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Forex Signals Oct 29: Fed, BoC Rate Cuts and Q3 Google, Meta, MSFT Earnings Preview
The FED and BOC are expected to cut interest rates, while after the close, Microsoft, Alphabet, and Meta report quarterly results, with...
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Last updated: Wednesday, October 29, 2025
Quick overview
- U.S. stocks reached new all-time highs, driven by strong performance in the tech sector, particularly Nvidia, which surged nearly 5%.
- The Federal Reserve and Bank of Canada are both expected to cut interest rates, with the Fed's decision anticipated to be announced on Wednesday.
- Major tech companies, including Microsoft, Alphabet, and Meta, are set to report quarterly earnings, which could significantly influence market sentiment.
- Investors are closely monitoring economic indicators and earnings results as they navigate a pivotal week for both monetary policy and corporate performance.
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MARKETS TREND
The FED and BOC are expected to cut interest rates, while after the close, Microsoft, Alphabet, and Meta report quarterly results, with expectations preview shown below.
U.S. Stocks Extend Record Run as Tech Powerhouses Drive Momentum
Wall Street continued its historic climb on Tuesday, with major indices hitting fresh all-time highs once again—fueled by renewed enthusiasm for artificial intelligence and heavyweight tech leaders.
Tech Sector Leads the Charge
The rally was led by the NASDAQ Composite, which surged 0.80% to 23,827.49, marking yet another record close. Gains were widespread across the technology sector, where a host of blue-chip names—including Nvidia, Apple, Broadcom, Microsoft, CrowdStrike, Micron, and Palantir—each finished the day at new peaks.
Investors continued to pour into the sector as optimism around AI infrastructure, semiconductors, and software demand kept sentiment buoyant. The advance also lifted the broader S&P 500 and Dow Jones Industrial Average, underscoring the market’s confidence heading into a pivotal week for earnings and monetary policy.
Nvidia Ignites Another Leg Higher
The standout of the session was Nvidia (NVDA), which gained 4.98% to close at $201.03, adding nearly $10 per share and boosting its market capitalization to $4.89 trillion—within striking distance of the $5 trillion milestone.
The surge came after CEO Jensen Huang’s keynote at the company’s GTC Conference in Washington, D.C., where he unveiled new advancements across Nvidia’s AI ecosystem and partnerships spanning industries from robotics to cloud computing. The presentation reaffirmed Nvidia’s dominance in the AI hardware and software space, sparking fresh buying momentum.
Market Eyes Fed Decision and Tech Earnings Bonanza
Investor attention now turns to Wednesday’s packed agenda, when the Federal Reserve is expected to announce a 25 basis point rate cut, its first in over a year. Markets have largely priced in the move, but traders will dissect Chair Jerome Powell’s remarks for clues about future easing.
Later in the day, earnings from Microsoft, Meta, and Alphabet will dominate headlines, followed by Amazon and Apple on Thursday—setting up what could be a defining stretch for market sentiment in Q4.
Closing Numbers
- Dow Jones Industrial Average: +161.70 points (+0.34%) to 47,706.37
- S&P 500 Index: +15.73 points (+0.23%) to 6,890.89
- NASDAQ Composite: +190.04 points (+0.80%) to 23,827.49
- Russell 2000: -13.70 points (-0.55%) to 2,506.65
Key Market Events to Watch Today: Central Banks and Big Tech in Focus
Investors brace for a pivotal Wednesday as central bank moves and Big Tech results drive market sentiment.
Fed Set to Cut Rates
The Federal Reserve is widely expected to trim rates by 25 bps to 3.75%–4.00%, with markets also pricing another reduction in December.
The move comes amid slowing job growth and persistent inflation, with policymakers split between supporting employment or fighting prices. Attention will also turn to the balance sheet, as analysts debate whether the Fed will pause its runoff due to money market volatility.
Bank of Canada Likely to Ease Too
The Bank of Canada is also tipped to lower rates to 2.25%, as inflation lingers and trade tensions with the U.S. worsen. Recent economic data and surveys point to cooling sentiment and higher cost pressures, strengthening bets on further easing.
The Monetary Policy Report will offer updated forecasts and possibly a fresh neutral rate estimate. Investors brace for a crucial midweek earnings session as heavyweights across tech and industry release quarterly results that could shape market sentiment for weeks ahead.
Microsoft Corporation (MSFT) — Q1 2026 Earnings (After Market Close)
- Expected EPS: $3.66
- Microsoft’s report will be closely scrutinized for signs of continued growth in its cloud division, particularly Azure within its product suite.
- Investors will also be watching for updates on enterprise demand trends, as well as cost management amid slowing global IT spending.
- With MSFT trading near record highs, any slip in guidance could prompt volatility.
Alphabet Inc. (GOOG) — Q3 2025 Earnings (After Market Close)
- Expected EPS: $2.27
- Alphabet’s focus remains on advertising resilience, YouTube monetization, and the performance of its rapidly expanding cloud division.
- Analysts anticipate revenue growth of around 13% year-over-year, with margins under pressure from elevated AI infrastructure costs.
- Investor sentiment will hinge on whether Google Cloud continues to gain traction against Microsoft Azure and AWS.
Meta Platforms, Inc. (META) — Q3 2025 Earnings (After Market Close)
- Expected EPS: $6.70
- Meta’s results will test whether its recent surge in ad revenue and AI-powered recommendation tools can offset heavy metaverse-related expenses.
- Key attention will be on user engagement trends across Instagram and Threads, as well as the company’s capital expenditure outlook for 2026.
- With the stock hitting fresh highs, markets expect strong top-line growth — anything less could trigger a swift correction.
Caterpillar Inc. (CAT) — Q3 2025 Earnings (Before Market Open)
- Expected EPS: $4.52
- The industrial bellwether faces challenges from global construction slowdowns and rising borrowing costs impacting equipment orders.
- Analysts expect a softer quarter, with focus on whether infrastructure stimulus spending in the U.S. can offset weaker international demand.
- Investors will also monitor margins amid ongoing supply chain pressures and raw material inflation.
The Boeing Company (BA) — Q3 2025 Earnings (Before Market Open)
- Expected EPS: -$2.38 (Loss)
- Boeing continues to struggle with delivery delays, regulatory scrutiny, and cost overruns in its defense and commercial segments.
- The company’s cash flow trajectory and delivery forecast for the 737 MAX and 787 Dreamliner will be crucial for market confidence.
- Persistent negative headlines have weighed on sentiment, and another quarterly loss could further erode investor patience.
Gold Extends the Retreat but Stalls
Although demand for safe haven assets is still high, gold fell precipitously from record highs following the Fed’s most recent rate cut comments, as profit-taking was prompted by Powell’s cautious tone. Earlier this month, gold jumped above $4.3800 following the Federal Reserve’s announcement of a 25 basis point rate decrease. But the impetus soon waned, and prices dropped back to $4,004. The 20 daily SMA (gray) held as support last week, but it gave way yesterday as sellers pushed Gold below $3,900.
USD/JPY Returns to 150
Foreign exchange markets saw sharp swings. Early in the week, U.S. yield differentials and Japanese capital outflows pushed the dollar above ¥150, but disappointing U.S. jobs data triggered profit-taking, causing the USD/JPY to slide by four yen from its peak. However, the new BOJ governor the JPY has weakened and USD/JPY soared to 153 but returned below 152 yesterday.
USD/JPY – Weekly Chart
Cryptocurrency Update
Bitcoin Fails at Resistance
Cryptocurrencies remained highly active over the summer. Bitcoin (BTC) climbed to fresh highs of $123,000 and $124,000 in July and August, supported by institutional inflows and technical strength. However, remarks from Treasury Secretary Scott Bessent ruling out U.S. increases to BTC reserves triggered a steep pullback, sending the coin down below $105,000 before finding support at the 200 daily SMA (purple) and recovering above $115,000 but then fell toward $100K again. However last week BTC has turned higher again, climbing above $114K over the weekend.
BTC/USD – Daily chart
Ethereum Stays close to $4,000
Ethereum (ETH) has been similarly strong, surging toward $4,800, its highest since 2021 and near its all-time peak of $4,860. Despite a dip last week, ETH found support at the 20-day SMA, with retail enthusiasm and renewed institutional participation driving fresh upside momentum. ON Friday we saw a dive below $3.500 however buying resumed on Sunday and ETH/USD climbed above $4,500 but returned back down below $4,000 again this week.
ETH/USD – Daily Chart
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Skerdian Meta
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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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