Global Market Pulse — Tuesday, Oct 27, 2026

Faircurve Research

Global Cross-Asset Daily

US shares rose, led by chip makers, after Anthropic’s filing to list its shares eased worries about an AI bubble. Meta fell after it said it plans to raise US$95 billion by selling new shares to pay for AI. A fund of chip-maker shares gained 2.74% and the communications sector lost 1.57%. The S&P 500 rose 0.70% to 7,676.77, and the ten-year Treasury yield was unchanged at 5.00%.

§ 01 — Equities · United States

The Nasdaq led as chip makers rose. It gained 0.82%, against 0.70% for the S&P 500, 0.38% for the Russell 2000 and 0.28% for the Dow. Intel rose 4.04%, Micron 2.98%, AMD 2.80% and Nvidia 2.39%. The equal-weight S&P 500 fund rose 0.35%, half the index gain.

§ 02 — S&P 500 Sector Map

Monday 26 Oct · sorted best to worst (1D)

Technology led with a 1.69% gain, and communications fell 1.57%. Seven of eleven sectors rose, three fell and health care was flat. Industrials gained 1.42%. Communications has lost 5.67% over the past week, while utilities gained 2.88% and energy and real estate 2.71% each.

Full table · sorted by YTD

§ 03 — Equities · Global

Global rows reference Monday 26 October closes from FMP end-of-day data. One-day moves compare with Friday 23 October and one-week moves with Monday 19 October. The Hang Seng was closed on 19 October, so its one-week move compares with Friday 16 October. FMP had no 23 or 26 October close for the TAIEX, so its row shows Thursday 22 October against 21 October and 15 October. Asian markets closed before the US session opened. Year-to-date compares with each market’s last 2025 close.

Europe rose, while Korea and Japan fell before the US rebound. The DAX gained 0.94% after the German Ifo business survey came in at 90.2 against 90.0 expected. The KOSPI lost 1.46% and the Nikkei 0.80%, extending weekly falls to 5.18% and 4.20%. After the KOSPI close, data showed South Korea’s economy grew 1.0% in the third quarter against 0.7% expected, helped by chip exports.

§ 04 — US Treasuries

3.5% 4.0% 4.5% 5.0% 5.5% 6M 2Y 5Y 10Y 20Y 30Y

Treasury yields held near last week’s lows as the Fed meeting approached. The two-year fell 1 basis point to 4.68%, the ten-year was unchanged at 5.00% and the thirty-year fell 2 to 5.31%. Over the week the ten-year is down 15 basis points and the two-year 9. A two-year note sale cleared at 4.708%, below September’s 4.787%. The two-year still sits 68 basis points above the 4.00% Fed rate, which fits the December rise forecasters expect more than a cut.

§ 05 — Credit Spreads

The riskiest company debt kept widening while the broad high-yield spread eased. The latest readings, for Friday, show the CCC spread up 16 basis points to 1,356 and 59 over the week. The high-yield spread narrowed 2 to 338. On Monday the high-yield bond fund rose 0.19%.

ICE BofA option-adjusted spread series (investment grade BAMLC0A0CM, BBB BAMLC0A4CBBB, high yield BAMLH0A0HYM2, CCC & Lower BAMLH0A3HYC) from the Federal Reserve Bank of St. Louis. The latest observation is for Friday 23 October, so these figures do not yet reflect Monday’s session. One-day change is against 22 October, one-week against 16 October, year-to-date against the last 2025 reading. Bond fund moves are FMP closes for 26 October.

§ 06 — Digital Assets

Bitcoin fell slightly while chip makers rose. It slipped 0.06% to US$80,002.10, ether lost 0.29% and solana 0.50%. Bitcoin is down 2.24% over the week and 8.57% this year.

Levels are FMP end-of-day closes for the UTC day ended Monday 26 October. One-day changes compare with Sunday 25 October and one-week changes with Monday 19 October. Year-to-date compares with the 31 December 2025 close.

§ 07 — Metals & Energy

Oil eased as the US weighed a deal with Iran against renewed strikes. Brent fell 0.78% to US$115.81 and American crude 1.46% to US$101.76. Brent is still up 5.71% over the week. Gold rose 0.76% to US$4,038.40. US natural gas fell 1.44% and is down 14.38% over the week.

Commodity rows are Monday 26 October settlements from FMP end-of-day data. One-day changes compare with Friday 23 October, one-week changes with Monday 19 October and year-to-date with the last 2025 settlement. The FMP Brent series moved to a later delivery month on 29 September, so its year-to-date change spans contract changes. Copper settled at 6.542 and natural gas at 2.602.

§ 08 — Economic Calendar

US release times are Eastern. Other rows carry their local time zone. Consensus and prior figures are FMP-sourced as of this morning. The Fed row shows FMP’s consensus and prior for the policy rate.

Microsoft and Alphabet report on Wednesday, the day of the Fed decision. A hold at 4.00% is expected. Thursday brings US growth, September core inflation, Amazon’s results and the ECB and Bank of England decisions. The Bank of Japan decides on Friday.

§ 09 — Macro Themes

1 · Anthropic’s filing. The filing shows revenue of US$16.3 billion in the first half of 2026. US companies have raised US$148 billion through share listings this year, before this one.

2 · Paying for AI. Meta’s first step is a new share that pays 6% to 6.5% a year and later turns into ordinary stock. SpaceX said it closed a US$40 billion loan to buy AI chips.

3 · Iran and fuel. President Trump said a decision on a deal or new strikes is near, and suggested strikes could resume after the 3 November midterm elections. European gas prices rose above 97 euros per megawatt-hour, the highest since late 2022.

4 · Central banks. Forecasters expect the Fed to hold this week and raise rates in December. The Bank of Japan is expected to hold on Friday after raising rates last month to the highest level in 31 years.

§ 10 — Analysis & Nuances

Investors favoured the companies that sell AI chips over one that must sell new shares to buy them. The chip fund beat the communications sector by 4.31 points on Monday. Meta fell 1.88% and Alphabet 1.06%, while Microsoft rose 1.54%. Faircurve reads Wednesday’s results as a test of whether Microsoft and Alphabet can keep paying for AI from their own cash.

Lending to the weakest companies grew more costly into Friday. In Friday’s readings, the latest, the investment-grade spread also widened 2 basis points, to 91. On Monday the long-bond fund rose 0.42% and the high-yield bond fund 0.19%. Faircurve reads one day of fund gains as too little to undo the week’s caution. A narrower CCC spread in this week’s readings would end that read.

Calls. The chip fund leads the Microsoft and Alphabet mix by 0.01 points since Wednesday 21 October, against a 1-point lead needed by Thursday: behind. The Russell 2000 trails the Nasdaq by 0.44 points since Friday, against a 1-point lead needed by 30 October: behind. The ten-year closed exactly at the 5.00% line set for Thursday. New call: the chip fund beats the communications sector by at least 1 point from Monday to 30 October. Over the past week the gap was 4.42 points, so 1 point sits within a normal week. A gap below 1 point ends the call. Alphabet’s results on Wednesday are the main risk.

FAIRCURVE · MARKET PULSE · 27 OCT 2026 · Data: Financial Modeling Prep; credit spreads ICE BofA via the Federal Reserve Bank of St. Louis (latest 23 October). Figures reference the Monday 26 October 2026 session. Not investment advice. For informational use only.