Update: US Equity Indexes Gain Moderately Ahead of Fed Policy Moves, Mag-7 Earnings

01:26 PM EDT, 10/28/2026 (MT Newswires) -- (Updates with index/price moves, macroeconomic data, and company/geopolitical news from the first paragraph.) US equity indexes traded moderately higher ahead of the Federal Reserve's monetary policy announcements and quarterly earnings from Microsoft (MSFT) and Alphabet (GOOG, GOOGL), and after crude oil prices jumped. The S&P 500 climbed 0.2% to 7,738.2, and the Dow Jones Industrial Average rose 0.3% to 52,510.7 after midday Wednesday. The Nasdaq Composite edged up less than 0.1% to 26,482.9, after slipping slightly lower earlier in the session. Energy and financials were top gainers. Real estate and consumer discretionary led decliners. The Federal Open Market Committee will announce its October policy decision at 2 pm ET, followed by Chairman Kevin Warsh's press briefing. The CME FedWatch tool pegged the probability of the Fed raising its target rate by 25 basis points at 7.2%, with the remaining likelihood being policy left unchanged ahead of the US midterm elections. Most US Treasury yields rose. The two-year yield climbed 2.3 basis points to 4.76%, and the 10-year rate jumped 2.2 basis points to 5.02%. The US has asked several Gulf Arab countries to be prepared for a short, intense military campaign after the midterm elections, people briefed on the conversations told The Wall Street Journal. President Donald Trump said "anything is possible" when reporters asked about a possible attack on Iran after the US midterms, Al Jazeera, a Middle Eastern broadcaster, reported. Iran's Foreign Minister Abbas Araghchi said any Israeli "military misadventure" in the Gulf region could have a "devastating impact" on global energy markets, Al Jazeera reported. The front-month West Texas Intermediate crude oil contract jumped 3.1% to $103.01 per barrel, and global benchmark Brent climbed 1.7% to $115.83 per barrel. Gold futures slipped 0.5% to $4,053.9, and silver futures dropped 1.3% to $53.81. Mag-7 duo Microsoft and Alphabet are expected to report their fiscal Q1 and Q3 financial results, respectively, after the market closes on Wednesday. Of the 10 top-performing stocks in a category with market capitalization exceeding $200 billion each, as many as eight were technology firms, and within those, a majority were related to the semiconductor industry, according to data compiled by Finviz. SK Hynix (SKHY) led the mega-caps, with shares up 13%, after reporting blowout Q3 earnings and revenue, and unveiling plans for 100 trillion South Korean won ($75.45 billion) in shareholder returns. The iShares PHLX Semiconductor Exchange Traded Fund, which has about $48.43 billion in assets under management, rose 1.4%. Further in company news, CoStar (CSGP), which reported Q3 adjusted earnings and revenue above consensus and raised its full-year 2026 guidance, said it entered into a definitive agreement to acquire Vexcel Group for about $730 million in cash. CoStar shares slumped 14%, among the S&P 500's worst performers. Vertiv (VRT) shares jumped 14%, the S&P 500's top gainer, after the company reported Q3 adjusted earnings and revenue above market expectations. GE HealthCare Technologies (GEHC) reported higher Q3 adjusted earnings and revenue. Its shares jumped 7%, making it the Nasdaq's leader.