US open: Markets steady ahead of tech earnings, Fed rate decision

28th Oct 2026 15:24

(Sharecast News) - Major indices were mostly higher early on Wednesday as market participants braced for quarterly earnings reports from big-name tech firms and the outcome of the Federal Reserve's two-day policy meeting.

As of 1515 GMT, the Dow Jones Industrial Average was up 0.25% at 52,510.82, while the S&P 500 advanced 0.17% to 7,735.73 and the Nasdaq Composite came out of the gate 0.05% softer at 26,463.51.

The Dow opened 133.25 points higher on Wednesday, extending modest gains recorded in the previous session.

Wednesday's primary focus will be earnings from the likes of Microsoft, Alphabet, T-Mobile, Ford, eBay and Honeywell, all of which were set to report their latest quarterly numbers after the close.

On the macro front, US mortgage applications increased 3.4% in the week ended 23 October, according to the Mortgage Bankers Association of America, snapping a seven‑week slide that had taken activity to its lowest level since January 2025. Applications to purchase a home slid 3.8% on the week, while refinancing activity, which is typically more sensitive to week-to-week rate changes, increased by 2.7%. The increase came as borrowing costs remained near a three‑year high, with rates still more than one percentage point higher year-on-year even as the average 30-year fixed mortgage rate fell to 7.37%, marking a second consecutive weekly decline.

Elsewhere, the US goods trade deficit widened unexpectedly in September as rising imports continued to weigh on economic growth, according to preliminary figures from the Census Bureau, with the shortfall increasing 2.1% to $134.9bn, compared with expectations for a $130.2bn deficit, marking another month in which trade was likely to have subtracted from GDP amid strong demand for imported capital goods linked to the ongoing AI investment boom. Goods imports rose $8.1bn to $344.1bn, while exports climbed $5.3bn to $209.2bn.

On another note, wholesale inventories rose 0.6% in September to $941.5bn, advance figures from the Census Bureau showed, following a 0.5% increase in August and topping forecasts for a similar 0.5% gain. If confirmed, it would mark an eighth straight monthly rise, pointing to continued stock‑building across the wholesale sector. Inventories were higher across both major categories, with non-durables up 0.9% and durable goods rising 0.4%. On an annualised basis, wholesale inventories were estimated to have grown 7.4%.

Still to come, the Federal Reserve's interest rate decision was slated for 1800 GMT, with the central bank widely expected to hold interest rates steady at a target rate range of 3.75% to 4% after its move to raise rates by a quarter percentage point at its September meeting.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Amgen Inc. (AMGN) $452.44 2.23%

Johnson & Johnson (JNJ) $272.01 1.32%

Unitedhealth Group Inc. (UNH) $414.02 1.04%

Coca-Cola Co. (KO) $92.08 0.96%

Chevron Corp. (CVX) $230.43 0.82%

McDonald's Corp. (MCD) $251.49 0.81%

Goldman Sachs Group Inc. (GS) $918.49 0.75%

Apple Inc. (AAPL) $345.11 0.68%

JP Morgan Chase & Co. (JPM) $337.90 0.63%

American Express Co. (AXP) $314.55 0.62%

Dow Jones - Fallers

Walt Disney Co. (DIS) $109.01 -1.12%

Cisco Systems Inc. (CSCO) $110.04 -0.95%

Boeing Co. (BA) $166.74 -0.93%

Nike Inc. (NKE) $37.29 -0.56%

Microsoft Corp. (MSFT) $528.31 -0.49%

Caterpillar Inc. (CAT) $711.02 -0.47%

Verizon Communications Inc. (VZ) $43.74 -0.44%

International Business Machines Corporation (CDI) (IBM) $249.50 -0.10%

Procter & Gamble Co. (PG) $159.08 -0.07%

Salesforce.Com Inc. (CRM) $240.34 -0.05%

S&P 500 - Risers

Laboratory Corporation of America Holdings (LH) $367.36 11.36%

Fortive Corporation (FTV) $65.11 6.42%

Illumina Inc. (ILMN) $290.52 6.16%

PPG Industries Inc. (PPG) $120.05 5.76%

Applied Materials Inc. (AMAT) $411.68 5.31%

Micron Technology Inc. (MU) $971.79 5.09%

Lam Research Corp. (LRCX) $250.73 4.90%

KLA-Tencor Corp. (KLAC) $157.74 4.73%

Cadence Design Systems Inc. (CDNS) $344.09 4.45%

Vertex Pharmaceuticals Inc. (VRTX) $533.33 4.34%

S&P 500 - Fallers

F5 Inc. (FFIV) $372.34 -19.34%

CH Robinson Worldwide Inc (CHRW) $128.74 -8.63%

Coterra Energy Inc. (CTRA) $32.56 -8.62%

Boston Scientific Corp. (BSX) $41.81 -7.28%

National Oilwell Varco Inc. (NOV) $19.42 -5.52%

Xylem Inc (XYL) $87.99 -5.02%

Paychex Inc. (PAYX) $106.92 -4.84%

Ventas Inc. (VTR) $80.07 -4.34%

Cintas Corp. (CTAS) $213.20 -4.22%

Crown Castle International (CCI) $84.26 -4.17%

Nasdaq 100 - Risers

Illumina Inc. (ILMN) $290.52 6.15%

Applied Materials Inc. (AMAT) $411.68 5.61%

Micron Technology Inc. (MU) $971.79 5.22%

KLA-Tencor Corp. (KLAC) $157.74 4.97%

Lam Research Corp. (LRCX) $250.73 4.90%

Cadence Design Systems Inc. (CDNS) $344.09 4.73%

Vertex Pharmaceuticals Inc. (VRTX) $533.33 4.34%

Synopsys Inc. (SNPS) $482.67 3.59%

Western Digital Corp. (WDC) $390.65 3.23%

Skyworks Solutions Inc. (SWKS) $86.64 3.00%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $0.34 -13.49%

Paychex Inc. (PAYX) $106.92 -5.46%

Cintas Corp. (CTAS) $213.20 -4.45%

Automatic Data Processing Inc. (ADP) $284.26 -3.77%

Mercadolibre Inc. (MELI) $1,663.04 -3.19%

Wynn Resorts Ltd. (WYNN) $71.56 -3.18%

Netflix Inc. (NFLX) $61.81 -3.04%

PACCAR Inc. (PCAR) $101.08 -3.01%

Booking Holdings Inc. (BKNG) $147.82 -2.65%

Verisk Analytics Inc. (VRSK) $187.32 -2.57%