Wed Oct 28, 2026

What happened

The S&P 500 rose 0.34% and the Nasdaq 100 gained 0.61%. The Dow added 0.27% and the Russell 2000 climbed 0.40%. All four indexes closed above their prior closes.

Technology led the sectors with a gain of 0.84%. Financials rose 0.43% and health care 0.32%. Utilities fell 0.83% and real estate lost 0.77%, with communication services and consumer staples also lower. Among the day's largest movers, Prime Medicine jumped 23.2% and SoFi Technologies gained 18.5%. Bicara Therapeutics fell 44.4% and Enphase Energy dropped 15.9%.

The day's broad news centered on remarks from Fed Chair Warsh. He said the Fed is tightening financial conditions and that the policy is working. He described the economy as strong, reaffirmed the 2% inflation target, and said there is no soft inflation target. He declined to respond to criticism of the Fed from public officials. Whether those remarks drove the gains is not clear. In technology news, SK Hynix reported record quarterly profit and said memory is sold out through 2029. Reuters reported that the Justice Department is examining Nvidia's acquisition of Hugging Face. After the close, Microsoft, Alphabet, KLA, ServiceNow and T-Mobile US are scheduled to report.

Against this morning

This morning's brief made no directional call. Its headline simply recapped the prior close, and it carried a Balanced label with a structure score of 56. The verdict no_call reflects that missing call, so there was no direction to confirm or miss. The market finished higher on the day.