Stock Market Live October 28: S&P 500 (SPY) at Record Highs Above 6,800

By Ian Cooper Updated Oct 28, 12:11PM EDT · Published Oct 28, 9:40AM EDT

Key Points

We do expect markets to explode even higher, especially with the Federal Reserve on deck with a potential interest rate cut following cooler-than-expected inflation.
With solid earnings, cooling inflation, the potential for interest rate cuts, and hopes for a truce between the U.S. and China, there’s not much stopping upside potential.

Live Updates

Nvidia took a $1 billion stake in Nokia

Oct 28, 2025 at 12:09 PM EDT

Nvidia just took a $1 billion equity investment in Nokia.

As noted in a Nokia press release, “The strategic partnership and investment are expected to create significant value for both companies. Nokia will use the proceeds from the issuance to accelerate its strategic plans to advance trusted connectivity for the AI supercycle and other general corporate purposes.”

“Nokia intends to accelerate development of Nokia’s 5G & 6G RAN software to run on NVIDIA’s architecture and will make investments to drive Nokia’s strategic goal of increasing its presence in the AI & Cloud market with data center-aligned networking solutions within its Network Infrastructure business. Nokia and NVIDIA have agreed to collaborate on AI networking solutions and explore opportunities to incorporate Nokia’s data center switching and optical technologies in NVIDIA’s future AI infrastructure architecture,” they added.

Amazon upgraded ahead of earnings

Oct 28, 2025 at 9:52 AM EDT

Analysts at UBS reiterated a “buy” rating on Amazon ahead of its earnings.

The firm has a price target of $279, which is up from its previous target of $271. Analysts at KeyBanc Capital say Amazon should benefit from the AI boom.

The analysts say Amazon’s AWS is still growing strong. It also believes that the ramp of gigawatt data center clusters and customers like Anthropic are potential drivers of revenue acceleration into 2026. The analysts have an overweight rating on AMZN with a $300 price target.

Evercore ISI has just reiterated an “outperform” rating on MSFT as the tech giant heads into earnings. The firm believes MSFT’s capex growth will be healthy and “reflect tight capacity for AI infrastructure,” as noted by CNBC.

Analysts at Bank of America reiterated a buy on Qualcomm (NASDAQ: QCOM) ahead of earnings next week. The QCOM stock exploded yesterday after announcing AI processors that will compete with AMD and Nvidia. The AI chips are a massive shift for QCOM, which has focused on semiconductors for wireless and mobile devices.

Markets are still exploding higher on earnings.

Dow futures are up 217. NASDAQ futures are up about 46, with the S&P 500 up about seven points. We do expect them all to explode higher – especially with the Federal Reserve on deck with a potential interest rate cut following cooler than expected inflation.

And we have key earnings coming up from some of the biggest market movers, including Alphabet (NASDAQ: GOOG | GOOG Price Prediction), Amazon (NASDAQ: AMZN), Apple (NASDAQ: AAPL), Meta (NASDAQ: META), and Microsoft (NASDAQ: MSFT).

Alphabet will report earnings after the bell on Wednesday. Analysts expect GOOG to grow earnings by 8%. Last quarter, GOOG beat earnings and raised its spending forecast.
Microsoft will post earnings on Wednesday after the bell. Analysts expect to see double-digit earnings and revenue growth in the report. Helping, analysts at Guggenheim just upgraded MSFT to a buy rating with a price target of $586 per share.
Amazon will post earnings after the bell on Thursday. Analysts expect to see nearly 10% earnings growth from the company. Last quarter, AMZN posted a poor outlook after posting stronger-than-expected earnings results.
And Apple will report after the bell on Thursday. Analysts expect Apple to post 7% growth in earnings and revenue. Last quarter, Apple posted its strongest revenue growth since 2021.

We should also note that if you’re thinking of shorting the market here, wait.

With solid earnings, cooling inflation, the potential for interest rate cuts, and hopes for a truce between the U.S. and China, there’s not much stopping upside potential.

Baird Reiterated Outperform Rating on Apple

Analysts at Baird just reiterated an outperform rating on Apple ahead of earnings, raising its price target to $280 from $230 a share. The firm expects Apple to post solid earnings and guidance. It’s also pleased with the latest iPhone 17.

Analysts at UBS reiterated a buy rating on Amazon ahead of earnings. The firm has a price target of $279, which is up from its previous target of $271 a share.