Markets

Dow Edges Higher and Nasdaq Slips at Midday as SK Hynix Lifts Chipmakers Ahead of Fed Decision

U.S. stocks were mixed at midday Wednesday as SK Hynix's results lifted memory-chip shares while Tesla and Apple slipped, with the Fed's 2 p.m. ET decision and Big Tech earnings ahead.

Oct 28, 2026 - 12:22

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U.S. stocks traded in a narrow range on Wednesday, October 28, 2026, as gains in memory-chip makers after strong results from South Korea's SK Hynix were offset by declines in several megacap stocks, with investors waiting for the Federal Reserve's interest-rate decision at 2 p.m. ET and for quarterly reports from Microsoft and Alphabet after the close.

Around 12:13 p.m. ET, Yahoo Finance quote data showed the Dow Jones Industrial Average up about 161 points, or 0.3%, at about 52,539, the S&P 500 up about 0.2% at about 7,739 and the Nasdaq Composite down less than 0.1% at about 26,463. These are intraday figures and will change before the close. Earlier, at 10:01 a.m. ET, the Dow was up 73.40 points, or 0.14%, at 52,450.97, the S&P 500 was up 6.10 points, or 0.09%, at 7,729.20, and the Nasdaq was down 7.13 points, or 0.03%, at 26,470.68, Reuters reported. On Tuesday, the S&P 500 closed at 7,722.60.

Memory chips rally, megacaps lag

Reuters said SK Hynix reported a more than sevenfold jump in quarterly profit and that its U.S.-listed shares gained 10.6% in early trading; CNBC's live coverage put the gain at 9% in late-morning trading. In Seoul, the Kospi index closed up 6.63% at 6,012.44, according to CNBC.

Micron Technology jumped 4.8% to its highest level in more than two weeks, and the Philadelphia SE Semiconductor index was up 0.9%, on track for a fourth straight gain, Reuters reported shortly after the open. CNBC said Arm Holdings and Marvell Technology each rose about 2% and Advanced Micro Devices gained nearly 1%.

Tesla fell 1.9% after surging more than 9% over the previous two sessions, Apple eased 0.6% and SpaceX dropped 3.2%, Reuters said. Alphabet rose 1.2% following a media report that OpenAI plans to buy Google's AI chips. Six of the 11 major S&P 500 sectors advanced, led by communication services, while real estate lagged, according to Reuters.

Earnings movers

Vertiv jumped 14% after the digital infrastructure provider raised its full-year profit and revenue forecasts and topped third-quarter expectations, while Boston Scientific fell 8.2% after trimming its annual profit forecast, Reuters reported.

Robinhood shares fell more than 6% in early trading after the brokerage reported third-quarter earnings of 51 cents a share, below the 56 cents expected by analysts polled by LSEG, CNBC reported. Net income fell to $468 million from $556 million a year earlier, revenue of $1.42 billion was in line with estimates, and transaction-based revenue of $867 million fell short of the StreetAccount estimate of $879 million.

Wendy's surged as much as 16% before the opening bell after The Wall Street Journal reported that Nelson Peltz's Trian Management has offered $1.4 billion to take the fast-food chain private, according to CNBC. Ultralife surged before the open after agreeing to a $320 million acquisition by EnerSys, CNBC said.

Fed decision and yields

The Fed is widely expected to hold its benchmark rate in a range of 3.75% to 4% after a quarter-point increase in September. CNBC said CME's FedWatch tool showed roughly a 90% chance of no change on Wednesday. Fed Chair Kevin Warsh's news conference is scheduled for 2:30 p.m. ET, Kitco News reported. Traders see at least three 25-basis-point increases by late 2027, according to LSEG data cited by Reuters, as energy costs tied to the Middle East conflict keep inflation elevated.

Treasury yields rose before the decision. CNBC reported that the 10-year note yield added about 3.6 basis points to 5.03% and the 2-year yield added 3.7 basis points to 4.774%. CNBC also reported that U.S. crude futures rose 2.8% to $102.72 a barrel during the morning.

Investors are also awaiting September personal consumption expenditures price data on Thursday. CNBC said economists expect the headline PCE index to rise 0.5% for the month, lifting the annual rate to 3.7% from 3.4%, with the core rate seen rising 0.3%, or 3.1% from a year earlier. September's consumer price index showed annual inflation of 3.7%, and the producer price index rose 6.3% year over year, CNBC noted. Reuters said third-quarter GDP data due this week is expected to show 3.2% growth.

At 10:01 a.m. ET, declining issues outnumbered advancers by a 1.06-to-1 ratio on the NYSE, while advancers outnumbered decliners by 1.08-to-1 on the Nasdaq, Reuters reported. The S&P 500 posted 16 new 52-week highs and nine new lows at that time.