The Wall Street Wrap: October 27, 2026

The Nasdaq jumps 1.2% as Anthropic's IPO filing revives the AI trade, while Boeing sinks 10.7% and energy falls 2.2% as oil eases ahead of the Fed

Welcome to Wall Street Wrap, your quick end-of-day rundown of what moved US markets today, plus what's shaping global sentiment overnight.

MARKETS TODAY

US stocks rose on Tuesday as revived optimism over artificial intelligence, sparked by Anthropic's IPO filing and a Broadcom-backed $63 billion financing, lifted chipmakers for a third straight session, while easing oil prices soothed inflation worries as the Federal Reserve began a two-day meeting. The Nasdaq Composite gained 1.18% to 26,477.811 and the S&P 500 rose 0.60% to 7,722.6, while the Nasdaq 100 climbed 1.29% to 29,651.441, the Dow Jones Industrial Average edged up 0.03% to 52,377.57, and the Russell 2000 gained 1.16% to 2,818.87. The VIX fell 4.73% to 17.52. Six of the 11 S&P 500 sectors rose, led by information technology at 1.51% and consumer discretionary at 1.36%, while energy fell 2.22% as refiners sank. Boeing fell 10.69% after pushing back its 737 Max production increase, Xylem lost 14.209% after trimming its forecast, and Dell rose 7.465% and Nebius 11.222%. The Conference Board's consumer confidence index jumped to 91.7, against 81 expected. The 10-year Treasury yield rose 1.5 basis points to 5.001%, crude oil fell 1.51% to 100.221, Brent fell 1.41% to 114.18, and gold rose 1.04% to 4,058.42.

ANALYTICAL VIEW

The AI trade switched back on. Anthropic's IPO filing and a $63 billion financing from a group of banks and Blackstone for Broadcom technology bought for Anthropic lifted chips, with Broadcom up about 4%, AMD 5.455%, Dell 7.465%, Super Micro Computer 7.342%, and Astera Labs 10.474%, while neocloud names Nebius and CoreWeave gained 11.222% and 7.936%. The Philadelphia Semiconductor Index has now risen for three straight sessions, though it remains more than 20% below its June 22 record close and is up 61.6% this year against 12.8% for the S&P 500. A chief executive at an investment firm said the Anthropic news is giving "a little bit of a relief rally to the AI stocks, particularly the semis." Meta, which raised its largest-ever equity offering to $97.5 billion, slipped about 1.2%, and the Dow was essentially flat as Boeing's 10.69% fall and Sherwin-Williams' 2.73% decline offset Caterpillar's 3.06% gain and Goldman Sachs' 2.07% rise.

Oil and the Fed framed the session. Brent settled at $113.88, down $1.93, and West Texas Intermediate at $99.90, down $1.86, after Iranian state media said Saudi Arabia, Turkey, Pakistan, and Iran agreed to continue talks, though prices remain near six-month highs and the Houthis said they struck Saudi Arabia's Ras Tanura refinery, and refiners Valero, Marathon Petroleum, and Phillips 66 fell between 7.0% and 9.2%. The Fed is widely expected to hold rates at 3.75% to 4% on Wednesday, but with September consumer prices up 3.7% and core at 2.6%, the CME FedWatch tool shows odds of a December hike above 80%, and the 10-year yield held at 5.001%. Data supported both the consumer and the AI spending story, with durable goods orders up 1.8% and new orders for computers and peripheral equipment rising, while new home sales slipped 0.6% to 676,000 with mortgage rates above 7%.

What could change the picture: Whether the Fed's Wednesday decision and Chair Kevin Warsh's comments firm up a December rate hike, whether results from Microsoft and Alphabet on Wednesday and Amazon on Thursday justify the AI rally, and whether Brent holds near $114 as Iran talks and Houthi attacks pull in opposite directions.

SECTOR PERFORMANCE

WINNERS & LOSERS

Top 5 Gainers (across S&P, Nasdaq, Dow):

• Pentair plc (NYSE:PNR): +12.803%
• Nebius Group NV (NASDAQ:NBIS): +11.222%
• Astera Labs, Inc. (NASDAQ:ALAB): +10.474%
• Rocket Lab Corp (NASDAQ:RKLB): +8.343%
• Flex Ltd (NASDAQ:FLEX): +8.261%

Top 5 Decliners:

• Xylem Inc (NYSE:XYL): -14.209%
• Boeing Co (NYSE:BA): -10.69%
• Valero Energy Corp (NYSE:VLO): -9.237%
• Marathon Petroleum Corporation (NYSE:MPC): -7.364%
• Phillips 66 (NYSE:PSX): -7.035%

Note: Boeing fell after a bigger-than-expected third-quarter loss and a later 737 Max production increase, Xylem fell after trimming full-year forecasts, and Valero, Marathon Petroleum, and Phillips 66 fell as crude eased; no specific cause was provided for the moves in Pentair, Nebius, Astera Labs, Rocket Lab, or Flex.

AFTER-HOURS MOVERS

Gainers:

• Ultra Clean Holdings, Inc. (NASDAQ:UCTT), +16.16% after hours: Shares rose to $59.80 after record third-quarter revenue of $759.0 million, up 49% from a year earlier, with non-GAAP earnings of $1.15 a share against $0.94 expected. The company guided fourth-quarter revenue to $800 million to $860 million. The stock had closed 10.21% higher at $51.48.
• Manhattan Associates, Inc. (NASDAQ:MANH), +10.48% after hours: Shares rose to $258.49 after third-quarter adjusted earnings of $1.55 a share beat the $1.46 estimate and revenue of $306.2 million topped the $297.01 million expected. The company raised its full-year earnings guidance to $5.54 to $5.56 a share from $5.44 to $5.50, above the $5.50 consensus. The stock had closed 1.02% lower at $233.98.
• PPG Industries, Inc. (NYSE:PPG), +7.39% after hours: Shares rose to $121.75 after third-quarter adjusted earnings of $2.25 a share beat the $2.12 estimate and net sales of $4.35 billion topped the $4.28 billion expected. The company raised its full-year adjusted earnings guidance to $7.90 to $8.10 a share from $7.70 to $8.10, against a $7.89 consensus. The stock had closed 3.16% higher at $113.37.
• The Ensign Group, Inc. (NASDAQ:ENSG), +3.34% after hours: Shares rose to $175.16 after third-quarter adjusted earnings of $2.03 a share and revenue of $1.48 billion, up 14.5%. The company raised its 2026 earnings guidance to $7.94 to $8.02 a share and revenue guidance to $5.89 billion to $5.92 billion, and no consensus figures were provided. The stock had closed 4.19% lower at $169.50.

Decliners:

• Intapp, Inc. (NASDAQ:INTA), -18.63% after hours: Shares fell to $34.95 even though first-quarter fiscal 2027 adjusted earnings of $0.44 a share beat the $0.40 estimate and revenue of $161.3 million, up 16%, topped the $159.63 million expected. Subscription revenue rose 29% to $125.5 million, and the company forecast fiscal 2027 revenue of $658.2 million to $662.2 million. The sources do not confirm the cause of the decline, and the stock had closed 8.91% lower at $42.95.
• Beta Bionics, Inc. (NASDAQ:BBNX), -13.23% after hours: Shares fell to $18.56 even though third-quarter net sales of $35.5 million, up 30%, topped the $34.72 million estimate and the net loss of $0.52 a share matched expectations. The company raised its full-year revenue outlook to about $124 million to $126 million, withdrew its 510(k) application for 3D Intelligence to resubmit with more validation data, and said prospective Mint users could defer up to $8.5 million of fourth-quarter sales. The stock had closed 4.29% higher at $21.39.
• Enphase Energy, Inc. (NASDAQ:ENPH), -12.63% after hours: Shares fell to $26.00 after third-quarter non-GAAP earnings of $0.41 a share missed the $0.51 estimate and revenue of $293.3 million trailed the $304.59 million expected. Fourth-quarter revenue guidance of $225 million to $255 million fell well short of the $297.6 million consensus, and global sell-through rose about 1% sequentially against the company's expectation of 10% growth. The stock had closed 1.98% lower at $29.76.
• CoStar Group, Inc. (NASDAQ:CSGP), about -11% after hours: Shares fell despite third-quarter adjusted earnings of $0.38 a share beating the $0.34 estimate and revenue of $952.0 million topping the $945.82 million expected. Fourth-quarter earnings guidance of $0.46 to $0.50 a share compared with the $0.49 consensus, and the company said it will acquire Vexcel Group for $730 million in cash.
• NXP Semiconductors N.V. (NASDAQ:NXPI), about -9% after hours: Shares fell even though third-quarter adjusted earnings of $4.20 a share beat the $4.12 estimate and revenue of $3.79 billion topped the $3.76 billion expected. Fourth-quarter revenue guidance of $3.85 billion, plus or minus $100 million, compared with the $3.86 billion consensus, and adjusted operating income guidance of $1.374 billion to $1.442 billion compared with $1.44 billion expected.
• Seagate Technology Holdings plc (NASDAQ:STX), -6.87% after hours: Shares fell to $621.97 even though fiscal first-quarter adjusted earnings of $7.68 a share beat the $7.45 estimate and revenue of $4.23 billion topped the $4.15 billion expected. December-quarter guidance of $4.7 billion to $4.9 billion in revenue and $9.00 to $9.40 in adjusted earnings topped the roughly $4.55 billion and $8.66 consensus. The stock had closed 3.67% higher at $667.85.
• Robinhood Markets, Inc. (NASDAQ:HOOD), about -5% after hours: Shares fell after third-quarter revenue of $1.42 billion came in just below the $1.44 billion estimate and earnings of $0.51 a share trailed the $0.56 expected. The company lowered the high end of its full-year 2026 adjusted operating expense forecast, and average revenue per user was $200, against a $201.09 consensus.
• Visa Inc. (NYSE:V), about -2% after hours: Shares fell even though fiscal fourth-quarter adjusted earnings of $3.48 a share beat the $3.44 estimate and revenue of $12.14 billion topped the $12.09 billion expected. Non-GAAP operating margin was 66.6%, against a 66.7% consensus.
• F5, Inc. (NASDAQ:FFIV), about -1% after hours: Shares slipped even though fiscal fourth-quarter earnings of $4.42 a share beat the $4.26 estimate and revenue of $917.43 million topped the $884.03 million expected. Fiscal 2027 earnings guidance came in above estimates and the company added $1.5 billion to its buyback, while operating margin of 33.7% was slightly below the 34% expected.

COMMODITIES & RATES

US TREASURY YIELDS

TOP STORIES: US

Chip stocks rise for a third straight session as Anthropic's IPO filing revives the AI trade. Anthropic filed to go public on the Nasdaq on Monday, and a group of banks, including Bank of America and Morgan Stanley, together with Blackstone, announced $63 billion in financing for the purchase of Broadcom's technology for Anthropic. Broadcom climbed about 4%, AMD gained 5.455%, Micron rose more than 3%, and Dell and Astera Labs rose 7.465% and 10.474%, while neocloud Nebius jumped 11.222% and CoreWeave 7.936%. The Philadelphia Semiconductor Index remains more than 20% below its June 22 record close but is up 61.6% this year, and one wealth manager warned that the trade "could be a bit over its skis."

Meta raises its equity offering to $97.5 billion as Nvidia and AMD invest $4 billion. Meta said Monday it would raise $35 billion in underwritten public equity offerings and a further $60 billion through an at-the-market program, and later lifted the total to $97.5 billion, its largest equity fundraising ever. Nvidia said it would invest $3 billion and AMD $1 billion in the offering, with Meta expanding its use of Nvidia's Vera Rubin and Vera CPU systems and AMD saying its Helios racks are running at Meta. Meta shares fell about 1.2%, while AMD rose 5.455%.

Boeing falls 10.69% as it says it will not significantly raise 737 Max output until late 2027. The company is targeting 52 planes a month in the second half of 2027, against about 47 now, as wing production runs slower than expected. Boeing narrowed its third-quarter net loss to $116 million, or $0.26 a share, from $5.34 billion a year earlier, but the adjusted loss of $0.34 a share was wider than the $0.21 expected, even as revenue rose 4% to $24.19 billion against $23.84 billion expected. Defense revenue jumped 15% to $7.94 billion, while commercial airplane revenue fell 3% to $10.72 billion with a negative operating margin of 6.5%, and free cash flow rose to $464 million.

Coca-Cola raises its outlook for a third straight quarter but sees weak demand in North America. Adjusted earnings of $0.91 a share beat the $0.88 estimate and revenue of $13.4 billion topped the $12.92 billion expected, and the company now sees full-year comparable earnings growth of at least 11%, up from 9% to 10%. Global unit case volume rose 5% while North American volume was flat, and the shares closed 1.64% lower. Reckitt, Procter & Gamble, and Nestle also warned of further price increases next year as higher energy, raw material, and freight costs tied to the Iran war squeeze margins, with Reckitt trimming its revenue forecast and falling about 5%.

Consumer confidence jumps as gasoline eases, while new home sales slip. The Conference Board index rose to 91.7 from an upwardly revised 84.2 in September, against the 81 forecast, with gas prices down nearly 20 cents a gallon from late September and the gap between "plentiful" and "hard to get" jobs narrowing to 5.3 points. New home sales slipped 0.6% to 676,000, topping the 653,000 forecast, and the median new house price fell 3.9% from a year earlier to $400,400, with 30-year mortgage rates at 7.32%. Durable goods orders rose 1.8%, against the 1.7% forecast, and rose 0.5% excluding transportation.

Also today: Oracle added OpenAI's ChatGPT and Codex to its applications and said its cloud will add Google's TPUs, OpenAI's Jalapeño chip, and Cerebras hardware, with Cerebras rising about 8% and Oracle down more than 30% this year ahead of its investor day; EQT agreed Monday to buy Range Resources in a $13 billion all-stock deal that will create the largest US gas producer, while the EIA expects US gas production to rise to a record 112.2 billion cubic feet per day in 2026; JetBlue jumped 18% despite a bigger-than-expected third-quarter loss on expected fourth-quarter margin expansion, UPS rose about 5% after raising its annual forecasts, and Royal Caribbean gained about 6.5% after lifting its profit forecast; margin debt growth slowed to 31.4% in September from 53.7% in May, according to FINRA data cited by a bank strategist, with margin debt of $1.48 trillion now 1.5% below June's record; Amazon said in a memo posted to its website that token usage and code generation are "deeply flawed" measures of AI adoption; Anduril and Qualcomm said they will build rugged BlueChip laptops in the US; General Motors will move its listing to the Nasdaq on Nov. 17, which would make it eligible for Nasdaq 100 inclusion; and the New York Stock Exchange said it will begin trading all-or-nothing binary options on 12 securities, including Apple, Nvidia, and Tesla, within days.

TOP STORIES: GLOBAL

Oil falls almost $2 as Middle East talks ease supply worries. Brent futures settled down $1.93, or 1.67%, at $113.88 a barrel and West Texas Intermediate fell $1.86, or 1.83%, to $99.90, though prices remain near six-month highs. Iranian state media said Saudi Arabia, Turkey, Pakistan, and Iran agreed to continue talks, while the Houthis said they struck Saudi Arabia's Ras Tanura oil refinery, the kingdom's largest, with a ballistic missile. October has been the worst month for attacks on commercial shipping around the Strait of Hormuz since tracking began in 2017, and a major bank raised its year-end Brent forecast to about $110 from $100.

Israel votes in its first election since the October 7 attacks and the start of the Iran war. Polls show neither Prime Minister Benjamin Netanyahu's bloc nor the opposition bloc led by former military chief Gadi Eisenkot reaching the 61 seats needed for a majority in the 120-seat Knesset, which could leave smaller and Arab parties pivotal. Security, the wars in Gaza and Iran, conscription of ultra-Orthodox men, and the economic cost of the conflict are shaping the vote, with Israel spending around 8% of its gross domestic product on defense. The US and Israel have reportedly drawn up plans for renewed strikes on Iran after the November 3 US midterms, and analysts at a German bank said the outcome could matter for the war.

Asian tech stocks rally on optimism over Anthropic's IPO filing. In Japan, SoftBank Group advanced 7.6%, Advantest surged 8.8%, Tokyo Electron added 3.86%, and Kioxia gained 2.5%. In South Korea, SK Hynix rose 7.1% and Samsung Electronics 5.2%, in a semiconductor-heavy market that has whipsawed between steep losses and record gains.

China's industrial profits post their strongest growth in three months. Profits at large industrial firms rose 14.4% in September from a year earlier, the fastest pace since June, as an AI-linked manufacturing boom offset weak domestic demand. For the first nine months of the year, profits climbed 15.5%, helped by Beijing's efforts to curb price wars.

MANAGEMENT & FED SPEAK

Kelly Ortberg, Chief Executive Officer, Boeing, on the 737 Max:

Ortberg said in an interview, "I know everybody wants us to go faster," but that "we're going to do it right." In a memo to staff he said the manufacturer has "more work to do."

Henrique Braun, Chief Executive Officer, Coca-Cola, on the quarter:

Braun attributed the results to "speed and discipline" despite an "uneven environment," and said the company is seeing "elevated cost pressures" from higher logistics and transportation costs. He said pressure on consumers could extend into 2027.

Jensen Huang, Chief Executive Officer, Nvidia, on its Meta investment:

Huang said in a statement that "AI agents represent a new computing paradigm," as Nvidia put $3 billion into Meta's equity offering and agreed to deepen the companies' partnership on Meta's Muse agent.

Lisa Su, Chief Executive Officer, AMD, on its Meta investment:

Su said AMD and Meta are "building and deploying infrastructure at gigawatt scale" as AMD put $1 billion into the offering, with its Helios racks running at Meta and its EPYC processors powering Muse.

Donald Trump, President, United States, on Israel's election:

In a Truth Social post, Trump called Netanyahu "an outstanding Warrior Prime Minister" and urged Israeli voters to back him so the two leaders can "finish the job that we started" in Iran.

CORPORATE ACTIONS & EARNINGS CALENDAR

Top Ex-Dividend Companies for Wednesday, October 28:

Earnings Reported After the Close (Tuesday, October 27):

Upcoming Earnings (Wednesday, October 28):

Economic Calendar (Wednesday, October 28):

That's the wrap for today! Attention turns to the Fed's Wednesday decision and Chair Kevin Warsh's comments, results from Microsoft and Alphabet after the close, how Ultra Clean, Intapp, Enphase, Seagate, and NXP trade at the open, and whether Brent holds near $114, with Amazon due Thursday.