Wall Street Wrap: Pre-Market, October 27, 2026

Futures rise as the AI trade rebounds after Anthropic's IPO filing, Meta sets a record $97.5 billion equity raise, and the Fed opens its two-day meeting

Wall Street looks set for a higher open on Tuesday, with chip and AI-linked stocks extending Monday's rebound, a heavy slate of earnings under way and the Federal Reserve beginning its policy meeting.

Futures Snapshot

Futures were higher early Tuesday, with the Nasdaq leading and the VIX falling as traders weighed a flood of earnings and the Fed's meeting.

What's Driving the Open

Wall Street began the week on a solid note, with the major averages posting gains on Monday as technology shares outperformed. The AI trade got a lift after Anthropic filed to go public on the Nasdaq, which would mark another major tech listing in 2026 after SpaceX's (NASDAQ:SPCX) blockbuster debut in June. Broadcom (NASDAQ:AVGO) climbed more than 2% after Bank of America (NYSE:BAC), Citigroup (NYSE:C), Morgan Stanley (NYSE:MS) and Blackstone (NYSE:BX) announced $63 billion of financing tied to Anthropic's purchase of Broadcom technology. Lower oil also supported sentiment, with U.S. crude near $101 a barrel and Brent near $115.

The Fed began a two-day meeting and is expected to hold rates, but traders will look for clues on whether another hike could come before year-end. Thomas Block of Fundstrat said the vote will be worth watching after the swings in the last two meetings, though he thought it unlikely the Fed would move a week before a national election. Durable goods orders rose 1.8% in September, ahead of the 1.5% forecast, helped by a 28.4% jump in civilian aircraft orders, while core capital goods orders rose 0.5%. Consumer confidence and new home sales are also due. Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) report Wednesday and Amazon (NASDAQ:AMZN) on Thursday.

What could change the picture: A hawkish tilt from the Fed would pressure rate-sensitive and AI-linked stocks, a renewed wobble in AI financing sentiment would weigh on the Nasdaq, and weak guidance from this week's megacap earnings would revive worries about AI spending.

Overnight Markets

In Asia, markets mostly rallied. Japan's Nikkei 225 closed 1.73% higher and the Topix rose 0.61%, South Korea's Kospi gained 3.09% and the small-cap Kosdaq rose 2.29%, and Australia's S&P/ASX 200 added 0.46%. Mainland China's CSI 300 closed 1.32% lower. In Europe, markets were lower on Tuesday morning, with the Stoxx 600 down 0.35%, the U.K. FTSE 100 down 0.99% and leading losses, the French CAC 40 down 0.27% and Germany's DAX down 0.10%. French consumer confidence fell sharply in October to its lowest level since June 2013 amid public unrest, according to statistics agency Insee.

Pre-Market Movers

Earnings Before the Bell

Rates, FX & Crypto

Yields were mixed, with the long end slightly lower, as traders await the Fed. In currencies, Brazil's real fell 8% against the dollar after Luiz Inacio Lula da Silva unexpectedly won the presidential election, its largest one-day drop since 1999, with investors worried about public finances.

Commodities

Oil eased about 1% from elevated levels. Higher energy costs are feeding through to companies, with Coca-Cola saying aluminum and PET packaging costs have risen more than expected this year as the war in Iran pushes up commodity prices.

Key Levels & Catalysts Today

Economic data

• Durable goods orders rose 1.8% in September versus the 1.5% forecast, with transportation orders up 4.6%, orders excluding transportation up 0.5% and orders excluding defense up 2.2%.
• Consumer confidence and new home sales are due later, with the Fed expected to hold rates.

Corporate

• Earnings before the bell are listed in the table above, including UPS, Coca-Cola, American Tower and Royal Caribbean.
• Boeing holds its earnings call at 10:30 a.m. ET, when executives are expected to update investors on 737 Max production, currently about 47 jets a month.
• Microsoft and Alphabet report Wednesday, Amazon reports Thursday, FedEx reports Oct. 28 and Nvidia reports Nov. 17.

Top Stories

Meta's record equity raise draws Nvidia, AMD and Broadcom. Meta lifted the planned size of its equity offerings to $97.5 billion from the $95 billion announced Monday with $25 billion of common stock priced at $625 a share, about $12.5 billion of convertible preferred and a $60 billion at-the-market program expected to start in 2027. Nvidia, Advanced Micro Devices (NASDAQ:AMD) and Broadcom expressed interest in up to $5 billion of the common shares, which feeds concerns about circular capital flows in AI. Meta's capex outlook is $135 billion to $145 billion.

Anthropic's IPO filing lays out the risks of frontier AI. The Claude maker filed to list on the Nasdaq, and its prospectus showed a net loss of $80.7 billion on revenue of $16.3 billion in the first half of 2026, according to a newspaper report. The more than 90 pages of risk factors range from "catastrophic or existential risks to humanity" to data center opposition and power shortages to child-safety exposure. The company is reportedly aiming to match or beat SpaceX's record $75 billion IPO.

SpaceX closes $40 billion of GPU financing. SpaceX said it signed a binding commitment with an entity managed by Apollo Global Management (NYSE:APO) for roughly $40 billion of GPU financing, with the chips due in the first and second quarters of 2027. Its AI segment is now its largest business, with third-quarter revenue of $7.56 billion. CEO Elon Musk said debt markets have largely shut off financing for companies without substantial revenue outside AI data centers and predicted that more than 200 neocloud companies would face failures or consolidation.

Microsoft offers buyouts to about 60,000 employees. The software maker opened a voluntary exit offer to workers in the U.S., Canada, India and the U.K. at experience level 70 or below, affecting about 27% of its 223,000 staff, according to a person familiar with the matter. Employees must decide in early December and leavers depart on Dec. 31. September-quarter capex is set to exceed $50 billion, and results are due Wednesday.

DoorDash is in advanced talks to buy Instacart. DoorDash (NASDAQ:DASH) could value Instacart (NASDAQ:CART) at about $17 billion in a deal that may be finalized as soon as Wednesday, a source said, with talks between Instacart and Uber (NYSE:UBER) no longer active. Instacart shares rose about 8% on Monday while DoorDash fell around 6%.

Eyes on the Fed, this week's megacap earnings and the record AI financing wave.