Market Update

As of OCTOBER 28, 2026(close)

The U.S. Federal Reserve announced that it would leave the Fed Funds rate unchanged, following a +25bps hike in September. The pause was relatively expected, although stock indices experienced some bumpy trading in and around the 2pm EST announcement. Chairman Kevin Warsh made clear in his commentary that the decision to Hold rates where they were by no means suggests that further hikes are not ahead. The next scheduled FOMC meeting is set for December 8-9.

At the closing bell, the S&P 500 and Nasdaq Composite posted almost matching % gains a little more than a quarter percent. Despite the indice gains, most Mag-7 and other big tech stocks were in the red. This, as investors awaited Microsoft (MSFT) and Alphabet (GOOGL) Q3 earnings announcements.

Treasury Yields have been pretty rangebound as of late, which has helped lend confidence to investors who had feared yields blowing out.

North of the border, despite some mediocre economic numbers recently, The Bank of Canada raised their benchmark rate by a quarter point. The hike was largely expected, and was viewed as a pre-emptive attempt to keep inflation in check. The Canadian Dollar rallied slightly against the USD on the day.