Global Market Pulse — Wednesday, Oct 28, 2026

Faircurve Research

Global Cross-Asset Daily

Chip makers led US shares higher after Broadcom arranged a US$63 billion debt deal for Anthropic to buy its chips, and oil fell after Iran’s leader was quoted as backing a deal. The S&P 500 gained 0.60% to 7,722.60. Consumer confidence rose to 91.7 in October against 81 expected. The two-year Treasury yield rose 2 basis points to 4.70%, and Brent fell 1.67%.

§ 01 — Equities · United States

The Nasdaq led on chip makers, and smaller companies kept pace. The Nasdaq gained 1.18% and the Russell 2000 1.16%, while the Dow added 0.03%. AMD rose 5.45% and Broadcom 4.00%. Meta fell 1.64% after it lifted its planned share sale to nearly US$98 billion.

§ 02 — S&P 500 Sector Map

Tuesday 27 Oct · sorted best to worst (1D)

Five sectors rose and six fell, with energy last as oil dropped. Energy lost 2.05% and technology gained 1.70%. Consumer staples fell 0.92%, and Coca-Cola lost 1.64% even after it beat forecasts and raised its outlook. Over the week, communications is down 6.00% and utilities are up 2.32%.

Full table · sorted by YTD

§ 03 — Equities · Global

Global rows reference Tuesday 27 October closes from FMP end-of-day data. One-day moves compare with Monday 26 October and one-week moves with Tuesday 20 October. FMP had no 23 or 26 October close for the TAIEX, so its one-day move compares 27 October with Thursday 22 October. Asian markets closed before the US session opened. Year-to-date compares with each market’s last 2025 close.

Korea and Japan rose after Monday’s US chip gains, while China fell. The KOSPI rose 3.09% and the Nikkei 1.73%. The Shanghai Composite lost 1.33% and the Hang Seng 0.73%. The DAX gained 0.94% and the FTSE 100 fell 0.75%.

§ 04 — US Treasuries

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

Short-dated yields rose after strong US data, while long-dated yields slipped. Durable goods orders rose 1.8% in September against 1.5% expected, though orders outside transport rose 0.5% against 0.6%. The one-year rose 3 basis points to 4.50% and the two-year 2 to 4.70%. The ten-year and thirty-year each fell 1, to 4.99% and 5.30%. The gap between the two- and ten-year yields narrowed to 29 basis points from 32. The two-year sits 70 basis points above the 4.00% Fed rate.

§ 05 — Credit Spreads

Company bond spreads narrowed in Monday’s readings, the latest available. The high-yield spread fell 8 basis points to 330 and the CCC spread 11 to 1,345, though the CCC spread is still 35 wider over the week. On Tuesday the high-yield bond fund rose 0.52%.

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 Monday 26 October, so these figures do not yet reflect Tuesday’s session. One-day change is against 23 October, one-week against 19 October, year-to-date against the last 2025 reading. Bond fund moves are FMP closes for 27 October.

§ 06 — Digital Assets

Bitcoin recovered some of last week’s loss. It rose 0.99% to US$80,799.50, ether 1.16% and solana 0.46%. Bitcoin is down 2.58% over the week and 7.66% this year.

Levels are FMP end-of-day closes for the UTC day ended Tuesday 27 October. One-day changes compare with Monday 26 October and one-week changes with Tuesday 20 October. Year-to-date compares with the 31 December 2025 close.

§ 07 — Metals & Energy

Oil fell on hopes of an Iran deal, while copper rose. Brent lost 1.67% to US$113.88 and American crude 1.83% to US$99.90, though Brent is still up 4.68% over the week. Copper gained 1.69% and gold 0.90% to US$4,074.60. US natural gas rose 3.65% but is down 8.98% over the week.

Commodity rows are Tuesday 27 October settlements from FMP end-of-day data. One-day changes compare with Monday 26 October, one-week changes with Tuesday 20 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 6.6525 and natural gas at 2.697.

§ 08 — Economic Calendar

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

The Fed decides on Wednesday, with a hold at 4.00% expected. Microsoft and Alphabet report the same day, and Canada’s central bank is expected to raise its rate to 2.50%. Thursday brings US growth, core inflation, Amazon’s results and the ECB and Bank of England decisions. US midterm elections follow on 3 November.

§ 09 — Macro Themes

1 · Iran and oil. Yemen’s Houthis said they attacked Saudi Arabia’s Ras Tanura oil refinery on Tuesday. The first Venezuelan cargo under a new US supply deal arrived in Texas.

2 · Prices on the shelf. Coca-Cola, Procter & Gamble and Nestle warned of further price rises next year to cover costs linked to the Iran war. US home prices rose 2.1% in the year to August.

3 · Suppliers funding buyers. Nvidia plans to invest US$3 billion in Meta, which runs millions of its chips. Nvidia also has about US$36 billion of commitments to AI cloud partners.

4 · A divided Fed outlook. In one survey, 93% of forecasters expect a hold this week and 76% a rise in December. Bank of America’s head of US economic research said the Fed should raise rates on Wednesday.

§ 10 — Analysis & Nuances

Copper and smaller companies rose while oil fell, which Faircurve reads as a sign of firmer US demand. Copper, used in building and factories, gained 1.69% and the Russell 2000 1.16%. The caveat is that the equal-weight S&P 500 fund, which gives each company the same weight, rose only 0.11%. Brent back above US$115.81 by Friday, about 1.7% above Tuesday, would undo this read.

Lower oil did not lower the two-year yield. Cheaper fuel should ease inflation, yet the two-year rose after confidence and orders beat forecasts. Faircurve reads this as a December rise staying likely. Monday’s narrower CCC spread ends last edition’s read of growing caution in lending.

Calls. The chip fund leads the Microsoft and Alphabet mix by 2.50 points since 21 October, against 1 point needed by Thursday: ahead. The Russell 2000 trails the Nasdaq by 0.46 points since 23 October, against a 1-point lead needed by 30 October: behind. The ten-year at 4.99% sits 1 basis point inside the 5.00% line for Thursday. The chip fund leads communications by 3.28 points since Monday, against 1 needed by Friday: ahead. New call: the two-year ends Friday at or above 4.65%, 5 basis points below Tuesday’s 4.70%, against a 9 basis point move over the past week. A Fed statement that rules out a December rise would end it.

FAIRCURVE · MARKET PULSE · 28 OCT 2026 · Data: Financial Modeling Prep; credit spreads ICE BofA via the Federal Reserve Bank of St. Louis (latest 26 October). Figures reference the Tuesday 27 October 2026 session. Not investment advice. For informational use only.