPO ahead of its stock market debut on October 28. The issue witnessed subscriptions of over 22 times with institutional investors leading demand.

•Supreme Court: The Supreme Court has raised concerns over the wide gap between the maximum retail price of medicines and the price at which they are sold to retailers, remarking the National Pharmaceutical Pricing Authority appeared ineffective.

•Maruti Suzuki Q2: Maruti Suzuki reported a weaker-than-expected profit for the July-September quarter as higher costs for key raw materials such as steel and copper weighed on earnings despite healthy festive-season demand.

•Aviation Tech: Digi Yatra will begin international passenger trials at seven Indian airports from November 1, for eligible Indian nationals holding e-passports on Air India or IndiGo international flights.

3. Other Watch Items Today

•Crypto: The cryptocurrency market moved higher on October 28, with BTC, ETH, XRP and DOGE all posting gains.

•Global Central Banks Week: European Central Bank is scheduled to conclude its monetary policy meeting on Thursday, October 29, while the Bank of Japan will hold its next policy meeting October 29–30.

•Earnings Calendar Continues: Visa (V) Tuesday Oct 27, Microsoft Oct 28, Eli Lilly Oct 29, Chevron Oct 30 etc.

•Other Reports This Week: Third-quarter GDP and September PCE data arrive Thursday Oct 29, and Employment Cost Index Oct 30.

Citations (5)

1fool.comCommercial contentquality 0.84
Oct 28 Could Be A Huge Day For The Stock Market
Backs: “Markets - Fed Decision Day & Big Tech Earnings in Focus. Fed Decision at 2 p.m. ET: Wednesday, Oct. 28, 2026 could bring big swings for the stock market as the Federal Reserve's Open Market Committee (FOMC) announces whether interest rates will move.”
evidence, article. Claim: Fed decision at 2 p.m. ET on Oct. 28, 2026 could bring big swings for the stock market.
2substack.comBlogs and newsletters
Wall Street's Big Week Ahead: The Fed, Earnings & Inflation | Oct. 26–30
Backs: “The decision comes as inflation remains elevated - CPI rose 3.7% in Septemberwhile hiring was sluggish averaging 45,000 jobs a month over the last year, and unemployment is at 4.2%.”
statistic, article. Claim: Inflation elevated, CPI 3.7% in September, hiring averaging 45,000 jobs a month, unemployment at 4.2%.
3wordpress.comBlogs and newsletters
Microsoft, Alphabet and Amazon earnings: what to watch when big tech reports
Backs: “Context: The Federal Reserve's next policy meeting is scheduled for October 27–28, and on Wednesday, October 28 the Federal Reserve announces its policy decision with Microsoft's quarterly results also commanding attention. Hyperscaler Earnings: Microsoft and Alphabet report quarterly results after the market close on…”
evidence, article. Claim: Fed announces policy decision with Microsoft, Alphabet and Amazon earnings drawing attention this week.
4morningstar.comData and tools
Dow Jones Top Markets Headlines at 9 PM ET: U.S. Stocks Add to Gains Ahead of Earnings, Fed Statement | Trump ...
Backs: “Alphabet (GOOGL) | October 28 | $2.94 | Cloud revenue and net income. Amazon (AMZN) | October 29 | $1.96 | Capex and AWS growth. Market Action Ahead of Events: U.S. stocks rose for the second straight session amid growing optimism about upcoming earnings reports from so-called artificial-intelligence hyperscalers.”
evidence, article. Claim: U.S. stocks rose for a second straight session ahead of earnings and Fed statement; S&P 500 up 0.60%.
5thehindubusinessline.comNews and mediaquality 0.72
Top Business & Market Headlines Today — BL Morning Report, October 28, 2026
Backs: “small-cap stocks surged nearly 62% from April 2025 through late 2026, signaling a rare market shift, though the Russell 2000 corrected more than 11% from its mid-August 2026 peak to an October 19 low. 2. India & Asia Markets. BL Morning Report Headlines for Oct 28: Get today's top business news, market headlines about…”
evidence, other. Claim: BL Morning Report headlines for India: Jio Platforms IPO allotment, Supreme Court on drug pricing, Maruti Suzuki Q2 results, Digi Yatra trials.