A trader works, arsenic a surface broadcasts a property league by U.S. Federal Reserve Chair Jerome Powell pursuing the Fed complaint chopped announcement, connected the level of the New York Stock Exchange (NYSE) successful New York City, U.S., Oct. 29, 2025.
Brendan McDermid | Reuters
The Dow Jones Industrial Average roseate connected Wednesday arsenic investors anticipation the Federal Reserve volition little involvement rates and spot much easing ahead.
The blue-chip scale traded up 212 points, oregon 0.5%, portion the Nasdaq Composite declined 0.2%. The S&P 500 traded up 0.1%, with gains being kept successful cheque by a much than 2% diminution successful shares of Microsoft.
Key fiscal names specified arsenic JPMorgan Chase were higher during the league arsenic investors were optimistic that a complaint chopped volition revive the U.S. economy. Shares of concern companies similar GE Vernova, which doubled its dividend, were besides up.
Stocks person been teetering betwixt flimsy gains and losses successful caller sessions arsenic investors await this week's cardinal Fed meeting, which is the last 1 of the year. The Fed is wide expected to present its 3rd consecutive involvement complaint chopped of a 4th percent point, with fed funds futures suggesting a astir 90% accidental of a decrease, according to CME's FedWatch tool.
Sentiment among members of the rate-setting Federal Open Market Committee remains divided, however, arsenic immoderate favour cuts to stave disconnected further labour marketplace weakness and others judge different chopped could worsen inflation. Investors are looking to gauge members' sentiment from the post-meeting connection and Chair Jerome Powell's highly anticipated quality league Wednesday afternoon.
"Market expectations for the Fed person turned sharply dovish, raising the hazard of outsized reactions if the Fed delivers a hawkish surprise," said Bank of America expert Vittoria Volta. "Against a backdrop of a imaginable Fed seat announcement and a question of post-shutdown economical data, December whitethorn present much surprises, and volatility, than usual."
The erstwhile league saw lackluster moves successful the broader market, wherever the broad-based S&P 500 and 30-stock Dow closed successful the red, portion the tech-heavy Nasdaq roseate slightly.
The S&P 500 sits little than 1% beneath its past grounds adjacent posted connected Oct. 28, which was the time earlier the past Fed decision. On Oct. 29, the Fed chopped rates, but Powell signaled that different simplification was not definite for December. That sent stocks little that time and started a unsmooth spot for equities done astir of November until immoderate Fed members began to awesome a December chopped whitethorn beryllium successful order. The benchmark past rebounded backmost to the near-record level its presently at.
Piper Sandler says 10-year output summation pursuing Fed tin wounded stocks
The 10-year U.S. Treasury output could could emergence if the Federal Reserve comes disconnected excessively hawkish astatine Wednesday's argumentation announcement, according to Piper Sandler. That could effect successful a deed for stocks, the steadfast warned.
"With the caller backup successful 10-year yields ... we're again getting questions astir wherever equity markets mightiness commencement to respond negatively," Michael Kantrowitz, main concern strategist, wrote to clients successful a Monday note.
CNBC Pro subscribers tin click here to spot the output levels that Kantrowitz is monitoring.
— Alex Harring
The S&P 500 could spot a 0.7% determination connected Wednesday, according to Goldman Sachs
The S&P 500 is expected to spot a meaningful determination connected Wednesday, John Marshall of Goldman Sachs Research said successful a note.
"SPX options are pricing a +/-0.7% determination for FOMC day, mostly in-line with expectations up of the past 8 FOMC events (+/-0.8%)," the caput of derivatives probe wrote.
Additionally, Marshall noted that Goldman Sachs economists spot a "solid case" for a 4th percent constituent cut, pointing to occupation maturation that's importantly beneath labour proviso growth, 3 consecutive months of a rising unemployment complaint and immoderate weakening successful different measures of labour marketplace tightness.
He besides said the economists task 2 4th constituent cuts for adjacent year.
— Sean Conlon
The S&P 500 is astatine a 5-day debased heading into Fed time
Traders enactment connected the level astatine the New York Stock Exchange, Dec. 10, 2025.
Brendan McDermid | Reuters
The S&P 500 is astatine a 5-day debased heading into the Federal Reserve meeting, a marketplace setup that historically preceded a bounce, according to the trading table astatine Oppenheimer.
"A selloff into a complaint determination often indicated marketplace is preparing for the worst, and a alleviation rally was recovered much often than not," work a enactment from the firm.
Here is however the marketplace reacted successful the past:
- SPX astatine 5-day precocious into complaint determination = Down 51% of time
- SPX astatine 5-day debased into complaint determination = Up 67% of time
— Sarah Min
Expect the Fed to present a 'hawkish cut' connected Wednesday, SWBC's Chris Brigati says
While the Federal Reserve mightiness contented a much-expected involvement complaint chopped connected Wednesday, it could beryllium immoderate clip earlier its cardinal overnight borrowing complaint is lowered again, according to Chris Brigati, main concern serviceman astatine SWBC.
"The Federal Reserve is wide expected to chopped rates connected Wednesday, but we expect this to beryllium a hawkish cut, with the Fed apt to awesome that further complaint cuts are not apt successful the near-term," helium said. "There is besides uncertainty astir the caller Fed chair, and that whitethorn besides adhd to the cardinal bank's reluctance to marque immoderate large complaint moves successful the months starring up to Chair Powell's word ending."
Looking up to adjacent year, Brigati believes the Fed volition telegraph lone 1 cut, and that move, if it were to travel to fruition, mightiness not hap for respective months.
"We expect the Fed to stay connected clasp erstwhile it comes to rates for the archetypal fractional of 2026, adjacent with the unit from the galore doves, astir notably Powell's expected successor Kevin Hassett," the concern caput said. "The Fed is apt to chopped rates lone erstwhile successful 2026, and astir apt towards the extremity of 2026."
— Sean Conlon
Here’s what to expect from Wednesday's Fed decision
U.S. Federal Reserve Chair Jerome Powell holds a property league aft the Fed chopped involvement rates by 4th of a percent point, successful Washington, D.C., U.S., Oct. 29, 2025.
Kevin Lamarque | Reuters
The Federal Reserve is poised to present its 3rd consecutive involvement complaint chopped Wednesday, portion simultaneously firing a informing changeable astir what's ahead.
Following a play of singular indecision astir which mode cardinal slope policymakers would lean, markets person settled connected a 4th percent constituent reduction. If that's the case, it volition instrumentality the Fed's cardinal involvement complaint down to a scope of 3.5%-3.75%.
However, determination are complications.
The rate-setting Federal Open Market Committee is divided betwixt members who favour cuts arsenic a mode to caput disconnected further weakness successful the labour marketplace against those who deliberation easing has gone acold capable and threatens to aggravate inflation. Read more.
— Jeff Cox
Stocks footwear disconnected Wednesday's league successful antagonistic territory
Stocks were small changed connected Wednesday morning.
The S&P 500 fell 0.1% conscionable aft 9:30 a.m., portion the Dow Jones Industrial Average traded conscionable beneath the flatline. The Nasdaq Composite declined 0.2%.
— Sean Conlon
Employment costs up little than expected
Compensation costs posted a smaller than expected summation successful the 3rd quarter, the Bureau of Labor Statistics reported Wednesday.
The employment outgo index roseate 0.8% for the period, down 0.1 percent constituent from the anterior play and beneath the Dow Jones statement estimation for 0.9%. The summation matched the smallest summation since the 3rd 4th of 2020.
On an yearly basis, the scale accrued 3.5%, down somewhat from the 2nd quarter.
The Federal Reserve, which volition merchandise its latest involvement complaint determination Wednesday, watches the ECI arsenic an indicator of whether the labour marketplace is contributing to inflation. Fed officials person said they bash not spot wage unit presently arsenic a important ostentation factor.
— Jeff Cox
Trump volition commencement last Fed seat interviews with Kevin Warsh
Kevin Warsh, erstwhile politician of the US Federal Reserve, during the International Monetary Fund (IMF) and World Bank Spring meetings astatine the IMF office successful Washington, DC, US, connected Friday, April 25, 2025.
Tierney L. Cross | Bloomberg | Getty Images
President Donald Trump volition statesman the last interviews of candidates for the Federal Reserve seat this week, putting backmost connected way the ceremonial enactment process that began this summer.
"We're going to beryllium looking astatine a mates antithetic people, but I person a beauteous bully thought of who I want," Trump said Tuesday nighttime aboard Air Force One to reporters.
The interviews by Trump and Treasury Secretary Scott Bessent volition statesman with erstwhile Fed politician Kevin Warsh connected Wednesday and besides see Kevin Hassett, the manager of the National Economic Council, astatine immoderate point, according to 2 sources. It restarts the process that was derailed a spot past week erstwhile interviews with candidates were abruptly canceled. Read more.
— Steve Liesman, John Melloy
Braze pops pursuing gross beat
Braze shares jumped much than 15% successful the premarket connected Wednesday connected the heels of the user engagement level posting better-than-expected third-quarter revenue.
Revenue for the play came successful astatine $191 million, topping the $184 cardinal that analysts surveyed by LSEG had estimated. The institution besides reported adjusted net of 6 cents per share, successful enactment with the statement estimate.
BRZE, 1-day
— Sean Conlon
Most deliberation Trump should nominate idiosyncratic different than Hassett for adjacent Fed chair, according to CNBC Fed survey
Kevin Hassett, Director of the National Economic Council of the United States, speaks with the media extracurricular of the West Wing of the White House successful Washington, DC, October 24, 2025.
Saul Loeb | Afp | Getty Images
While markets expect Kevin Hassett to beryllium named the adjacent Federal Reserve chair, helium is pointedly not the prime of respondents to the CNBC Fed Survey.
The December survey shows 84% judge President Donald Trump volition pat Hassett, manager of the National Economic Council, to caput the cardinal bank. But lone 11% deliberation that's what the president should do. Fed Governor Christopher Waller is the favored prime of 47% of respondents, followed by Kevin Warsh astatine 23%. But lone 5% of respondents deliberation Trump volition prime either of the two. Read more.
— Steve Liesman
Stocks making the biggest moves earlier the bell
Check retired the companies making the biggest moves earlier the bell:
- AeroVironment — The drone shaper slid much than 4% connected the backmost of a fiscal second-quarter net miss. AeroVironment earned 44 cents per share, good beneath an LSEG estimation of 78 cents per share.
- GameStop — The video crippled retailer and meme banal fell 6% aft the institution posted its third-quarter results. GameStop earned an adjusted 24 cents per stock connected gross of $821 million. Revenue was lighter than 1 analyst's estimation expecting northbound of $900 million.
- Blue Owl Capital — The alternate plus manager gained 3% pursuing a Raymond James upgrade to beardown bargain from marketplace perform. "We deliberation redemption hazard is manageable arsenic OWL appears apt to grant each requests, which would region an overhang connected the stock," expert Wilma Burdis wrote.
Read much here.
— Fred Imbert
AeroVironment falls aft net miss
Wahid Nawabi, CEO of AeroVironment.
Adam Jeffery | CNBC
The drone shaper slid much than 4% connected the backmost of a fiscal second-quarter net miss. AeroVironment earned 44 cents per share, good beneath an LSEG estimation of 78 cents per share.
AVAV 5-day chart
— Fred Imbert
Oracle’s AI-fueled indebtedness load has investors connected borderline up of quarterly earnings
It's been a rollercoaster twelvemonth for Oracle investors, arsenic they effort to measure the spot of the bundle giant's presumption successful the artificial quality boom.
Heading into the company's fiscal second-quarter net study connected Wednesday, unit is gathering connected absorption — and newly installed CEOs Clay Magouyrk and Mike Sicilia — to amusement that Oracle tin proceed to concern the company's assertive infrastructure plans portion simultaneously convincing Wall Street that the AI-fueled hypergrowth communicative remains intact.
"There is thing inherently uncomfortable arsenic a recognition capitalist astir the translation of the benignant we're facing that is going to necessitate an tremendous magnitude of capital," Daniel Sorid, caput of U.S. concern people recognition strategy astatine Citi, said connected a video telephone to investors connected Friday, a replay of which was provided to reporters.
Shares of Oracle are up astir 33% twelvemonth to day adjacent its double-digit losses successful October, which was its worst period since 2001. More here.
— Seema Mody
AeroVironment, GE Vernova and Cracker Barrel are among the stocks moving Tuesday night
The Cracker Barrel logo is seen connected a billboard extracurricular of 1 of its restaurants.
Paul Weaver | Lightrocket | Getty Images
Check retired the companies making headlines successful after-hours trading:
- AeroVironment — Shares of the defence exertion supplier slid much than 4% aft its second-quarter net missed expert expectations, coming successful astatine 44 cents per stock connected an adjusted basis. That's good beneath the 78 cents per stock that analysts surveyed by LSEG estimated. The company's gross of $473 million, however, bushed the statement estimation of $468 million.
- Cracker Barrel Old Country Store — Shares of the edifice institution dropped astir 9% successful extended trading aft Cracker Barrel's first-quarter gross came retired worse than Wall Street had expected. Cracker Barrel reported $797.2 cardinal successful gross for the period, portion analysts' polled by FactSet expected $800.3 million. The institution reported a narrower-than-expected adjusted loss, meanwhile.
- GE Vernova — The vigor elephantine saw jumped 8% aft it said 2025 gross was trending toward the higher extremity of its guidance. The institution besides doubled its quarterly dividend to 50 cents per stock from 25 cents per share.
For the afloat list, work here.
— Pia Singh
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