Daily News
Kospi Falls 2.14% and Kosdaq Drops 2.75% in Asia; S&P 500, Nasdaq and Dow Rise for Third Straight Day After Fed Holds Rates; Gold Slips Below $4,050; Crude Eases Below $102; Alphabet and ServiceNow Tumble on Earnings
29 October 2026
Today in Brief
Asia-Pacific markets were mixed, with Japan’s Nikkei 225 adding 0.42% while the Topix slipped 0.38%, South Korea’s Kospi declining 2.14%, the Kosdaq falling 2.75%, Australia’s S&P/ASX 200 up 0.46%, Hong Kong’s Hang Seng flat and mainland China’s CSI 300 down 1.20%. U.S. stocks rose for a third straight day Wednesday after the Federal Reserve held rates at 3.75% to 4% — the S&P 500 gained 0.28% to 7,743.98, the Nasdaq Composite added 0.27% to 26,549.85, and the Dow climbed 97.53 points to 52,475.10. Gold fell below $4,050 an ounce on Thursday as the Fed provided limited guidance and two officials dissented in favour of a rate hike, while crude slipped below $102 per barrel on renewed diplomatic efforts, though WTI remains up more than 14% this month.
In other news: The Fed said inflation remains elevated as it held rates steady; a hacktivist group allegedly exposed details of more than 41,000 Department of Homeland Security officials; the U.K. set 2030 as its target for defence spending to reach 3% of GDP and pledged an additional £10 billion in support for Ukraine; an EPA analysis projected that Trump’s methane rollback would lower crude prices by just 11 cents a barrel in 2027; Microsoft reported revenue of $92.3 billion, up 19%; Nvidia’s nearly $13 billion Hugging Face acquisition drew scrutiny from the Department of Justice; Alphabet shares sank more than 10% after a drop in free cash flow; and ServiceNow shares plunged 19% in after-hours trading after missing adjusted earnings estimates by two cents.
In Asia, Japan’s Nikkei 225 added 0.42% while the Topix slipped 0.38%
In Asia, Japan’s Nikkei 225 added 0.42% while the Topix slipped 0.38%. The Kospi declined 2.14%, while the small-cap Kosdaq fell 2.75%. Australia’s benchmark S&P/ASX 200 was 0.46% higher. Hong Kong’s Hang Seng index was flat, while mainland China’s CSI 300 declined 1.20%.
S&P 500, Dow rise for third consecutive day after Fed holds steady on rates
The S&P 500 rose on Wednesday as investors reacted to the Federal Reserve’s latest interest rate decision and awaited earnings reports from mega-cap technology companies. The broad market index gained 0.28% to end at 7,743.98, while the Nasdaq Composite added 0.27% to close at 26,549.85. The Dow Jones Industrial Average climbed 97.53 points, or 0.19%, to 52,475.10. It was the third straight winning day for the S&P 500, Nasdaq and the Dow. The Fed kept interest rates steady at a target rate range of 3.75% to 4%. Policymakers had raised rates by a quarter percentage point at their September meeting, marking its first hike since 2023. Traders had widely anticipated the move. Heading into Wednesday’s meeting, fed funds futures trading priced in a nearly 93% chance that the central bank would maintain the current interest rate, per CME’s FedWatch tool.
Gold fell below $4,050 an ounce on Thursday, paring gains from earlier in the week
Gold fell below $4,050 an ounce on Thursday, paring gains from earlier in the week after the Federal Reserve kept interest rates unchanged as widely anticipated but provided limited guidance on its next policy move. Two officials dissented in favour of a 25-basis-point rate hike, strengthening market expectations for a potential increase in December amid persistent energy-driven inflation. Fed Chair Kevin Warsh also indicated that the central bank could reduce the number of interest-rate decisions from eight to six annually, a proposal that could add to policy uncertainty. Investors are now awaiting the US PCE price index, the Fed’s preferred inflation measure, for further insight into the monetary policy outlook.
Crude oil prices slipped below $102 per barrel on Thursday, trimming gains from the previous session
Crude oil prices slipped below $102 per barrel on Thursday, trimming gains from the previous session as investors assessed renewed diplomatic efforts to prevent further escalation of the Middle East conflict. Reports suggested that US Vice President JD Vance had contacted Iranian national security official Mohsen Rezaei, while President Donald Trump confirmed that negotiations were underway through mediators but acknowledged uncertainty over their outcome. Iranian Foreign Minister Abbas Araghchi also reiterated that Tehran remained open to diplomatic solutions. Despite the pullback, WTI crude has gained more than 14% this month, supported by intensifying clashes involving Saudi Arabia and Iran-backed Houthi forces, alongside continued threats to shipping through the Strait of Hormuz. However, energy flows from the region have since recovered to levels close to those recorded before the war.
Fed holds rates steady despite concerns over inflation
The Federal Reserve voted Wednesday to keep benchmark interest rates on hold, opting to take a patient approach in its fight against inflation despite mounting evidence that price pressures are proving more nettlesome than policymakers had hoped. In a widely expected decision, the Federal Open Market Committee kept the overnight funds rate in a range between 3.75%-4%, where it has been since the central bank approved a quarter percentage point increase in September. “Inflation remains elevated,” the post-meeting statement said. “The accumulation of more information will help the Committee determine the policy stance appropriate to ensure a timely return of inflation to the Committee’s 2 percent goal. The Committee will deliver price stability.”
Over 41,000 U.S. Homeland Security officials’ details apparently exposed after massive data breach
The identities of over 41,000 officials from the Department of Homeland Security have allegedly been exposed in a massive data breach by a hacktivist group calling itself the Department of Peace. Late Wednesday stateside, the database was posted on Distributed Denial of Secrets, a nonprofit dedicated to news leaks, with claims that it was obtained from an Okta single sign-on service used by the DHS. It appears to reveal employee names, offices, contact information and assignments, and is searchable. Okta didn’t immediately respond to a request for comment. DDoS said that “this is not a comprehensive list of all DHS employees,” quoting cofounder Emma Best saying, “Rather than an indiscriminate directory of every DHS employee, Icepick identifies many of the architects and drivers of DHS policy and operations.”
UK brings forward defence spending target, pledging billions to Ukraine
The U.K. has set out a target date for defence spending to rise to 3% of GDP, as the finance minister announced billions in aid for Ukraine in a “clear message to Moscow”. John Healey on Wednesday set a target date of 2030 for the 3% figure, while reaffirming its NATO commitment to reach 3.5% by 2035. Healey, who resigned as defence minister under the previous government over insufficient spending, presented his first annual budget as finance minister and highlighted a “new era of threat”. “Today we send a clear message to Moscow: Britain will stand with Ukraine for as long as it takes,” he said as he announced an additional £10 billion ($13.3 billion) in economic and military support, based on loans, export finance guarantees, as well as £500 million in urgent military funding for this winter.
Trump methane policy rollback may have minimal impact on crude prices, EPA says
U.S. President Donald Trump’s proposed rollback of methane emissions rules would do little to lower oil and natural gas prices, according to the Environmental Protection Agency’s own economic modelling. Trump and EPA Administrator Lee Zeldin announced the proposal Tuesday in Lubbock, Texas, in a bid to lower regulatory costs and support domestic energy production. “When owners and operators can produce, America benefits with lower prices,” Zeldin said in EPA’s announcement. The EPA projects that the changes would lower U.S. crude prices by 11 cents a barrel in 2027, or 0.14%, while increasing domestic oil production by 0.09%. That amounts to roughly one extra barrel for every 1,000 the U.S. would otherwise produce, according to CNBC’s calculations.
Microsoft Q1 FY27 slides: cloud surge drives 19% revenue growth
Microsoft Corporation presented its fiscal first quarter 2027 results on October 28, 2026, demonstrating robust performance driven by accelerating cloud adoption and artificial intelligence demand. The company reported revenue of $92.3 billion, up 19% year-over-year, surpassing Wall Street expectations of $90.61 billion. Diluted earnings per share reached $4.92, exceeding analyst estimates of $4.72 and representing 32% growth from the prior year period. The strong results sent shares up 2.72% in after-hours trading to $546.99, approaching the company’s 52-week high of $551.15. The presentation, delivered by CEO Satya Nadella, CFO Amy Hood, and Investor Relations head Jonathan Neilson, highlighted the company’s continued momentum in cloud infrastructure and enterprise software while revealing significant capital investments to support growing demand.
Nvidia’s $12.9 billion Hugging Face deal draws DOJ scrutiny
Nvidia is facing questions from the U.S. Department of Justice concerning its acquisition of Hugging Face, an open-source platform for hosting and testing AI models, and how that deal may impact competitors in the field. CNBC has confirmed the probe with a person familiar with the matter, who asked not to be named because they were not authorized to speak publicly. Reuters first reported the DOJ’s inquiry on Wednesday. Nvidia announced its nearly $13 billion acquisition of Hugging Face in September, and at the time, CEO Jensen Huang wrote that the deal would help “expand access to AI for developers and institutions worldwide.” Hugging Face already had massive adoption.
Alphabet sinks 10% as it holds 2026 capex unchanged, expects significant increase in 2027
Alphabet shares slumped more than 10% after the search giant reported a drop in free cash flow during the third quarter, in a worrying sign for the artificial intelligence trade. Revenue grew 25% from a year ago, but the company posted its first top-and-bottom-line miss in nearly four years. Net income fell to $26.17 billion, or $2.12 per share, down from $34.98 billion, or $2.87 per share, a year ago. The Google parent reported negative free cash flow of $9.07 billion, which fell much further than the $2.70 billion expected by analysts. As questions mount over heightened spending on the AI buildout, Alphabet’s capital expenditures totalled $51.36 billion in Q3, falling short of the $55.09 billion expected by analysts. Investors are looking for a substantial return on investment to warrant the big spending plans from the hyperscalers.
ServiceNow Q3 2026 slides: growth steady, margins compress
ServiceNow presented its third quarter 2026 investor slides on October 28, 2026, revealing solid subscription revenue growth of 21% alongside margin compression and strategic investments that affected near-term metrics. Despite beating revenue expectations with $4.11 billion in total quarterly revenue, the company’s shares plunged 19% in after-hours trading to $124.45 after missing adjusted earnings per share estimates by two cents. The presentation highlighted subscription revenues of $3.988 billion, up 20.5% year-over-year in constant currency, while current remaining performance obligations (cRPO) reached $13.65 billion, growing 21% in constant currency.