Dow and S&P Climb as Fed Holds Rates; Nasdaq Wavers

WHO:

[11:34 AM ET] - Investor's Business Daily - Marvell Technology, an AI chipmaker, was reported to be in late-stage talks to buy Lumentum, an optical company.

[11:34 AM ET] - Investor's Business Daily - Marvell Technology and Lumentum were involved in the reported potential acquisition.

[No time stated] - Yahoo Finance - The Federal Reserve voted 10-2 to hold interest rates steady; Cleveland Fed President Beth Hammack and Fed Governor Lisa Cook dissented in favor of a rate hike.

[No time stated] - Yahoo Finance - Fed Chairman Kevin Warsh announced that the central bank would have one fewer policy-setting meeting next year.

[No time stated] - Yahoo Finance - Microsoft (MSFT) and Alphabet (GOOG) were due to report earnings after the bell.

WHAT:

[11:34 AM ET] - Investor's Business Daily - Marvell shares tumbled and Lumentum shares jumped after reports of the potential buyout.

[No time stated] - Yahoo Finance - U.S. stocks edged higher as investors considered the Fed’s rate decision and anticipated earnings reports from Microsoft and Alphabet.

[No time stated] - Yahoo Finance - The Dow Jones Industrial Average gained roughly 0.2%, the S&P 500 gained roughly 0.3%, and the Nasdaq Composite climbed roughly 0.3%.

[No time stated] - Yahoo Finance - The Fed kept its funds rate unchanged despite elevated inflation readings.

[No time stated] - Yahoo Finance - SK Hynix reported a 632% year-over-year profit increase; semiconductor stocks rose for a third consecutive day, and Micron and Samsung shares also gained.

[No time stated] - Yahoo Finance - Oracle shares jumped after the company issued a fiscal 2030 revenue outlook of $225 billion, implying 35% annual growth.

[No time stated] - Yahoo Finance - Microsoft and Alphabet were set to report on AI demand and capital-expenditure plans. Microsoft had offered buyouts to as many as 60,000 employees as it sought to streamline operations amid its AI build-out.

[No time stated] - Yahoo Finance - The Dow was quoted at 52,475.10, up 97.53 points, or 0.19%, at close.

WHERE:

[No time stated] - Yahoo Finance - SK Hynix is a South Korean memory-chip maker.

WHEN:

[No time stated] - Yahoo Finance - The Dow quote was marked “At close: October 28 at 5:18:52 PM EDT.”

[No time stated] - Yahoo Finance - Microsoft and Alphabet earnings reports were expected after the bell.

[No time stated] - Yahoo Finance - Warsh said the Fed would hold one fewer policy-setting meeting next year.

WHY:

[No time stated] - Yahoo Finance - Investors focused on the Fed’s rate decision and upcoming corporate earnings; the article said tech sentiment had improved and the S&P 500 and Nasdaq had posted back-to-back gains.

HOW:

[No time stated] - Yahoo Finance - The Fed’s decision was determined by a 10-2 vote; Hammack and Cook favored raising rates.

(UPDATED October 29, 2026 01:17 UTC)

U.S. stocks edged higher as the Federal Reserve held interest rates steady in a 10-to-2 vote, with Beth Hammack and Lisa Cook dissenting in favor of a hike. Marvell Technology shares tumbled and Lumentum shares jumped on reports the AI chipmaker was in late-stage talks to buy the optical company, while semiconductor stocks rose for a third straight day after South Korea’s SK Hynix reported a 632% increase in year-over-year profit. Investors also awaited earnings from Microsoft and Alphabet, while Oracle shares climbed after the company forecast $225 billion in fiscal 2030 revenue; Fed Chairman Kevin Warsh said the central bank would hold one fewer policy-setting meeting next year.