Market Update Into October 27th: ATHs Into FOMC

Markets ripped to new all-time highs last week after September’s CPI came in below expectations, reinforcing hopes for multiple rate cuts in 2025. While equity indexes hit record highs, inflation hedges like gold and silver ended the week down. On the earnings front, $TSLA and $NFLX kicked off Q3, but both traded lower after mixed results.

• Meta AI Layoffs
• Tesla Earnings Recap
• IBM Beats Earnings
• Beyond Meat Mania

Looking ahead, traders face a packed week. The FOMC rate decision lands on Wednesday, and all eyes will be on Trump’s high-stakes meeting with Chinese President Xi, which could set the tone for U.S.-China relations heading into 2026. Earnings from mega caps like $GOOGL, $META, and $AAPL will also help shape market sentiment. Let’s dig into the charts to see how things are setting up.

Weekly Analysis

SPY (SPDR S&P 500)

SPY ended the week near its all-time high at $677.25 (+1.94%), and breaking out above the large red candle triggered by Trump’s tariff announcement earlier this month. The breakout came alongside a bullish MACD crossover, which signals a potential return of upward momentum. With Q3 earnings season underway, bulls are watching closely to see if this strength carries into the next leg of the rally.

QQQ (Invesco QQQ Trust)

QQQ closed the week higher at $617.10 (+2.18%), as buyers stepped in at the 21-day EMA and volume shelf support. The ETF gapped up on Friday following the cooler-than-expected CPI print, reigniting bullish sentiment across the tech sector. With major earnings and the FOMC decision on deck, traders will be closely watching how megacaps respond to this critical stretch.

IWM (iShares Russell 2000)

IWM outperformed last week, closing at $249.43 (+2.46%), as a likely rate cut is on the horizon. Despite leading the major indexes last week, the ETF failed to break to new highs, and its MACD showed no bullish crossover. This divergence suggests that while optimism is building, momentum remains concentrated in large-cap names, raising questions about whether the rate cut narrative is already priced in.

Earnings

Notable Results

INTC (Intel)

• EPS: $0.23 vs $(0.04) est
• REV: $13.65B vs $13.13B est

BX (Blackstone)

• EPS: $1.52 vs $1.22 est
• REV: $3.30B vs $3.11B est

RTX (RTX Corp.)

• EPS: $1.70 vs $1.41 est
• REV: $22.48B vs $21.39B est

APH (Amphenol)

• EPS: $0.93 vs $0.80 est
• REV: $6.19B vs $5.53B est

GE (General Electric)

• EPS: $1.66 vs $1.47 est
• REV: $12.18B vs $10.38B est

SAP (SAP SE)

• EPS: $1.85 vs $1.69 est
• REV: $10.55B vs $10.57B est

IBM (IBM Corp.)

• EPS: $2.65 vs $2.44 est
• REV: $16.33B vs $16.10B est

TMUS (T-Mobile US)

• EPS: $2.59 vs $2.41 est
• REV: $21.96B vs $21.90B est

PM (Philip Morris)

• EPS: $2.24 vs $2.10 est
• REV: $10.85B vs $10.68B est

TMO (Thermo Fisher Scientific)

• EPS: $5.79 vs $5.50 est
• REV: $11.12B vs $10.91B est

KO (Coca-Cola)

• EPS: $0.82 vs $0.78 est
• REV: $12.46B vs $12.42B est

PG (Procter & Gamble)

• EPS: $1.99 vs $1.90 est
• REV: $22.39B vs $22.16B est

LRCX (Lam Research)

• EPS: $1.26 vs $1.22 est
• REV: $5.32B vs $5.23B est

TSLA (Tesla)

• EPS: $0.50 vs $0.50 est
• REV: $28.10B vs $26.53B est

T (AT&T)

• EPS: $0.54 vs $0.54 est
• REV: $30.71B vs $30.92B est

GEV (General Electric Vernova)

• EPS: $1.64 vs $1.83 est
• REV: $9.97B vs $9.17B est

NFLX (Netflix)

• EPS: $5.87 vs $6.94 est
• REV: $11.51B vs $11.52B est

What’s Happening Now

NVDA NVIDIA
Nvidia heads into its strongest two-week stretch of the year, averaging 8.1% gains with a 71% win rate across 19 years. Shares have rebounded after consolidating through October with fresh earnings due on November 19, where expectations are $54.6 billion in revenue, up 55.6% YoY, and $1.21 EPS, rising 16.3% from the prior quarter.

COST Costco
Costco has one of the most consistent seasonal patterns in the market. Since 2009, it has posted gains every November for sixteen consecutive years, averaging 6.2% returns. The GFC was the last time to shake this pattern. The month reliably benefits from holiday spending, membership renewals, and rising store traffic. The question now is, can it continue for an incredible seventeenth year?

Believe it or not, this is just a fraction of what happened in the markets this week. For a full rundown delivered straight to your inbox every weekend, sign up for The Official Trendspider Newsletter!