MARKETS LIVE: Stocks finish higher as Fed holds rates and Big Tech reports

Gunnison Copper Corp ( TSX:GCU , NYSE-A:GUNN , FRA:3XS0 ) will award equity to 115 eligible permanent employees to mark its October 26 debut on NYSE American, giving staff a stake in the company.

2:45pm: Market movers

The Wendy's Company (NASDAQ:WEN) shares rose more than 15% after a group led by Nelson Peltz's Trian, alongside Flynn Group, BlueFive Capital and Sixth Street Partners, offered to acquire the fast-food chain for $7.35 per share in cash.

Stellantis NV ( NYSE:STLA , EPA:STLA ) shares surged more than 15% after the automaker reported higher third-quarter operating income and reaffirmed its target of returning to positive free cash flow in 2027.

HIVE Digital Technologies Ltd ( TSX:HIVE , NASDAQ:HIVE , FRA:YO0 , BVC:HIVECO) secured a roughly $129 million, three-year credit facility at a fixed 9% interest rate to purchase GPUs for its sovereign AI contract with Cohere.

SK Hynix Inc (NASDAQ:SKHY) shares jumped 11.59% after the South Korean memory chipmaker reported third-quarter revenue of 104.62 trillion won, up 328% year over year, on strong AI data centre demand.

Etsy Inc ( NASDAQ:ETSY , XETRA:3E2 ) shares gained 3.8% after the online marketplace reported an 11% increase in third-quarter revenue and topped Wall Street expectations as buyer spending strengthened.

Vertiv Holdings Co (NYSE:VRT) shares climbed more than 13% after the data centre infrastructure supplier reported a 61% rise in third-quarter revenue to $4.3 billion, beat earnings expectations and raised its 2026 forecasts.

GE Vernova (NYSE:GEV) nearly tripled third-quarter net income to $1.3 billion, while revenue rose 27% to $12.6 billion as the power equipment maker continued to grow.

NXP Semiconductors NV (NASDAQ:NXPI) ( NXP Semiconductors NV (NASDAQ:NXPI) ) reported third-quarter revenue and adjusted earnings above expectations on growth in its automotive and industrial businesses, but shares fell 2.2% after its fourth-quarter outlook met forecasts.

F5 Inc (NASDAQ:FFIV) ( F5 Inc (NASDAQ:FFIV) ) shares fell nearly 18% after the software and networking security company reported a 13% increase in fourth-quarter revenue to $917 million but issued weaker-than-expected guidance.

Robinhood Markets Inc (NASDAQ:HOOD) shares dropped nearly 4% after a 55% decline in cryptocurrency revenue contributed to a 14% fall in quarterly net income, despite record sales and growth in options and prediction-market trading.

Boston Scientific Corp ( NYSE:BSX , XETRA:BSX ) (Boston Scientific Corp ( NYSE:BSX , XETRA:BSX ), Boston Scientific Corp ( NYSE:BSX , XETRA:BSX )) shares fell more than 9% after the medical technology company lowered its full-year sales outlook and reported lower quarterly net income as it continued to recover from a cybersecurity incident.

Seagate Technology Holdings PLC (NASDAQ:STX) ( Seagate Technology Holdings PLC (NASDAQ:STX) ) reported a 61% increase in fiscal first-quarter revenue to $4.23 billion, while net income more than tripled to $1.76 billion, and forecast further growth as demand for data storage strengthened.

2:10pm: Fed holds steady

The Federal Reserve held its benchmark interest rate steady following September's hike, with the decision drawing two dissents from officials who favoured another increase.

The Federal Open Market Committee voted 10-2 to maintain rates, with Governors Lisa Cook and Beth Hammack dissenting in favour of a hike.

The Fed said economic activity was "expanding at a strong pace" but noted that inflation "remains elevated". Policymakers said accumulating more information would help determine the appropriate path for monetary policy, citing uncertainty stemming partly from geopolitical developments.

"The Committee will deliver price stability," the Fed reiterated, signalling that the fight against inflation remains a priority.

The decision keeps the Fed on a higher-for-longer path as policymakers weigh persistent inflation against economic conditions.

1:15pm: What's in store for MSFT?

Microsoft Corp (NASDAQ:MSFT) ( Microsoft Corp (NASDAQ:MSFT) ) reports fiscal first-quarter results after the market close tonight, with investors looking for evidence that its heavy investment in artificial intelligence is translating into growth as the company prepares to disclose Azure revenue in dollars for the first time.

Wall Street expects revenue of about $90.6 billion to $90.7 billion for the three months ended September 30, up 16.6% from $77.67 billion a year earlier. Earnings per share are forecast at $4.71 to $4.72, compared with $4.13 in the prior-year quarter.

For the first time, Microsoft will disclose Azure's quarterly revenue in dollar terms rather than reporting only its percentage growth rate. The change should give investors a clearer measure of the cloud platform's scale as demand for AI computing drives investment in data centers.

12:10pm: FTSE level

The FTSE 100 finished at the flatline on Wednesday after Labor revealed a "steady" budget, according to analyst Kathleen Brooks of XTB.

The UK's main index closed out the day at 10,688 points.

"Overall, this budget is steady as she goes from a labour government: more spending and higher taxes, with a new type of ISA, the starter ISA, thrown on top," Brooks noted.

11:05am: Fed expected to hold

The Fed is widely expected to hold interest rates steady at 3.75% to 4% today, following a quarter-point cut in September.

With a pause expected, there's less pressure for the Fed to act now, says Swissquote's Ipek Ozkardeskaya, and raising rates just days before crucial midterm elections would be "politically sensitive."

"For the Fed, the challenge will be to act based on facts and justify the direction it takes," Ozkardeskaya said.

"Again, even though inflation is not solely demand-driven, if higher energy costs feed through to the broader economy, rate hikes could temper part of the pressure."

10:00 am ET: AI shares rally on Wall Street

The S&P 500 and Nasdaq Composite opened higher on Wednesday as memory-chip stocks rallied after strong results from SK Hynix, while investors awaited major technology earnings and the Federal Reserve's interest rate decision.

The Dow Jones Industrial Average fell 42.10p, or 0.08%, to 52,335.43 at the open, but quickly recovered thereafter.

The S&P 500 rose 13p, or 0.17%, to 7,735.56, while the Nasdaq Composite gained 63.8p, or 0.24%, to 26,541.607.

In the first few minutes of Wall Street opening, Vertiv shares surged 13.56% to $236.85, making the data centre infrastructure company the standout among three stocks in focus as investors assess demand for AI.

The rally follows a 61% rise in quarterly revenue and an improved full-year sales outlook, reinforcing expectations that investment in AI infrastructure will continue to support demand for power and cooling equipment.

Alphabet rose 1.04% to $323.91 ahead of quarterly results due after the US market closes, with investors looking for faster growth in its Google Cloud business and evidence that AI spending is generating returns.

Microsoft was nearly flat, up 0.08% at $531.73, as investors awaited its results for clues on Azure growth, AI-related capital expenditure and cloud profitability.

The contrasting moves put the focus on whether technology earnings can justify heavy AI investment and sustain the sector's rally.

At 13:41 pm GMT, European stocks are trading higher across the board, with the FTSE 100 rising 0.25% to 10,713.38 as investors assess Chancellor John Healey's first UK budget and its implications for growth, public finances and household costs.

FTSE 100: up 26.84p, or 0.25%, at 10,713.38, recovering from earlier losses as investors digest the budget announcements.

Stoxx 600: up 0.15% at 644.64, pointing to modest gains across the wider European market.

Dax: up 0.44% at 25,702.37, leading the major European indices.

CAC 40: up 0.23% at 7,905.64, adding to the broadly positive regional picture.

9:12 am EDT: FTSE 100 recovers following budget speech

US stock futures are signalling a mixed but mildly positive opening on Wednesday, with technology shares leading gains while the Dow edges lower ahead of major earnings reports and the Federal Reserve's interest rate decision.

Nasdaq 100 E-mini futures: up 0.30% at 29,900, the strongest performer, pointing to continued support for technology and AI-related stocks ahead of results from Microsoft and Alphabet.

S&P 500 E-mini futures: up 0.18% at 7,772, indicating modest optimism across the broader market.

Russell 2000 futures: up 0.03% at 2,829.40, suggesting little movement among smaller companies.

Dow E-mini futures: down 0.02% at 52,567, signalling mild weakness among blue-chip stocks.

Investors are focused on the Federal Reserve's latest interest rate decision, due at 2pm ET on Wednesday, followed by a press conference with chair Kevin Warsh.

Markets largely expect policymakers to hold rates steady after last month's increase, while persistent inflation driven by high energy costs has fuelled expectations of another rise in December.

Attention will also be on quarterly results from Microsoft and Alphabet, due after the US market closes on Wednesday, with both technology giants expected to report faster growth in their cloud computing businesses.

US Treasury yields edged higher, with the 10-year yield climbing to 5.02% from 5.00% on Tuesday and the 30-year yield rising to 5.32% from 5.31%.

Brent crude rose to US$115.35 a barrel by midday, up from US$114.13 late on Tuesday, as diplomatic efforts to reduce tensions in the Middle East continued amid renewed Houthi attacks.

At 13:15 pm GMT, the FTSE 100 has pared some of its earlier losses, while the FTSE 250 has edged 0.13% higher, even as Chancellor John Healey presented his first budget.

The Chancellor, citing projections from the Office for Budget Responsibility (OBR) said Britain's economy is forecast to grow by 1% next year, Healey said on Wednesday.

The OBR expects economic growth to accelerate to 1.6% in 2028, 1.8% in 2029, 1.7% in 2030 and 1.6% in 2031, Healey told parliament.

The government's fiscal headroom is expected to narrow by the end of the decade, with tax revenues forecast to exceed day-to-day spending by £15 billion in the 2029-30 financial year.

Healey also extended the 5p fuel duty cut until next July, saying the war in the Middle East was keeping fuel prices high and that the tax relief would help motorists through the winter and spring.

At 13:15 GMT, the FTSE 100 has recovered earlier losses to rise 0.09% to 10,696.52, adding 9.98p as the UK market assesses Chancellor John Healey's budget announcements.

FTSE 250: up 32.52p, or 0.13%, at 24,748.89, outperforming the blue-chip index and suggesting slightly firmer sentiment among mid-cap shares.

FTSE 350: down 4.02 p, or 0.07%, at 5,829.93, reflecting the marginally negative direction across the wider large- and mid-cap market.

Banking shares are among the strongest FTSE 100 performers in the snapshot. Standard Chartered has risen 3.86%, Barclays 2.54%, NatWest 2.36% and Lloyds Banking Group 1.86%.

Best of the brokers

• Hunting ( Hunting PLC (LSE:HTG) ): Shares −11% to 377.5p after 2026 EBITDA guidance cut ; Jefferies negative on weaker Middle East deliveries and slowing North America activity

• Panmure Liberum: Plus500 ( Plus500 Ltd (LSE:PLUS) ) 'buy' maintained, 5,400p target (~61% upside vs 3,352p); first independent futures broker to offer Kalshi perpetual contracts

• 88 Energy (88 Energy Ltd ( AIM:88E , ASX:88E , OTCQB:EEENF )): Shares +18% to 1.22p after farm‑out securing up to A$15.5m for Augusta‑1 and South Prudhoe; Cavendish 'buy' maintained, 19.8p target, citing validation from Westlawn participation

• GSK (GSK PLC ( LSE:GSK , NYSE:GSK ), GSK PLC ( LSE:GSK , NYSE:GSK )): Shares −4% to 1,852p despite Q3 beat; vaccine sales fell, cautious EPS outlook (7–9% growth, lower half of range); Jefferies 'buy' maintained, 2,500p target, consensus ~50bps below midpoint

12:30 pm GMT: Footsie down

Global markets climbed on Wednesday as renewed optimism about artificial intelligence (AI) lifted investor sentiment ahead of results from major technology companies, while rising oil prices added to inflation concerns.

European shares were held back by weakness in financial stocks as investors assessed a busy day of corporate earnings, with attention turning to a packed 48 hours of potential market catalysts.

At 12:26 pm GMT:

The FTSE 100 has fallen 0.18% to 10,667.40, a decline of 19p.

The Stoxx 600 is down 0.16% at 642.64, indicating mild selling pressure across the wider European market.

Germany's Dax has risen 0.15% to 25,628.17, gaining 37p and outperforming its regional peers.

France's CAC 40 is down 0.01% at 7,886.35, leaving it virtually unchanged.

The Federal Reserve, European Central Bank and Bank of Japan are among the major central banks due to announce interest rate decisions, while results from Microsoft and Alphabet will test whether enthusiasm for AI can sustain the technology-led rally.

US stock futures are pointing to a broadly higher open on Wednesday, led by technology shares, as investors look ahead to earnings from major AI companies, although the Dow is edging lower.

11.00 am GMT: Smaller companies outperform

London's smaller companies outperformed, with the FTSE AIM 100 rising 21 points, or 0.6%, to 3,521 and the FTSE SmallCap gaining 18 points, or 0.2%, to 8,218.

88 Energy Ltd ( AIM:88E , ASX:88E , OTCQB:EEENF , FRA:POQ ) announced a farm-out agreement worth up to US$10.9 million, or A$15.5 million, for its South Prudhoe oil project in Alaska.

Westlawn Americas Offshore will acquire a 40% working interest and help fund the Augusta-1 exploration well, while 88 Energy retains 60% and remains operator ahead of drilling scheduled for early 2027.

Ondine Biomedical Inc ( AIM:OBI , OTC:OBIMF ) shares gained 5% after Phase 3 LANTERN trial data showed treatment-related adverse events in eight of 2,543 patients, equivalent to 0.31%.

All reported events were mild and there were no treatment-related serious adverse events.

10.00 am GMT: Standard Chartered leads blue-chip risers

The FTSE 100 extended its decline, falling 35 points, or 0.3%, to 10,651 as investors remained cautious before the UK Budget.

Standard Chartered was the strongest blue-chip performer, rising 3.3% to 2,086p after third-quarter pretax profit increased 27% to $2.25 billion, ahead of the $1.99 billion expected by analysts.

Operating income rose 13% to $5.78 billion, supported by strong performances from its wealth and global markets divisions, while credit impairments declined.

The bank now expects annual income growth to exceed its previous 5% to 7% range and forecasts a return on tangible equity of around 14%.

Babcock rose 1.7%, and Polar Capital Technology Trust added 1.6%, although weakness elsewhere kept the wider market in negative territory before the Budget announcement.

9.00 am GMT: GSK weighs on blue chips

The FTSE 100 fell 24 points, or 0.2%, to 10,662 after trading between 10,643 and 10,692 as healthcare and industrial weakness outweighed gains among financial shares.

The FTSE 250 was broadly flat at 24,710, while the AIM All-Share rose two points, or 0.3%, to 761.

GSK was the biggest blue-chip faller, down 4.1%, after total operating profit fell 16%, vaccine sales declined 2% and expected annual core earnings growth was placed in the lower half of its guidance range.

Unilever fell 1.8% as investors focused on slowing volume growth despite stronger headline sales.

Standard Chartered led the risers with a 3.2% gain after its profit beat, while Raspberry Pi topped the FTSE 250 after rising 4.6%.

8.15 am GMT: London opens lower before Budget

The FTSE 100 fell 31 points, or 0.3%, to 10,655 after opening below Tuesday's 10,687 close as investors remained cautious before the UK Budget.

Standard Chartered led the index with a 4.7% rise to £21.13 after quarterly pretax profit increased 27% to US$2.25 billion and management raised its full-year income guidance.

The lender's advance contrasted with wider blue-chip weakness as investors assessed the possibility of higher taxes on banks.

Technology exposure also strengthened, with Polar Capital Technology Trust up 1.9% following Wall Street's artificial intelligence rally.

Gold miners gained as Endeavour Mining rose 1.3% and Fresnillo added 1%, while the Budget is expected at 12.30 pm.

7.00 am GMT: London braces for Budget day

London stocks face a subdued start, with IG pricing the FTSE 100 near 10,710 after the blue-chip index fell 81 points, or 0.8%, to 10,687 on Tuesday.

Investors are awaiting Chancellor John Healey's Budget at about 12.30 pm before the Federal Reserve announces its interest-rate decision at 6pm.

Wall Street advanced as renewed demand for artificial intelligence shares lifted the Nasdaq 1.2% to 26,478 and the S&P 500 0.6% to 7,723, while the Dow finished broadly unchanged.

The gains were concentrated among large technology companies, with more shares falling than rising across the S&P 500 despite the index's positive close.

Asian markets were mostly higher, with South Korea's Kospi surging about 6% after strong SK Hynix earnings, while Japan's Nikkei gained about 1.3% and Hong Kong edged higher.

Australia's ASX 200 surrendered a gain of about 1% to close down three points at 8,847 after annual inflation accelerated to 4.3% in September, increasing expectations of another interest-rate rise.

Brent crude remained above $110 a barrel, gold traded near US$4,050 an ounce, copper strengthened and Bitcoin held around $80,700.

Sterling weakened towards $1.33 before the Budget, while GSK, Unilever and Aston Martin are among the companies scheduled to update investors.