The Week Ahead: Traders Await Fed Decision and Mega-Cap Earnings Reports

Market Overview

U.S. equities extended their winning streak last week as investors positioned for an October Fed rate cut and looked past ongoing government data disruptions.

The S&P 500 advanced 1.9% to 6,791.69, the Dow Jones Industrial Average rose 2.2% to 47,207.13, and the Nasdaq Composite gained 2.3% to 23,204.87. The S&P 500 is now up 15.5% year-to-date, while the Nasdaq has added 20.2%.

The rally marked the third consecutive weekly gain, supported by cooler September inflation that likely clears the way for a rate cut at the October 29 FOMC meeting. With inflation slowing and labor data delayed by the government shutdown, the Fed’s focus has shifted toward stabilizing growth and employment.

Investors will now turn attention to a packed earnings calendar and a critical week for monetary policy. Over half of S&P 500 companies are set to report results, including tech heavyweights Microsoft, Alphabet, Amazon, and Apple. Management commentary on AI spending, consumer demand, and capital expenditure will guide near-term sentiment.

Markets continue to “climb the wall of worry,” balancing solid earnings with trade and tariff concerns. With valuations at cycle highs, earnings strength and Fed policy will determine whether the bull market — now in its third year — extends further into 2026.

Economic Releases & Notable Earnings

Monday, Oct 27
Before the Open:
• Bank of Hawaii (BOH), est. $1.17
• Carter’s (CRI), est. $0.73
• Keurig Dr Pepper (KDP), est. $0.54
• Revvity (RVTY), est. $1.14
Economic Releases:
• No releases scheduled
After the Close:
• Waste Management (WM), est. $2.02

Tuesday, Oct 28
Before the Open:
• A.O. Smith (AOS), est. $0.91
• UPS (UPS), est. $1.30
• UnitedHealth (UNH), est. $2.79
Economic Releases:
• 13:00 GMT – S&P/CS Composite-20 HPI y/y, forecast 1.9% (prior 1.8%)
• 14:00 GMT – CB Consumer Confidence, forecast 93.9 (prior 94.2)
After the Close:
• Alphabet (GOOGL), est. $2.28
• Visa (V), est. $2.97
• Amkor (AMKR), est. $0.43

Wednesday, Oct 29
Before the Open:
• Boeing (BA), est. –$5.16
• Caterpillar (CAT), est. $4.53
• CVS Health (CVS), est. $1.37
Economic Releases:
• 18:00 GMT – FOMC Rate Decision, forecast 4.00% (prior 4.25%)
• 18:30 GMT – Fed Press Conference
After the Close:
• Microsoft (MSFT), est. $3.66
• Meta Platforms (META), est. $6.72
• Agnico Eagle Mines (AEM), est. $1.95

Thursday, Oct 30
Before the Open:
• Eli Lilly (LLY), est. $5.93
• Mastercard (MA), est. $4.32
Economic Releases:
• 12:30 GMT – Advance GDP q/q, forecast 3.0% (prior 3.8%)
After the Close:
• Amazon.com (AMZN), est. $1.56
• Apple (AAPL), est. $1.76

Friday, Oct 31
Before the Open:
• Exxon Mobil (XOM), est. $1.83
• Chevron (CVX), est. $1.71
Economic Releases:
• 12:30 GMT – Core PCE Price Index m/m, forecast 0.2% (prior 0.2%)
• 13:45 GMT – Chicago PMI, forecast 42.0 (prior 40.6)

Central Bank Activity

Wednesday, Oct 29
• FOMC Rate Decision – 18:00 GMT
• Fed Chair Powell Press Conference – 18:30 GMT

Thursday, Oct 30
• Logan (Dallas Fed) – 17:20 GMT

Friday, Oct 31
• Logan (Dallas Fed) – 13:30 GMT
• Bostic (Atlanta Fed) – 16:00 GMT

The Fed is expected to cut rates by 25 bps to a 3.75%–4.00% range, with Powell likely to emphasize balanced risks between inflation and growth. Markets will focus on any signal of an end to quantitative tightening.

Technical Outlook

Weekly Dow Jones Industrial Average Index

Dow Jones: 47,207.13 (+2.20%), support at 45,452.03, 43,340.68 then 43,533.29 (52-week SMA), resistance at 47,326.73.

Weekly Nasdaq Composite Index (IXIC)

Nasdaq: 23,204.87 (+2.31%), support at 22,193.07, 20,905.99, 20,560.17 then 19,765.09 (52-week SMA), resistance at 23,261.26.

Weekly S&P 500 Index (SPX)

S&P 500: 6,791.69 (+1.92%), support at 6,550.78, 6,360.58, 6,212.69 then 6,058.14 (52-week SMA), resistance at 6,807.11.
All major indices remain above rising 52-week SMAs, confirming an intact uptrend.

Outlook

The week ahead centers on the Fed’s October decision and a deluge of corporate earnings. A rate cut would mark a clear policy shift toward supporting growth, potentially extending the three-year bull market.

Earnings from mega-cap tech will set the tone for market leadership into year-end. With valuations stretched, results and forward guidance from Amazon, Apple, Microsoft, and Meta will be key to sustaining momentum.

While tariff and trade deadlines in early November may stir volatility, supportive Fed policy and resilient earnings continue to favor the bullish trend. A pause or brief consolidation would be healthy within the broader uptrend.

More Information in our Economic Calendar.