Alphabet fell 12.64% for its worst day ever, wiping out roughly $500 billion in market value, and pulled the S&P 500 lower. After the bell, Amazon slid more than 6% on an EPS miss and a $42.4 billion trailing free cash flow outflow, while Binance put a hack's impact at $6.3 billion. Today: the employment cost index at 8:30am ET, plus Exxon Mobil and Chevron results.
The Fed held at 3.75% to 4% in a 10–2 vote, with two officials wanting a hike, and stocks notched a third straight gain. After the bell, Alphabet slumped more than 10% on a rare double miss while Microsoft rose 4% as Azure jumped 48%. Today: GDP and PCE at 8:30am ET, the ECB at 9:15am ET, Amazon after the close.
Chips rallied for a third straight session, led by Broadcom after a $63 billion financing deal, and the Nasdaq jumped 1.18%. Boeing fell 10.7%. Today: the Bank of Canada at 9:45am ET, the Fed at 2pm ET, Microsoft and Alphabet results.
Bank of America, Blackstone, Citi and Morgan Stanley announced a $63 billion transaction to buy Broadcom AI accelerators and networking gear to be leased to Anthropic, with deliveries expected from 2027. Broadcom climbed 4%, AMD gained 5% and Micron was up almost 3%.
Boeing posted an adjusted loss of 34 cents a share versus the 21 cents expected; revenue of $24.19 billion beat the $23.84 billion estimate. CEO Kelly Ortberg is targeting 52 737 Max jets a month in the second half of 2027, up from about 47.
The Fed's two-day meeting wraps today. Futures point to about a 10% chance of a hike this week, but better than 80% odds of one in December. A hold is expected.
Microsoft posts its fiscal 2027 first-quarter results after the close, with its webcast at 5:30pm ET. Alphabet also reports today, and Amazon on Thursday.
The Conference Board's October consumer confidence reading was 91.7, up 7.5 points from September and well above the 81 forecast, helped by cheaper gasoline.
European shares erased early losses to close higher, with the STOXX 600 at 643.68 (+0.47%). HSBC fell more than 5% to a more-than-four-month low, dragging the FTSE 100 down 0.75% to 10,686.50. The ECB decides Thursday.
WTI settled down 1.83% to $99.90 and Brent shed 1.67% to $113.88 after Iran's leaders discussed the country's conditions for ending the conflict. Energy was the S&P 500's weakest sector.
Comex front-month gold settled at $4,058.80 (+0.91%). The U.S. 10-year yield was up 0.004 pp to 4.992% (WSJ); the Treasury's official 10-yr par yield was 4.99%.
Bitcoin slipped below $80,000 early Tuesday before recovering, closing the UTC day at $80,805 (+1.00%); Ether was $2,347.73 (+1.18%). Robinhood's crypto revenue was $120 million, down 55% from $268 million a year earlier.
Verizon revenue of $34.3 billion missed the $34.8 billion estimate, even though earnings beat at $1.31 a share and it raised guidance. The stock slid 3.2%.
The S&P/TSX closed at 35,944.16 (+0.44%), led by financials (+0.8%) and materials (+0.7%). Energy added 0.4% after British Columbia's Conservatives won on a promise to ramp up LNG production.
The iShares Semiconductor ETF (SOXX) gained nearly 3%, with Nvidia up 2.4%, AMD 2.8%, Broadcom 2.3% and Micron 3%. SOXX is still about 25% off its high and down 13% this month.
WTI fell 1.46% to $101.76 and Brent slipped 0.8% to $115.81 on hopes of easing tensions with Iran, though the Houthis said they attacked Saudi pipeline pumping stations.
CAE rose 4.6% on the sale of its Flightscape unit. Algoma Steel gained 2.6% on reports that the U.S. and Canada are working on a deal to ease tariffs on steel and autos.
Lula won Sunday's runoff with 51.8% of the vote to 48.2%; Bolsonaro has not conceded. The Brazil ETF (EWZ) plunged nearly 20% overnight; before the U.S. open Petrobras was down 21% and Itaú 26%.
Boeing (BA) closed at $188.31 on Monday, down about 19% from $231.33 six months earlier. It reports third-quarter results Tuesday; Q3 deliveries were 161 commercial airplanes, 124 of them 737s.
The Bank of Canada decides Wednesday at 9:45am ET. In a Reuters poll, 19 of 34 economists expected a hike to 2.50%, which matters for mortgage renewals and GIC rates.
Anthropic filed publicly under the ticker "ANT," showing $16.29 billion of revenue for the six months to June, up from $1.16 billion a year earlier. Chipmakers led Monday's rebound.
Tradeweb via Dow Jones showed the 10-year at 4.987%, up 0.0001 pt on the day. The U.S. Treasury's official 10-year par yield was 5.00% on both Oct 23 and Oct 26.
Verizon reports before the open Monday, with its call at 8:30am ET — the first chance for a carrier to answer the SpaceX threat. T-Mobile follows Wednesday.
WTI jumped 3.8% to $103.27. Brent settled at $116.72, its highest since April, after Houthi attacks in Saudi Arabia and reports that the U.S. and Israel may plan renewed strikes on Iran.
ExxonMobil, Chevron and ConocoPhillips all traded at record highs Friday as oil ripped higher. On the TSX, energy (+2.1%) was the only sector that finished higher.
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