NEW YORK / ConSynSer / – Wall Street faces a packed week of corporate earnings and policy events, led by results from three members of the Magnificent Seven. Alphabet, Microsoft and Amazon will report quarterly figures as investors seek proof that their huge AI spending is driving growth. The Federal Reserve’s policy committee meets on Tuesday and Wednesday, October 27 and 28. Fresh inflation and economic data later in the week will offer another test for markets.
Alphabet and Microsoft will publish results after the closing bell on Wednesday, with Amazon reporting on Thursday. Investors are likely to look past headline profits to cloud growth, AI revenue and capital spending plans. Those figures will help show whether the current pace of AI investment can be sustained. The spotlight on Big Tech comes as the Fed prepares its latest decision on interest rates.
Fiscal.ai data show analysts expect Alphabet to earn $3 per share on revenue of $127.83 billion for the third quarter. Microsoft is forecast to report earnings of $4.72 per share on $90.75 billion in revenue. Amazon is expected to post $1.96 per share on revenue of $202.2 billion. Chipmaker Intel is projected to deliver earnings of $0.40 per share on $16.47 billion in revenue. Those estimates set the bar for the week’s results.
Rate hold widely expected Wednesday
The Fed is broadly expected to hold its benchmark rate in a range of 3.75% to 4%. The CME FedWatch tool puts the odds of no change at 90%. The decision follows September’s 25-basis-point increase, which lifted rates to 3.75%-4.00%. Treasury bond funds were little changed late on Friday. The iShares 20+ Year Treasury Bond ETF fell 0.05%, while the iShares 7-10 Year Treasury Bond ETF dipped 0.04%.
Many other companies will report during the week. Robinhood Markets, Reddit, Boeing, T-Mobile US and Verizon Communications are all on the earnings schedule. Results are also due from Eli Lilly, Chevron, Exxon Mobil, PayPal, Corning and Rivian Automotive. The mix spans technology, energy, telecommunications, health care and autos. Together, the reports will offer a broad view of corporate earnings heading into the final months of 2026.
Inflation and jobs data close the week
The September Personal Consumption Expenditures report, the Fed’s preferred inflation gauge, is set for release on Thursday. A Dow Jones estimate compiled by MarketWatch calls for headline PCE to rise 0.5% for the month, seasonally adjusted. Core PCE, which excludes food and energy, is expected to increase 0.3%. Economists see annual PCE inflation at 3.7% and core PCE at 3.1%. Earlier reports this month showed inflation spreading beyond energy.
Weekly jobless claims will also be published Thursday morning. Initial claims dropped to 194,000 in the most recent week, close to a 57-year low. In after-hours trading on Friday, the SPDR S&P 500 ETF rose 0.15% and the Invesco QQQ Trust gained 0.07%. The SPDR Dow Jones Industrial Average ETF added 0.13%. Retail sentiment on Stocktwits toward the S&P 500 ETF stood in extremely bearish territory. Tech shares slid sharply in mid-October during an AI-driven selloff.