US Stock Pre-Market Report - October 28, 2026

NextFin News - U.S. equity futures were mixed before the open, with technology leadership offset by pressure in Dow-linked cyclicals as investors positioned around elevated oil prices, a heavy earnings slate and the day's Federal Reserve decision.

1) Pre-Market Performance

• Nasdaq 100 futures: 29,920.3, up 108.3 points, or +0.36%, supported by renewed strength in AI and memory-chip shares.
• S&P 500 futures: 7,766.5, up 8.3 points, or +0.11%, indicating a modestly positive open for the broader market.
• Dow Jones futures: 52,434, down 145 points, or -0.28%, lagging the tech-heavy benchmarks.

European equities were softer in morning trade. The FTSE 100 was at 10,663.10, down 23.41 points, or -0.22%; France's CAC 40 was at 7,883.31, down 3.83 points, or -0.05%; and Germany's DAX was at 25,546.70, down 44.04 points, or -0.17%. The pan-European tone was cautious, with bank earnings and higher energy prices failing to deliver a broad risk-on move.

In commodities and foreign exchange, WTI crude traded near $101.89 a barrel, up about 2.0%, while Brent crude was near $115.36, up about 1.3%. Gold eased to roughly $4,066 an ounce, down 0.2%, while silver slipped to about $54.05, down 0.8%. The U.S. Dollar Index firmed to around 102.39, up 0.07%, and EUR/USD traded near 1.1126, down 0.04%.

2) Hot News

• Nasdaq futures rise as AI and memory-chip momentum returns: Technology futures outperformed after SK Hynix reported a sharp profit surge, reviving appetite for AI-linked semiconductor exposure and helping the Nasdaq 100 outpace the S&P 500 and Dow.
• Fed decision takes center stage: Markets are bracing for the Federal Reserve's policy announcement later today, with investors focused on whether officials signal patience or renewed concern about inflation pressures tied to elevated energy prices. Rate-sensitive growth stocks remain particularly exposed to the tone of the post-meeting communication.
• Oil climbs after Saudi refinery attack revives supply-risk premium: Crude prices moved higher after reports that Yemen's Houthis said they had struck a major Saudi refinery. The rebound in oil prices reintroduced inflation and margin concerns for transport, industrial and consumer-discretionary shares.
• European markets struggle for direction: The STOXX 600 was little changed to slightly lower as investors weighed bank results, higher oil and caution ahead of U.S. megacap technology earnings. London underperformed, while the DAX and CAC 40 traded near flat to modestly lower levels.
• Megacap earnings risk remains elevated: Alphabet and Microsoft are scheduled to report after the close, making cloud demand, AI capital spending and operating-margin guidance key market catalysts. Options markets and futures action suggest investors are positioning for a potentially large move in technology leadership.

3) U.S. Stock Focus

• Vertiv — shares jump after strong Q3 and raised guidance: Vertiv rose roughly 15% to 16% in pre-market trading after reporting third-quarter net sales of $4.31 billion, up 61.2% year over year. The company said organic orders grew more than 100% and raised its full-year 2026 guidance across key metrics, reinforcing the AI data-center infrastructure theme.
• Enphase Energy — stock falls on weak Q4 outlook: Enphase dropped sharply pre-market after third-quarter revenue came in near the low end of guidance and fourth-quarter revenue guidance of $225 million to $255 million trailed the roughly $300.5 million consensus. The company said global sell-through increased only about 1% sequentially, below its expectation for stronger growth.
• Robinhood Markets — shares slide after Q3 profit concerns: Robinhood fell about 8% pre-market after reporting third-quarter revenue of roughly $1.4 billion, up 12% year over year, but with diluted EPS down 16% to $0.51. Crypto revenue declined 55% year over year to $120 million, offsetting strength in options, equities and event-contract activity.
• Visa — stock lower despite Q4 revenue growth: Visa slipped around 1% to 2% pre-market after fiscal fourth-quarter net revenue rose 13% to $12.1 billion. Adjusted EPS increased to $3.48, but investors focused on guidance and the sustainability of payments-volume growth after a strong run in the stock.
• Micron Technology — gains on SK Hynix read-through: Micron advanced about 4% in pre-market trading after SK Hynix reported a more than sevenfold jump in quarterly profit. The update strengthened expectations that high-bandwidth memory demand tied to AI infrastructure remains robust.
• GE Vernova — rises after earnings beat and higher guidance: GE Vernova gained pre-market after beating earnings expectations and raising 2026 revenue guidance to $46.5 billion to $47.5 billion. The company also increased its share-repurchase authorization to $20 billion from $10 billion, adding a capital-return catalyst to the earnings reaction.
• NXP Semiconductors — falls as Q4 guidance disappoints: NXP dropped about 6% to 7% pre-market after reporting third-quarter adjusted EPS of $4.20 and revenue of about $3.79 billion, but issuing a softer fourth-quarter profit outlook. Investors looked past the company's new $5 billion share-repurchase authorization as auto-chip demand visibility remained a concern.
• Microsoft — fiscal Q1 results due after the close: Microsoft is scheduled to report fiscal 2027 first-quarter results after today's market close. Investors will focus on Azure growth, AI monetization, capital expenditures and whether cloud margins can absorb continued infrastructure investment.
• Alphabet — Q3 earnings expected after the close: Alphabet is set to report third-quarter results after the close, with consensus expectations centered on earnings of about $3.00 per share and revenue near $127.9 billion. The market will focus on Search growth, YouTube advertising, Google Cloud momentum and AI-related spending plans.

Bottom line: The pre-market setup is constructive for large-cap technology but uneven across the broader tape. Nasdaq futures are leading, oil is again a source of inflation and margin risk, and company-specific earnings reactions remain sharp as investors demand both strong current results and credible guidance.

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