Bitget UEX Daily | Fed Holds Rates; Cloud Earnings Diverge; AI Infrastructure Shares Advance (October 29, 2026)

I. Hot News Highlights

Federal Reserve | Rates Unchanged, Two Members Favor a Hike

The Fed voted 10–2 to hold its target range at 3.75%–4.00%. Its statement described strong economic activity and robust capital investment while emphasizing elevated inflation; Cook and Hammack preferred a 25-basis-point increase.

Market impact: Holding rates leaves further tightening possible. Tonight’s GDP and PCE releases will help reassess growth resilience and the policy outlook.

Technology Earnings | Microsoft and Alphabet Diverge After Hours

Microsoft and Alphabet reported after the October 28 close. In early post-release trading, Microsoft rose more than 4% while Alphabet fell more than 7%, distinct from their regular-session performances.

Market impact: Cloud growth alone does not explain the reaction. Revenue delivery, equipment investment and cash generation need to be assessed together as financial differences within the AI industry become more significant.

Energy | US Crude Stocks Fall While Gasoline Inventories Rise

EIA data showed commercial crude inventories falling approximately 1.9 million barrels to 410.6 million in the week ended October 23, about 4% below the five-year seasonal average. Gasoline inventories rose approximately 3.9 million barrels.

Market impact: The crude draw supports the supply-demand balance, but gasoline accumulation requires a separate assessment of end demand. Refinery activity, consumption and supply disruptions remain important.

II. Market Review

Commodities and Foreign Exchange

A Treasury yield above 5% maintains valuation pressure on growth stocks. Elevated oil prices remain relevant to inflation and margins, while gold depends partly on real yields and the dollar; these commodity snapshots do not establish daily changes.

Cryptocurrency Performance

• BTC: Approximately 81,156.84 USDT, up 0.47% over 24 hours.
• ETH: Approximately 2,356.59 USDT, up 0.41% over 24 hours.
• Total crypto market capitalization: Approximately $2.74 trillion, down 2.31% over 24 hours; independently updated at 08:45 Beijing time.

BTC | Liquidation Zones

A notable potential short-liquidation cluster lies around $81,800–$82,500, approximately 0.89%–1.75% above the current price. The potential long-liquidation cluster around $79,700–$80,500 is approximately 0.72%–1.70% below; the lower zone is closer, making long deleveraging worth watching if prices retreat.

ETH | Liquidation Zones

A notable potential short-liquidation cluster lies around $2,380–$2,410, approximately 1.09%–2.36% above the current price. The potential long-liquidation cluster around $2,290–$2,315 is approximately 1.67%–2.74% below; the upper boundary is closer, but proximity alone does not establish breakout direction.

Institutional Cost Basis | BTC

Glassnode’s October 28 report estimated the aggregate US spot BTC ETF cost basis at approximately $81,500; BTC is about 0.51% below that reference. Strategy’s October 26 disclosure reported 848,517 BTC through October 25 at an average cost including fees of approximately $75,446; BTC is about 7.47% above that level. These are unleveraged coin-price differences relative to holding costs.

Market Takeaway

Watch the $81,500 ETF cost reference alongside the nearby $81,800–$82,500 upper liquidation zone: an advance would bring cost recovery and potential short deleveraging into focus together. On a retreat, watch the lower zone’s nearest boundary around $80,500. For ETH, focus on $2,380; the two assets currently have different nearer liquidation sides.

Major US Indices

All three indices edged higher as investors digested the Fed’s decision. Modest index gains masked substantial earnings-related differences and did not represent broad strength across mega-cap technology.

Magnificent Seven

The group recorded two gainers and five decliners, with Alphabet and Amazon advancing. Microsoft and Alphabet reported after these closes, so the table does not capture the subsequent earnings reaction.

Sector Watch

Data center infrastructure: Vertiv gained 16.48% and Oracle rose 10.73% alongside results and investor-day guidance, respectively. Equipment suppliers and cloud operators have different paths to cash generation.

Memory: Micron advanced 5.86% as SK Hynix’s results attracted attention. Demand, pricing and future supply should be assessed together rather than extrapolating one quarter’s conditions.

Crypto-linked equities: Coinbase rose 0.76%, Strategy gained 2.66%, and Robinhood fell 3.31%. Robinhood’s previously reported crypto weakness remained relevant; Coinbase reports after the October 29 close.

III. In-Depth US Equity Analysis

Microsoft | Cloud Growth Supported by Cash Generation

Event overview: Microsoft closed at $531.01, down 0.06%, before reporting fiscal Q1 2027 revenue of $92.3 billion, up 19%. Azure revenue grew 48%, and Microsoft Cloud revenue rose 30% to $63.9 billion.

Market interpretation: Operating cash flow of $58.0 billion less cash property-and-equipment purchases of $39.367 billion left $18.633 billion positive. This cash measure differs from capital expenditure including finance leases; cloud growth and cash generation together supported investment.

Investment implications: Monitor Azure growth, depreciation, margins and cash collection as new capacity enters service. Timing between revenue and equipment investment will shape cash returns.

Alphabet | Cloud Revenue Doubles, Quarterly Free Cash Flow Turns Negative

Event overview: Alphabet closed at $324.89, up 1.34%, before reporting Q3 revenue of approximately $127.6 billion, up 25%. Google Cloud revenue rose 103% to $30.709 billion.

Market interpretation: Operating cash flow of $42.290 billion versus capital spending of $51.355 billion produced negative free cash flow of $9.065 billion. Cloud revenue includes TPU system sales, so growth should not all be treated as recurring cloud services.

Investment implications: Watch investment returns, cloud revenue mix and margins. Negative quarterly free cash flow does not mean operations generated no cash, but increases scrutiny of returns.

Vertiv | Orders, Earnings and Guidance Strengthen

Event overview: Vertiv closed at $242.94, up 16.48%. Q3 net sales rose 61% to $4.313 billion, organic orders increased more than 100%, and adjusted EPS grew 78% to $2.21.

Market interpretation: Adjusted operating margin reached 25.2%, and full-year net sales guidance was raised to a $14.65 billion midpoint. Orders, sales and margins together improved visibility for power and cooling infrastructure demand.

Investment implications: Monitor order conversion, capacity delivery and working capital. Following the sharp share-price increase, execution against guidance becomes particularly important.

IV. Market & Project Updates

Oracle | Long-Term Revenue and Cash Flow Targets

At its October 28 investor day, Oracle targeted at least $225 billion in fiscal 2030 revenue, positive free cash flow in the second half of fiscal 2028, and at least $30 billion in fiscal 2029 free cash flow.

These are management forecasts requiring revenue conversion, lower capital spending and financing execution. The timing and conditions for positive cash flow matter alongside revenue ambitions.

Ripple and Coinbase | RLUSD Expands Across Retail and Institutional Platforms

The October 28 partnership brings RLUSD to Coinbase Prime, Coinbase Exchange and the retail app, with deposits and withdrawals supported on XRPL, Base and Ethereum. Coinbase Global Exchange availability and collateral use will follow.

The integration broadens trading, custody and settlement access. Actual usage and liquidity will determine its impact, with live services distinguished from future plans.

Stellar Ecosystem | Pontoro Launches Private-Asset Liquidity Pilot

Pontoro and Archax launched an Automated Liquidity Pool pilot on Stellar, pairing liquid money-market assets with private funds and using rules-based pricing to manage liquidity.

The pilot tests private-market liquidity infrastructure. Tokenization does not guarantee immediate redemption; trading, redemption terms and investor eligibility remain important.

V. Today’s Market Calendar

All times are Beijing time. Cross-date earnings are identified explicitly; importance ratings are editorial.

Event preview: GDP and PCE jointly test growth resilience and inflation pressure, potentially reshaping Fed expectations. Amazon and Coinbase will add evidence on cloud investment returns, crypto trading and stablecoin businesses.

Institutional perspective: Carson Group chief market strategist Ryan Detrick said on October 28 that the rate hold broadly met expectations while investors remained focused on sustained AI spending. Today’s earnings divergence makes the speed of converting investment into revenue and cash increasingly relevant.

For market information and research purposes only; not investment advice.