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LivestreamMenuScreens display the Fed rate announcement as traders work on the floor of the NYSE in New York City, US, Oct. 28, 2026. Jeenah Moon | Reuters
U.S. equity futures dipped late Wednesday as investors digest the latest round of hyperscaler earnings.
Nasdaq-100 futures lost 1.2%. S&P 500 futures declined 0.5%, while Dow Jones Industrial Average futures lost 17 points, or 0.03%.
In after-hours trading, Microsoft advanced 3% after growth in the software giant’s Azure cloud infrastructure business helped it post beats on the top and bottom lines in the fiscal first quarter, per LSEG.
That contrasts sharply with Alphabet’s 9% slide after adjusted earnings per share and revenue missed expectations in the third quarter, and the company posted negative free cash flow of $9.07 billion. The company kept its full-year capital expenditures forecast at $195 billion to $205 billion.
The results come at a time when the artificial intelligence trade is in focus. AI stocks, such as the iShares Semiconductor ETF (SOXX) and the Roundhill Memory ETF (DRAM), have been through a rough patch for most of October, only to perk up in recent days.
Chips helped lift the broader market to a winning regular session on Wednesday, with the S&P 500 rising for a third straight day as Micron Technology jumped almost 6% and Broadcom added more than 2%. The tech-heavy Nasdaq Composite also eked out a gain, advancing 0.3%.
Earlier Wednesday, the Federal Reserve decided to hold steady on rates, leaving the central bank’s benchmark interest rate in a range between 3.75% and 4%. The decision to hold was widely expected as the Federal Open Market Committee issued a quarter-percentage-point hike in September.
This time, central bank policymakers pointed out that inflation “remains elevated,” but also said that it was awaiting the “accumulation of more information” before it takes further steps.
The Fed’s decision “can be interpreted as mildly dovish at the margin, but we think it is better viewed as an expression of patience rather than a shift away from a tightening bias,” said Daniel Siluk, head of global short duration and liquidity at Janus Henderson Investors. “The door remains open to further tightening, but the Committee appears willing to wait for incoming data to validate the need for additional action.”
Traders will get further insight into the economy on Thursday, when the Personal Consumption Expenditures price index report for September comes out. The PCE is a preferred inflation gauge for the Federal Reserve. The first reading of third-quarter GDP and weekly jobless claims are also due.
On the earnings front, all eyes will be on quarterly reports from Caterpillar and Eli Lilly in the morning, followed by Amazon and Intel after the market close.
16 Min Ago
ServiceNow and other stocks moving in after-hours trading
Shares of ServiceNow plummeted 18% in extended hours trading Wednesday after reporting its third quarter.
The enterprise software company posted adjusted profit of $1 per share, missing the LSEG consensus expectation of $1.02 a share.
Meanwhile, subscription revenue guidance for the fourth quarter ranged from $4.245 billion to $4.255 billion, while the FactSet consensus called for $4.25 billion.
Other stocks moving in extended trading include Chipotle Mexican Grill, Fortinet and Sprouts Farmers Market.
— Paulina Likos
27 Min Ago
Lumentum shares rise on Bloomberg report that Marvell is in talks to buy optics player
Shares of optics maker Lumentum jumped in extended trading after Bloomberg News reported, citing people familiar, that Marvell Technology is in talks to buy the company.
An acquisition could be announced as early as next week, the people told Bloomberg. These people also told Bloomberg that the details could still change and that a final agreement hasn’t yet been reached.
Lumentum shares surged 11% on the report, while chipmaker Marvell lost more than 8%.
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Lumentum and Marvell in the past day
In the artificial intelligence trade, Lumentum has emerged as a winner in the infrastructure space. The company builds optical transceivers and the photonic technology underlying AI and data centers. Shares have surged almost 148% in 2026 alone. In that period, Marvell has rocketed almost 200%.
—Darla Mercado
38 Min Ago
Amazon set to report third-quarter earnings Thursday evening
Big Tech earnings will continue Thursday with third-quarter results set to come from Amazon after the close.
The Street expects revenue of $202.22 billion, slightly above the high-end of the $197 billion-$202 billion guidance range, according to FactSet.
Investors will be keying in on growth in its cloud computing business, Amazon Web Services. Consensus estimates call for AWS revenue growth of 37.8% year over year, up from last quarter’s 36.8% increase, according to FactSet.
The market will also look at whether there is growing adoption of its custom Trainium chips. Amazon stock is up 10% so far in 2026.
—Paulina Likos
59 Min Ago
S&P 500 futures and Nasdaq-100 futures open lower
Futures tied to the S&P 500 and the Nasdaq-100 opened lower Wednesday night in New York.
S&P 500 futures fell 0.3% and Nasdaq-100 futures lost 0.8% shortly after 6 p.m. Dow futures were initially up 47 points.
—Darla Mercado
