Stock Index Futures Gain on Nvidia Boost Ahead of Fed Rate Decision and Big Tech Earnings

Economic Data - The U.S. Conference Board's consumer confidence index fell to 94.6 in October, exceeding expectations of 93.4 [1] - The U.S. August S&P/CS HPI Composite - 20 n.s.a. eased to +1.6% y/y from +1.8% y/y in July, stronger than expectations of +1.4% y/y [1] - The U.S. Richmond Fed manufacturing index rose to -4 in October, better than expectations of -11 [1] Stock Market Performance - Wall Street's major indexes closed at record highs, with Nvidia (NVDA) climbing nearly +5% after CEO Jensen Huang's keynote speech at the GTC event [2] - Microsoft (MSFT) rose about +2% after finalizing a new agreement with OpenAI, giving it a 27% ownership stake valued at around $135 billion [2] - Regeneron Pharmaceuticals (REGN) surged over +11% after posting better-than-expected Q3 results [2] - Alexandria Real Estate Equities (ARE) fell more than -19% after disappointing Q3 results and cutting its full-year adjusted FFO guidance [2] Federal Reserve and Interest Rates - The Federal Open Market Committee is expected to deliver a 25 basis point rate cut, bringing the Fed funds rate to a range of 3.75% to 4.00% [5] - Market participants are closely watching for signals on when the Fed may stop shrinking its $6.6 trillion securities portfolio [5] Corporate Earnings - Investors are monitoring earnings reports from major companies including Microsoft (MSFT), Alphabet (GOOGL), and Meta Platforms (META) [6] - S&P 500 companies are expected to post an average +7.2% increase in quarterly earnings for Q3, marking the smallest rise in two years [6] Trade Relations and Economic Sentiment - President Trump expects to sign a trade agreement with China, which may include reducing tariffs on Chinese goods [3][12] - The U.S. government shutdown has delayed official economic data, potentially impacting fourth-quarter GDP growth [9] International Market Movements - The Euro Stoxx 50 Index rose +0.32% amid optimism surrounding U.S.-China trade relations and corporate earnings [10] - Japan's Nikkei 225 Stock Index closed sharply higher, supported by AI optimism and strong performances from chip stocks [13]