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US stocks open mixed as investors await Fed decision, Microsoft and Alphabet results - Published OnOct 28, 2026 | 18:07 IST - Last Updated OnOct 28, 2026 | 19:43 IST Chipmakers rallied following a record profit from a major overseas semiconductor supplier, lifting broader technology sentiment ahead of critical earnings from cloud giants. Meanwhile, markets braced for the central bank's rate decision. Discover how shifting monetary policy expectations could impact upcoming tech valuations. US stocks opened mixed on Wednesday, October 28, as investors awaited the Federal Reserve’s interest rate decision and quarterly earnings from technology giants Microsoft and Alphabet. The Dow Jones Industrial Average was little changed at the open, while the S&P 500 rose 0.3% and the tech-heavy Nasdaq Composite gained 0.4%. In later trading, the S&P 500 and Nasdaq hovered around the flatline, while the Dow added 43 points, or 0.1%. Market sentiment towards technology stocks has improved this week, with the S&P 500 and Nasdaq posting gains for two consecutive sessions. Semiconductor stocks led the rally on Tuesday after Broadcom’s CEO negotiated a $63 billion financing structure involving a consortium of banks to build artificial intelligence (AI) computing capacity. Semiconductor stocks rise after SK Hynix reports record profit US semiconductor stocks advanced on Wednesday after South Korean chipmaker SK Hynix reported record quarterly profit, boosting sentiment across the sector. US-listed shares of SK Hynix climbed 9%. Micron Technology gained 4%, while Arm Holdings advanced 2%. Marvell Technology rose around 2%, and Advanced Micro Devices added nearly 1%. Investors are watching semiconductor stocks closely as demand for AI infrastructure continues to shape market sentiment and expectations for technology companies. Fed rate decision in focus Investors are awaiting the outcome of the Federal Reserve’s two-day policy meeting, which concludes on Wednesday. The central bank is widely expected to leave its benchmark interest rate unchanged in the 3.75%–4% range. According to CME Group’s FedWatch tool, markets are pricing in roughly a 90% probability of the Fed holding rates steady. However, investors will closely track Fed Chair Kevin Warsh’s comments for clues on the outlook for monetary policy and the possibility of further rate hikes in the coming months. The Fed is scheduled to announce its decision at 2 pm Eastern Time (11:30 pm IST), followed by Warsh’s press conference at 2:30 pm ET (12 am IST on Thursday, October 29). Also Read: Fed Meeting October 2026: Where to watch Kevin Warsh-led FOMC interest rate decision Alphabet, Microsoft earnings in focus Attention will also turn to quarterly results from Alphabet and Microsoft, scheduled for release after the closing bell on Wednesday. The earnings from the two technology giants are expected to offer fresh clues on AI investments, cloud demand and the outlook for the broader technology sector. Alphabet shares were last trading more than 1% higher in premarket trading, while Microsoft shares were marginally lower. Other companies due to report results include Ford, GE Vernova, T-Mobile US, eBay, Chipotle Mexican Grill and ServiceNow. Crude oil prices climbed on Wednesday amid reports that the US is preparing to renew strikes against Iran after the midterm elections, raising concerns over potential disruptions to global oil supplies. Brent crude futures, the international benchmark, rose 1% to $115.07 per barrel, while US West Texas Intermediate (WTI) crude futures gained 1.8% to $101.72 per barrel.
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