JPMorgan lifted its gold target to $6,300

MARKET SIGNAL REPORT
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WED OCT 28 RECAP · OFFICIAL CLOSE · SPY +0.34% QQQ +0.60% DIA +0.27% IWM +0.40%

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JPMorgan raised its 2026 gold forecast to $6,300,
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KEY TAKES

The Fed held at 3.75% to 4.00% on a 10-2 vote, Cook and Hammack wanting a hike, and Warsh would not prejudge December. CME FedWatch had a December hike near 87% (Reuters). The 10-year rose to 5.044%, biggest gain since Sept. 28.
After the bell the market split on proof: Microsoft up about 4% with Azure +48% and capex $45.2B under the $50.67B expected; Alphabet down about 7% after burning $9.07B in the quarter, even with cloud revenue more than doubled.
The Justice Department argued in court that cash in your account isn't legally your property (From First Ballot Digital LLC)

THE CLOSE

SPY closed 772.31 (+0.34%), QQQ 725.61 (+0.60%), DIA 524.68 (+0.27%), IWM 281.29 (+0.40%). S&P 500 +0.28% to 7,743.98, Nasdaq +0.27% to 26,549.85, Dow +0.19% to 52,475.10. Chips led after SK Hynix profit jumped more than sevenfold (SOXX +2.13%, MU +5.86%), Vertiv +16.48% on a beat and raise, Oracle +10.73%, Boston Scientific -5.84% after a trimmed profit forecast. Bonds sold (TLT -0.78%). Oil rose after a Houthi attack on a Saudi refinery (USO +1.64%).

Did the 3 PM read hold? Yes. Warsh kept December open, the 10-year rose, and after hours only the faster cloud print with capex under estimates got paid. Wrong if Warsh had closed December, or both names rallied without faster cloud growth.

AFTER THE BELL

MSFT up about 4% after hours.

GOOGL down about 7% after hours.

FTNT down about 20% after hours despite a beat and raise. Revenue +20% to $2.08B.

TOMORROW'S SETUP

Thu Oct 29, before the open. Eli Lilly, Mastercard, Merck and Caterpillar report.

8:30 AM ET. Q3 advance GDP (forecast 3.2%, prior 2.2%) and weekly jobless claims (forecast 198K).

8:30 AM ET. September PCE inflation, the Fed's preferred gauge: headline forecast 3.6% y/y, core 3.1% y/y (Investing.com).

After the close. Amazon (call 5:00 PM ET), Intel, Starbucks, Coinbase and Strategy report.

ONE TO WATCH TOMORROW

AMZN (Amazon) closed $254.60 (+0.59%), reports Thursday after the close. Tonight the market paid Microsoft for cloud growth that outran its spending and docked Alphabet for the burn. AWS growth against capex decides which side Amazon lands on. Wrong if it lifts capex without faster AWS growth and still rallies.

SHH. THIS IS A CLUB.

You get the recap because you open and click. Go quiet and your chair goes to someone who reads. See you tomorrow morning.

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Signal over noise. Evening recap of Wednesday's official close. Next session is Thursday, Oct. 29.

JPMorgan lifted its gold target to $6,300

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