October 29, 2026
Table of Contents
- What Is Happening in the Stock Market Today October 29 2026
- Fed Holds Rates and December Hike Odds Climb
- Bitcoin, Gold and Oil Prices Today
- Strait of Hormuz and Oil Supply Risk
- Why It Matters
- What Investors and Traders Need to Know
- What Comes Next for the Stock Market Today October 29 2026
- Key Takeaways
- FAQ
What Is Happening in the Stock Market Today October 29 2026
Stock market today October 29 2026 opened under pressure as a sharp drop in Alphabet pulled the Nasdaq lower, one day after the Federal Reserve left interest rates unchanged. In mid morning trading, the S&P 500 was down 0.32% at about 7,719, the Nasdaq Composite had fallen 1.31% to roughly 26,202, and the Dow Jones Industrial Average had slipped 0.22% to near 52,359, according to Investrade.
Here is the thing. The Fed was not the surprise. Big Tech earnings were. Alphabet fell about 10% in early trading after search revenue growth came in near 12%, below the roughly 15% analysts expected, and the company reported negative free cash flow of $9.07 billion while holding its capital spending forecast at $195 billion to $205 billion, per IC Markets.
Microsoft moved the other way. Its shares rose about 3% after Azure cloud growth reached 48% and the company beat quarterly estimates. Caterpillar dropped about 8% and Fortinet fell more than 26% in premarket trading, adding to a sense that earnings reactions are violent this season.
On Wednesday, all three major indexes closed higher. The Dow gained 0.19% to 52,475.10, the S&P 500 rose 0.28% to 7,743.98, and the Nasdaq added 0.27% to 26,549.85, with the VIX volatility index easing to 16.91, according to Yahoo Finance and Zacks data.
Fed Holds Rates and December Hike Odds Climb
The Federal Reserve kept its benchmark rate at 3.75% to 4% on Wednesday, as widely expected. Kitco reported the vote was 10 to 2, with Governor Lisa Cook and Cleveland Fed President Beth Hammack dissenting in favor of a quarter point increase.
Reuters reported that the Fed upgraded its view of the economy while acknowledging that inflation remains elevated. Chair Kevin Warsh said the central bank has shown it is ready to act. Carson Group strategist Ryan Detrick told Reuters the Fed “didn’t throw any curveballs.”
But wait. The hold did not calm rate hike fears. CME FedWatch showed an 85.0% chance of a quarter point hike at the December meeting after the decision, up from 78.3% a day earlier. Warsh also repeated that he does not favor forward guidance, and CNBC reported he said the Fed will hold fewer rate setting meetings in future years.
Bitcoin, Gold and Oil Prices Today
Bitcoin traded near $80,100 on Thursday, down about 1.4% since midnight UTC, according to CoinDesk. The coin had climbed to about $81,715 into Wednesday’s US close before sliding as Alphabet’s results and a weak session for Samsung hit tech stocks. CoinDesk reported about $356 million in leveraged long positions were liquidated over 24 hours, and Bitcoin options worth $10.86 billion expire Friday at 08:00 UTC. Ethereum sat near $2,300 and XRP near $1.29, per CaptainAltcoin.
Gold slid about 1.1% to $4,022.19 an ounce on Thursday, with December US futures at $4,035, according to Reuters. Bullion is on track for a second straight monthly decline. Spot gold hit a three month low of $3,975 last Friday, far below its record of $5,589.38 set on January 28, per TradingNews. A Fed hike in December would raise the opportunity cost of holding gold, which pays no yield.
Oil stayed near multi month highs. Brent rose about 1.3% on Wednesday to roughly $115.4 a barrel and WTI to about $101.8, according to Arbiterz. On Thursday morning Brent eased 1.1% to $114.05 and WTI to $101.27 on reports of diplomatic efforts, said ADVFN, citing UBS analyst Giovanni Staunovo.
Strait of Hormuz and Oil Supply Risk
The Strait of Hormuz remains the biggest swing factor for energy. Reuters reported earlier this month that the Iran conflict has entered its eighth month and that the strait carried about 20% of global oil and fuel before the war. In early October, Briefs reported that flows were running roughly 30% below prewar norms.
This week brought fresh headlines. The Wall Street Journal reported that Yemen’s Houthis claimed a missile strike on Saudi Arabia’s Ras Tanura refinery, which can process 550,000 barrels a day, though Saudi authorities have not confirmed it. Separately, Iran’s Revolutionary Guards said three tankers hit sea mines while travelling an unauthorized route south of the strait.
There is also a diplomatic thread. According to the Journal, Iran, Saudi Arabia, Pakistan and Turkey agreed to keep talking about regional security. Oil traders are watching that track closely, since Brent settled at $113.17 last Thursday, its highest close since early May, per CNBC.
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Why It Matters
Three forces are colliding. The Fed is leaning toward another hike, oil above $100 keeps inflation risk alive, and AI spending is being tested by investors who want returns, not just capital expenditure.
Alphabet’s drop shows how fast sentiment can turn. Investors rewarded Microsoft for turning AI spending into cloud growth and punished Alphabet for spending more cash than it brought in. That split is now driving the Nasdaq.
Higher rates also hurt non yielding assets. Gold and Bitcoin both slipped after the Fed hold, a sign that traders are treating the December hike as the real event, not Wednesday’s decision.
What Investors and Traders Need to Know
Equity investors should expect big single stock swings through the rest of earnings season. Amazon and Intel report after Thursday’s close, and further reactions could move the Nasdaq again.
Bybit analyst Han Tan told Reuters that gold could fall back below $4,000 if inflation data runs hotter than expected, and could set a new year to date low if oil revisits $120. Bitcoin traders are watching the $79,000 to $80,000 zone as support, with Friday’s options expiry adding volatility.
Here is why oil matters to everyone. Brent near $114 feeds gasoline and shipping costs, which keep inflation pressure alive and strengthen the case for a December hike.
What Comes Next for the Stock Market Today October 29 2026
The next catalysts are the September PCE inflation report and the advance third quarter GDP estimate, both scheduled for 8:30 a.m. Eastern on Thursday, then Amazon and Intel earnings after the close. Friday brings the Bitcoin options expiry.
The next Fed meeting is December 8 and 9. Markets are pricing a hike, so any data that softens inflation or any Hormuz breakthrough that pulls oil lower could change that pricing quickly.
Key Takeaways
The stock market today is lower in tech after Alphabet fell about 10%, while Microsoft rose on 48% Azure growth. The Fed held at 3.75% to 4% in a 10 to 2 vote, and December hike odds are near 85%. Bitcoin is near $80,000, gold is near $4,022 and Brent is near $114. Hormuz disruption and Houthi attacks on Saudi energy sites keep oil elevated.
This story is moving fast. Get every update, analysis, and market reaction as it happens.
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FAQ
Why is the stock market down today October 29 2026?
Tech shares fell after Alphabet missed estimates and posted negative free cash flow, dragging the Nasdaq down 1.31% in mid morning trading, per Investrade.
What did the Fed decide on October 28?
It held rates at 3.75% to 4% in a 10 to 2 vote, with two officials favoring a hike, per Kitco.
Will the Fed raise rates in December?
CME FedWatch priced an 85.0% chance of a quarter point hike at the December meeting after Wednesday’s decision, per Reuters.
What is the Bitcoin price today?
Bitcoin traded near $80,100 on Thursday, according to CoinDesk.
What is the gold price today?
Spot gold was about $4,022.19 an ounce on Thursday, down 1.1%, per Reuters.
What are oil prices doing and what is happening at the Strait of Hormuz?
Brent was near $114 and WTI near $101 on Thursday morning. The strait remains disrupted by the Iran conflict, per ADVFN and Reuters.
This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any investment decisions.
Sources: Reuters, Oct 28, 2026; Kitco, Oct 28, 2026; CNBC, Oct 28 and 29, 2026; Yahoo Finance and Zacks, Oct 29, 2026; Investrade, Oct 29, 2026; IC Markets, Oct 29, 2026; CoinDesk, Oct 29, 2026; CaptainAltcoin, Oct 29, 2026; Arbiterz, Oct 28, 2026; ADVFN, Oct 29, 2026; The Wall Street Journal via QZ, Oct 28, 2026; Briefs, Oct 8, 2026; TradingNews, Oct 12, 2026
