U.S. stocks traded higher Wednesday, October 28, as many assessed the Federal Reserve’s decision to keep interest rates unchanged, persistent inflation pressures and another major test for artificial intelligence spending. The S&P 500 gained 0.28%, the Dow Jones Industrial Average added 0.19%, the Nasdaq Composite advanced 0.27% and the Russell 2000 rose 0.41%. The Federal Reserve held its benchmark interest-rate range at 3.75% to 4% in a 10-2 vote. The decision left borrowing costs unchanged but did not remove the possibility of another increase, with two policymakers favoring an immediate quarter-point hike. The session’s central tension was inflation: stocks advanced and volatility declined, even as the supplied snapshot showed the 10-year Treasury yield at 5.05% and December crude oil futures above $100 a barrel. Meanwhile, many awaited earnings from Microsoft (MSFT) and Alphabet (GOOGL, GOOG) for evidence that AI investment can support durable revenue growth and cash generation.

Stock Market Performance Snapshot

Small-cap stocks led the four benchmarks, while the Dow posted the smallest percentage gain. That distribution showed the advance extending beyond the largest technology companies, although index returns alone do not establish how many individual stocks participated.

Federal Reserve Holds Rates, but the Inflation Debate Remains Open

The Federal Open Market Committee maintained its federal funds target range at 3.75% to 4%. Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented, preferring a quarter-percentage-point increase. The policy statement described economic activity as expanding at a strong pace, with resilient domestic spending, robust capital investment and strong productivity growth. It also said inflation remained elevated and emphasized the need for additional information before determining the appropriate next policy move. The distinction matters for many: leaving rates unchanged is not the same as signaling that monetary tightening has ended. The decision preserved room for policymakers to respond if inflation fails to moderate. Reporting available Wednesday placed the market-implied probability of a December increase at roughly 83% to 85%, depending on the source and observation time. Those probabilities represent market expectations, not a policy commitment. Treasury Secretary Scott Bessent’s scheduled post-decision interview added a fiscal-policy dimension to the day’s agenda ahead of the midterm elections.

Macroeconomic Commentary: Resilient Growth Meets Higher Energy Costs

Consumer inflation remains above target

September’s Consumer Price Index rose 0.6% from the previous month and 3.7% from a year earlier. Core CPI, which excludes food and energy, increased 0.3% for the month and 2.6% over the year. Those figures illustrate the challenge facing the Fed. Underlying consumer inflation was lower than headline inflation, but the overall price index still showed substantial pressure. The central bank’s own assessment of strong economic activity and resilient spending provided little basis for treating the economy as broadly weak. Producer-price inflation added another concern. Meeting-day reporting put September’s annual Producer Price Index increase at 6.3%, its strongest pace since 2022. Investors were also looking ahead to Thursday’s scheduled release of September personal consumption expenditures inflation data, the next important checkpoint for the policy outlook.

Housing demand improves, but financing remains expensive

Mortgage applications increased 3.4% in the latest weekly survey from the Mortgage Bankers Association. The average contract rate for a conforming 30-year fixed mortgage declined to 7.37% from 7.41%. The increase suggests that even a modest improvement in mortgage pricing can bring some borrowers back into the market. Nevertheless, a 7.37% mortgage rate still represents expensive financing. The weekly rebound is better read as a response to incremental rate relief than as proof of a broad housing recovery.

Oil and Treasury yields complicate the equity rally

December 2026 crude oil futures closed at $101.72 a barrel, up $1.82, or 1.82%. The 10-year Treasury yield stood at 5.05%, up 0.05 percentage point, equivalent to approximately five basis points. Taken together, those readings frame a less comfortable backdrop than the positive stock-index returns alone suggest. Rising equities reflected willingness to take risk, while higher oil prices and Treasury yields kept inflation and financing costs central to the investment debate. This was a session of competing signals rather than an unqualified easing of financial pressure.

Microsoft and Alphabet Earnings Put AI Economics in Focus

Microsoft (MSFT) was scheduled to report fiscal first-quarter 2027 results after Wednesday’s market close. The preview listed analyst expectations of $4.73 in adjusted earnings per share and $90.69 billion in revenue. Analysts also expected Azure revenue of $32.32 billion, representing growth of more than 44%. These were estimates, not reported results. The report was expected to introduce two operating segments and dollar-denominated Azure revenue disclosure. Analysts also projected $50.67 billion in capital expenditures and finance leases, putting spending discipline alongside cloud growth as a central issue for investors. Alphabet (GOOGL, GOOG) was also scheduled to report after the bell. Together, the two reports were positioned to test whether expanding AI infrastructure spending is translating into sufficient business growth to sustain investor confidence. Semiconductor shares had already received support from strong results at SK hynix (KRX: 000660). Micron Technology (MU), Arm Holdings (ARM), Marvell Technology (MRVL) and Advanced Micro Devices (AMD) traded higher during the session.

Company News: Cloud Growth, Consumer Spending and Deal Activity

Oracle outlines a larger cloud business

Oracle (ORCL) shares rose sharply during Wednesday trading after the company projected fiscal 2030 revenue of at least $225 billion, implying annualized growth exceeding 35% from fiscal 2026. Management expected capital spending to peak in fiscal 2027 and fiscal 2028, followed by a decline in fiscal 2029. Oracle (ORCL) also projected positive free cash flow in the second half of fiscal 2028 and more than $30 billion in free cash flow in fiscal 2029. Those forecasts put a timeline around the investment debate: investors must evaluate not only demand for AI infrastructure but also how long it takes that infrastructure to generate cash.

Wendy’s receives a $1.4 billion take-private proposal

Wendy’s (WEN) shares jumped approximately 15% in morning trading after an investor group led by Nelson Peltz’s Trian Fund Management offered to acquire the restaurant chain for $7.35 per share in cash. The proposal valued the equity at approximately $1.4 billion and represented a 20% premium to Tuesday’s closing price The proposal followed six consecutive quarters of same-store sales declines. It remained an offer, not a completed transaction, and the reported share-price increase was an intraday move rather than a confirmed closing return.

Visa and Robinhood show different sides of financial activity

Visa (V) reported fiscal fourth-quarter adjusted earnings of $3.48 per share and revenue of $12.1 billion. Payments volume increased 9%, cross-border volume rose 14% and processed transactions grew 10%, providing evidence of continued spending and travel activity. Robinhood Markets (HOOD), by contrast, reported quarterly earnings of $0.51 per share, below the $0.56 analyst consensus cited in the supplied coverage. Revenue of $1.42 billion matched expectations, while transaction-based revenue fell short of estimates. Shares declined in early trading.

Space Stocks: SpaceX Tests a Closely Watched Level

SpaceX (SPCX) traded back toward $140 on Wednesday following a recent share-unlock-related decline. The supplied coverage identified that area as a level where buyers had repeatedly appeared, while stressing the stock’s weaker performance relative to several smaller space companies. Rocket Lab (RKLB), Firefly Aerospace (FLY), Intuitive Machines (LUNR) and AST SpaceMobile (ASTS) had gained approximately 8% to 14% from the October 22 reference point through Tuesday, according to that coverage. Those were multiday comparisons, not Wednesday closing returns. The divergence underscores why the space sector should not be treated as a single trade. Company-specific share supply and trading dynamics can produce substantially different outcomes within the same industry..

Bonds, Oil, Gold, Bitcoin and Volatility

What Many Are Watching Next

• PCE inflation: Thursday’s scheduled September release will provide another test of whether price pressures are moving toward the Fed’s objective,
• AI revenue and spending: Microsoft (MSFT) and Alphabet (GOOGL, GOOG) earnings will help investors compare cloud demand with infrastructure costs.
• December policy expectations: Futures pricing continued to favor another rate increase despite Wednesday’s hold.
• Consumer resilience: Strong Visa (V) payment activity and Wendy’s (WEN) operating challenges highlight why aggregate spending strength can coexist with pressure on individual businesses.

Today’s VP Watchlist Corporate Updates

Amwell® (NYSE: AMWL)

Amwell® (NYSE: AMWL), a leading provider of a comprehensive SaaS-based software platform for technology-enabled healthcare, closed at $14.12, +3.90%.

AMWL announced (Sept 8) announced the Department of Veterans Affairs (VA) has declared its intent for the Company to deploy its virtual health platform within the VA enterprise and help power the modernization of the VA’s digital health infrastructure. The VA anticipates the Amwell platform will support a broad range of clinical services, enhance care coordination, and improve access for our Veterans across the VA enterprise. The Letter of Intent follows a comprehensive evaluation process by the VA, in which it determined that Amwell’s virtual health platform aligns with the Department’s strategic objectives to expand access to high-quality, secure, and reliable virtual care services for Veterans nationwide through the VA’s current electronic health record modernization efforts. Specifically, the capabilities Amwell demonstrated in scalable video consultations, interoperability, cybersecurity compliance, and support for integrated care delivery were significant factors in this determination.

Amwell® has received Frost & Sullivan’s 2026 United States Technology Innovation Leadership Recognition in the Technology-Enabled Care Platforms Industry. The recognition validates Amwell’s ability to address healthcare fragmentation through a unified platform that orchestrates consumer experiences, clinician workflows, care programs, and partner solutions.

The Company also reiterated recently its objective to achieve positive cash flow from operations in the fourth quarter of 2026.

Serina Therapeutics (NYSE: SER)

Serina Theraeuptics (NYSE: SER, $1.64) is a clinical-stage biotechnology company developing a pipeline of wholly owned drug product candidates to treat neurological diseases and other indications. Serina’s POZ PlatformTM provides the potential to improve the integrated efficacy and safety profile of multiple modalities including small molecules, RNA-based therapeutics and antibody-based drug conjugates (ADCs). Serina is headquartered in Huntsville, Alabama on the campus of the HudsonAlpha Institute of Biotechnology.

On Thursday, September 24, 2026, Serina CEO Steve Ledger discussed discuss Serina’s programs’ progress during Tribe Public’s “A New Approach to Advanced Parkinson’s Disease: Serina Discusses SER-252’s Clinical Progress”webinar, followed by a live Q&A. You may view it below.

SER announced (Sept. 9) that the independent Safety Monitoring Committee (SMC) has completed its blinded review of Cohort 1 of the ongoing Phase 1b registrational study of SER-252 in patients with advanced Parkinson’s disease and recommended that the study advance to Cohort 2. Cohort 1 evaluated the lowest dose level in the single-ascending-dose portion of the study. In addition to supporting continued dose escalation, blinded Cohort 1 observations showed a pharmacokinetic profile consistent with the sustained apomorphine exposure SER-252 is designed to provide and included sustained periods of improvement in motor function in individual patients on exploratory clinical measures.

Eupraxia Pharmaceuticals Inc. (EPRX)

Eupraxia Pharmaceuticals Inc. (EPRX, $7.38, +4.24%), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced (Oct. 15) that the ongoing RESOLVE study evaluating the safety and efficacy of EP-104GI for the treatment of Eosinophilic Esophagitis (“EoE”) has reached its enrollment target. “This is a significant milestone for the RESOLVE trial and the development of EP-104GI as a potential treatment option in EoE” said Dr. James Helliwell, Chief Executive Officer of Eupraxia. “We look forward to our interim analysis in December where we will be reporting on symptoms, histologic findings and safety in the first 60 patients in Phase 2b to reach 6 months. Data will also be available on the patients at 3, 9- and 12-month timepoints giving a fulsome interim look at the RESOLVE Trial”.

Modular Medical, Inc. (NASDAQ: MODD)

Modular Medical, Inc. (NASDAQ: MODD, $1.91, +15.76%), a commercial-stage medical device company preparing for the full commercial launch of its next-generation Pivot™ tubeless patch pump, announced (Oct. 27) that it has received a positive decision from its notified body regarding certification of its quality management system under ISO 13485:2016. The notified body is designated under the European Union Medical Device Regulation (“MDR”).

MODD announced (October 15) the launch of two innovative digital education resources designed to assist people living with diabetes build familiarity and confidence with insulin therapy ahead of formal training on the Pivot insulin delivery system. Developed in partnership with Relevate Health Games, the new tools use game-based technology to walk patients through the skills needed for insulin pump therapy. The resources are designed to help reduce barriers to adoption by allowing prospective users to become familiar with pump therapy before beginning formal onboarding. The first educational module gives users a virtual, hands-on walkthrough of the Pivot insulin delivery system. In approximately 15 minutes, users can visualize how to unpack the system, prepare and apply the pump, and understand the basic operational functions. The Pivot module was first previewed at the ADCES 2025 Annual Conference in August 2025. Healthcare providers may also use the platform to gauge a patient’s interest in pump therapy and ability to navigate basic operational tasks associated with insulin delivery devices. The experience offers clinicians valuable insight into patient engagement, learning readiness, and willingness to transition from multiple daily injections to a more advanced insulin delivery approach.

MODD announced (September 4) that it has secured a contract with a national U.S. pharmacy benefit manager (PBM) in the United States. Pursuant to the contract, the Company’s Pivot insulin delivery system is now available through the national PBM. The Company believes the engagement with this national PBM represents a significant step forward in broadening patient access to the Company’s Pivot tubeless patch pump and will further validate the Pivot pump as an accessible therapeutic option for people living with diabetes.

MODD announced (September 3) that the U.S. Food & Drug Administration (FDA) has cleared a set of software enhancements to its Pivot insulin delivery system, further expanding the system’s functionality and providing users with greater flexibility and customization options in bolus dosing, an enhanced user-interface (UI), and other software upgrades.

MODD CEO, Jeb Besser, co-hosted a Tribe Public’s CEO Presentation and Q&A Webinar Event titled “The Road To Revenue: Modular Medical’s Strategy For Launching Pivot,” that was held Friday, September 4, 2026.. You may watch the event video below now if you missed it below now.

Doximity, Inc. (NYSE: DOCS)

Doximity (NYSE: DOCS, $34.25, +3.04%) is the leading digital platform for U.S. medical professionals. The company’s network members include more than 85% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay current on medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits.

Doximity and Wolters Kluwer Health, announced (Oct. 20) that UpToDate’s trusted, evidence-based, clinical content will be accessible directly within Doximity’s fast-growing AI clinical decision support tool, Ask.

DOCS announced (Oct. 13) it has extended its 13-year partnership with U.S. News & World Report, the nation’s most trusted source of independent healthcare information, rankings and guidance to help patients identify the best care for their needs.

Nvidia (NVDA, $215.38, -1.17%)

NVIDIA Corp. (NASDAQ: NVDA), at its GTC event in Berlin recently, the company unveiled its DSX POD, a reference design for an AI data center packed into a box about the size of a standard shipping container. According to Nvidia, the Vera Rubin-powered DSX PODs will arrive on site, ready to be plugged into the power, cooling, and networking infrastructure, reducing deployment time from six months to 14 days. The company said DSX PODs won’t replace traditional data centers, but will serve as a means to start running AI applications before brick-and-mortar facilities are ready.

The Sources

1. Stock Market Live Updates: October 28, 2026
2. Microsoft (MSFT) Fiscal First-Quarter 2027 Earnings Preview
3. Treasury Secretary Scott Bessent’s Post-Fed Interview
4. Federal Reserve Meeting: October 28, 2026 Live Updates
5. Trian Offers $1.4 Billion to Acquire Wendy’s (WEN)
6. SpaceX Shares Slide Toward $140 as Smaller Space Stocks Outperform
7. Stock Market Updates: Fed Holds Rates Steady in a 10-2 Vote
8. Federal Reserve: October 28, 2026 FOMC Policy Statement
9. U.S. Bureau of Labor Statistics: Consumer Price Index
10. Mortgage Bankers Association: Mortgage Applications Increase in Latest Weekly Survey
11. HousingWire: Mortgage Applications Rebound 3.4% as Rates Decrease to 7.37%
12. Text of the Federal Reserve’s October Monetary Policy Statement