Forex Signals Oct 28: Focus Turns to UNH UnitedHealth Earnings, Visa, and UPS

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A busy earnings day kicks off with UnitedHealth leading the spotlight, as major healthcare, finance, and logistics firms prepare to unveil their third-quarter results.

Stocks Extend Rally, Nasdaq Leads the Charge

The S&P 500 advanced 1.2%, while the Nasdaq Composite surged 1.9%, marking its second consecutive breakout session. Investors responded enthusiastically to reports confirming progress on trade negotiations between Washington and Beijing, driving a broad-based risk-on sentiment across Wall Street.

Tech stocks once again led the advance, propelling the Nasdaq to fresh highs as traders embraced cyclical and growth names. The rally pushed major indices to finish at their intraday peaks, underscoring renewed market confidence.

Gold Breaks Below Key Support Level

In contrast to the equity surge, gold prices tumbled $120 to settle at $3,990 per ounce, slipping below the symbolic $4,000 mark for the first time since October 12. The move reflected heavy profit-taking following months of sustained gains, with prices retracing to the 38.2% Fibonacci level from the August rally.

The sharp reversal suggests investors are unwinding defensive positions as risk appetite improves and confidence grows in the broader economic outlook.

Oil and Bonds Hold Steady

WTI crude oil remained relatively flat, easing just 15 cents to $61.35, while U.S. 10-year Treasury yields dipped by 1 basis point to 3.98%. The mild retreat in yields indicates that investors are maintaining a cautious stance toward inflation and monetary policy, even as equity markets surge.

Currency Markets Stay Calm Despite Tariff Noise

The foreign exchange market saw limited movement, with most major currency pairs trading within narrow ranges. The Australian dollar found modest support on improved Chinese trade sentiment, while the Canadian dollar edged slightly higher despite new tariff warnings from President Trump.

Market analysts noted that the renewed threats failed to spark much reaction. “The tariff threat has lost its teeth,” said Adam Button, Chief Currency Analyst at investingLive, in comments to Reuters. “The Canadian dollar’s reaction shows the market has largely shrugged off the risk.”

Key Market Events to Watch This Week: Central Banks and Big Tech in Focus

Earnings Week Takes Center Stage

Looking ahead, attention now turns to a busy slate of corporate earnings reports, which could shape market direction in the days ahead. With limited economic data expected due to the ongoing U.S. government shutdown, investor focus will remain on company results and forward guidance for clues about the economy’s resilience.

Earnings Preview Highlights:

UnitedHealth Group (UNH) – Reports before market open (BMO)

• Analysts expect EPS of $2.81, reflecting continued pressure from higher medical costs and increased claims activity.
• Investors will be watching for updates on membership growth, healthcare utilization trends, and Medicare Advantage margins.
• Any signs of rising cost ratios could weigh on sentiment despite the company’s stable cash flow profile.

Visa Inc. (V) – Reports after market close (AMC)

• Expected EPS of $2.97, supported by resilient consumer spending and cross-border payment volumes.
• Focus will be on transaction growth in emerging markets and how macro headwinds impact discretionary spending.

Novartis AG (NVS) – Reports before market open (BMO)

• Forecast EPS of $2.31, with investors watching for updates on drug pipeline progress and cost efficiency measures.
• Currency fluctuations and pricing pressures remain key risks to margins.

HSBC Holdings (HSBC) – Reports before market open (BMO)

• No official EPS forecast, but analysts expect solid results driven by higher interest income.
• Focus will be on capital return plans and exposure to slowing Chinese credit markets.

United Parcel Service (UPS) – Reports before market open (BMO)

• Expected EPS of $1.31, with analysts noting potential headwinds from slower e-commerce growth.
• Freight volumes and operating margins will be closely watched, alongside management’s holiday season outlook.

Today’s lineup of corporate reports could set the tone for the rest of the week, with UnitedHealth’s performance likely to shape sentiment across the healthcare sector, while Visa’s results will provide a crucial snapshot of global consumer health. As markets hover near record highs, investors will be looking for earnings confirmation to sustain momentum amid rising rate and cost pressures.

Forex Signals Update

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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