The Morning Briefing · Wednesday, 28 October 2026 · Published 07:20 CET · 4-minute read
Good morning. It is Fed decision day, and markets go into it with a tech rally behind them and a reminder from Boeing that turnarounds take time. Here is what moved your money overnight and what to watch today.
☕ Today in 30 seconds
- Fed decision at 19:00 CET. A hold is widely expected; the signal on future hikes is what matters for loans and mortgages.
- Chips carry Wall Street. The Nasdaq rose 1.2% and chip stocks 3.6%, keeping the S&P 500 close to its record.
- Boeing sinks 10.7%. It will miss its 737 delivery goal and sees weaker cash flow next year.
- Spain’s jobless rate rises to 10.18%. Unemployment climbed in the third quarter even as employment hit a record.
📈 Markets
| Index/Asset | Last close | Change |
|---|---|---|
| S&P 500 | 7,722.60 | ▲ +0.60% |
| Nasdaq Composite | 26,477.81 | ▲ +1.18% |
| Dow Jones | 52,377.57 | ▲ +0.03% |
| Euro Stoxx 50 | — | ↑ higher |
| IBEX 35 | 19,160.6 | ▲ +0.67% |
| Brent crude | ≈ $114 | ▼ about −1.6% |
| Gold | — | ↑ higher |
| EUR/USD | ≈ 1.113 | ↓ lower |
| US 10-year yield | ≈ 4.99% | → little changed |
Tech did most of the work on Tuesday: the Philadelphia Semiconductor Index jumped 3.6% as Anthropic’s IPO filing kept AI enthusiasm alive, while energy was the weakest sector as oil slipped. In Madrid, renewables and infrastructure led, with Solaria up 9.6% and Ferrovial up 8.4% (Capp Notes, Europa Press).
🌍 Economy
The Fed is expected to hold, but hikes are still on the table. The Federal Reserve ends its two-day meeting today with its rate range at 3.75%–4.00%, and 94 of 100 economists polled by Reuters expect no change. Chair Kevin Warsh is weighing hotter inflation (September CPI at 3.7%) against a soft labour market (only 29,000 jobs added, unemployment at 4.2%), and markets lean towards a hike in December (Newsquawk).
Spain adds jobs, but unemployment rises too. According to the INE’s labour force survey, the number of unemployed rose by 95,900 in the third quarter to about 2.59 million, pushing the jobless rate up 0.31 points to 10.18%. Employment still grew by 73,600 to a record 22.85 million, but that was the smallest third-quarter gain since 2019 (Qué!).
The ECB decides tomorrow. The European Central Bank announces its rate decision on Thursday at 14:15 CET, with its deposit rate at 2.50% after a hike in September. Eurozone inflation has been running above 3%, largely because of energy, so any hint of a further move will matter for euro borrowers (Admirals).
⚡ Energy & bills
Oil cools slightly, but stays expensive. Brent fell about 1.6% to near $114 a barrel on hopes for Middle East diplomacy, although Houthi attacks on Saudi Arabia and the standoff over the Strait of Hormuz keep supply risks alive. Brent is still roughly 75% higher than a year ago, which keeps pressure on fuel and transport costs (Fortune).
US pump prices ease, slowly. The AAA national average for regular gasoline is about $4.29 a gallon, down from around $4.41 at the start of October, helped by the switch to cheaper winter-blend fuel. AAA still calls these record prices for the season, and gasoline was up 34% year on year in the latest CPI report (AAA).
🏢 Companies
Boeing has its worst day since April 2025. Shares closed down 10.7% at $168.18 after Boeing said it will miss its goal of 500 737 deliveries this year and that 737 output will rise more slowly than planned. It expects about $3 billion of free cash flow next year, well below analyst forecasts, even though third-quarter revenue of $24.2 billion beat estimates (Yahoo Finance, The Spokesman-Review).
UPS delivers a better outlook. UPS reported third-quarter revenue of $22.9 billion, up 6.7%, and adjusted earnings of $1.69 per share, then raised its full-year targets to about $92.6 billion in revenue and $7.28 in adjusted earnings per share. Its shares rose in after-hours trading (UPS filing).
🔢 One number to know
10.18%
Spain’s unemployment rate in the third quarter, up from 9.87% in the spring, even as the number of people in work reached a record 22.85 million (INE labour force survey via Qué!).
🗓 What to watch today
| Time (CET) | Event | Why it matters |
|---|---|---|
| 14:45 | Bank of Canada rate decision | Another read on how central banks are handling the oil-driven inflation bump. |
| 19:00 | Federal Reserve rate decision | A hold is expected; any hint of a December hike would move bonds, the dollar and mortgage rates. |
| 19:30 | Fed Chair Kevin Warsh press conference | His tone on inflation versus the weak jobs data is the key market driver. |
| After 21:00 | Microsoft and Alphabet results | A test of whether heavy AI spending is paying off for Big Tech. |
Full week in our economic calendar.
📚 Read more
- Headline vs core inflation: why gas prices skew the number
- Week Ahead: Fed, ECB, US GDP & PCE, Big Tech Earnings (Oct 26–Nov 1)
- Judge backs 11% Tucson Electric Power hike: what it means
- Tool: see what your money is worth today with our inflation calculator.
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Market data is for information only and is not investment advice.
Written by The Daily Economy editorial team with AI assistance and checked against the linked sources. Read our editorial policy.