- US stocks opened higher ahead of Big Tech earnings and the Fed policy decision
- Crude oil prices fell nearly 1%, easing inflation and energy cost concerns
- Investors await Fed's announcement for interest rate guidance, market impact
US stocks opened higher on Tuesday, October 27 ahead of Big Tech earnings, while easing crude oil prices ahead of the Federal Reserve's latest policy decision gave some relief to investors.
Nasdaq Composite rose 0.42% to 26,279.81, S&P 500 advanced 0.33% to 7,701.76, while Dow Jones Industrial Average surged 0.28% to 52,361.58 by 9:31 am ET or 7:01 pm IST.
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The rally in Wall Street comed ahead of some crucial earnings this week, with reports from major technology companies, including Meta Platforms and Alphabet, expected to provide fresh insight into corporate performance and AI-related spending. Recent corporate updates have already triggered significant stock-specific moves.
UPS advanced nearly 1.6% after reporting third-quarter adjusted earnings of $1.69 per share on revenue of $22.9 billion, beating analyst estimates. The company also raised its full-year revenue guidance to approximately $92.6 billion.Corning rose nearly 3% after quarterly earnings and revenue exceeded expectations. PayPal, meanwhile, slipped 1% after reporting revenue below estimates despite raising its full-year profit forecast.
Additonally, lower crude oil prices provided another potential tailwind for equities, easing some concerns about energy costs and inflationary pressures. US West Texas Intermediate crude futures fell nearly 1% to around $101 per barrel, while global benchmark Brent crude declined approximately 1% to around $114. A sustained decline in crude prices could offer some relief to businesses and consumers.
The surge in US stocks also come as traders focus on the US Federal Reserve's policy announcement on October 28. While the central bank is widely expected to leave rates unchanged, investors will focus on its commentary for signals on the future path of interest rates. Any shift in the Fed's tone could influence US Treasury yields, the dollar and capital flows into emerging markets.
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