Traders work at the New York Stock Exchange on Oct. 28, 2025.
NYSE
U.S. stock futures were little changed Tuesday night after the major averages hit fresh records ahead of the Federal Reserve’s interest rate decision.
Dow Jones Industrial Average futures fell by 33 points, or 0.07%. S&P 500 futures were flat, while the Nasdaq 100 futures rose 0.02%.
Wall Street is coming off a second day of fresh records for the major averages. The S&P 500 rose 0.2% and topped 6,900 for the first time ever intraday, putting it on the cusp of a major milestone at 7,000. The Dow Jones Industrial Average climbed 162 points, or 0.3%. The Nasdaq Composite outperformed, advancing 0.8%.
Investors expect the stock market will continue to have its way so long as it’s able to make it through a rapid succession of tests this week. The Fed is widely expected to cut rates by a quarter point at the conclusion of its meeting Wednesday, but less certain is whether Chair Jerome Powell will strike a dovish tone in his post-meeting comments. Investors are counting on another interest rate cut from the central bank at its December meeting.
The five “Magnificent Seven” companies set to report this week are expected to continue spending on building data centers, but any disappointment from the megacap behemoths could hurt the broader market. Alphabet, Meta Platforms and Microsoft are set to report after the close on Wednesday. Apple and Amazon post results on Thursday.
Trade tensions between the U.S. and China already appear to have alleviated after progress over the weekend, but investors are now awaiting what comes of President Donald Trump’s meeting with Chinese President Xi Jinping in South Korea.
The warming relationship was a key driver in the market on Tuesday, according to Thierry Wizman, global FX & rates strategist at Macquarie Group.
“The market is seeing President Trump re-engaging with the rest of the world again (i.e., China and Japan), and this is a good thing, insofar as it may temper his desire for more tariffs,” Wizman said. “The prospect of seeing very high tariffs, especially on China, have diminished. To some extent, this also plays to the prospect that the Fed will be dovish too, given there is a connection between lower tariffs and lower inflation.”
To be sure, sky-high valuations and an ongoing government shutdown continue to remain risks for a market that is at all-time highs, even as analysts warn traders not to bet against this market.
“I anticipate that we’re going to continue to see enthusiasm as we go through this week,” Lauren Goodwin, chief market strategist at New York Life Investments, told CNBC’s “Closing Bell” on Tuesday. She added, “I think through the end of the year we’re free and clear.”
— CNBC’s Pia Singh contributed to this report.
Markets are pricing in a quarter-point cut with near certainty
Markets were last pricing in a 99.5% likelihood of quarter point cut at the conclusion of the Federal Reserve’s meeting on Wednesday, according to the CME FedWatch Tool. That would put the target rate at 3.75% to 4.00%.
— Sarah Min
Stocks making the biggest moves after hours
Check out the companies making headlines after hours.
Visa — Shares rose 1% after the payments company reported fourth-quarter results that exceeded expectations on the top and bottom lines. Visa posted adjusted quarterly earnings of $2.98 per share on revenue of $10.72 billion. Analysts polled by LSEG had expected per-share earnings of $2.97 on revenue of $10.61 billion.
Seagate Technology — Shares rose more than 4% after the data storage company reported strong fiscal first-quarter results. Seagate earned $2.61 per share on an adjusted basis on revenue of $2.63 billion. Analysts polled by LSEG had anticipated per-share earnings of $2.37 on revenue of $2.55 billion.
— Sarah Min
Stock futures open little changed
Stock futures opened little changed Tuesday night.
Dow Jones Industrial Average futures fell by 29 points, or 0.06%. S&P 500 futures and Nasdaq 100 futures climbed 0.02% and 0.04%, respectively.
— Sarah Min
