Market brief — 28 October 2026

Risk appetite improved selectively as AI-related shares lifted Wall Street while investors waited for the Federal Reserve's policy decision. The S&P 500 gained 0.6% to 7,722.60, the Nasdaq rose 1.2% to 26,477.81, and the Dow Jones Industrial Average added just 15.99 points to 52,377.57. Broadcom climbed 4% after unveiling financing that would give Anthropic access to its AI accelerators, while Nvidia rose 0.9%. The concentration of gains mattered: most S&P 500 constituents declined, showing that the headline advance reflected demand for a narrow group of growth names rather than a broad expansion in risk appetite.

The macro backdrop was supportive but still cautious. US consumer confidence improved when economists had expected another decline, helping cyclical sentiment, while the 10-year Treasury yield eased to 4.99% from 5.00%. Brent crude fell 1.2% to $109.41 as diplomacy around the Iran conflict reduced part of the supply-risk premium. Lower oil and a stable bond market reduced immediate inflation pressure and helped equity valuations, but the Fed's September rate increase and the possibility of another move later in the year kept investors from treating the session as a full risk-on shift. Earnings also produced sharp dispersion, with strong reactions in travel and AI shares offset by Boeing's post-results decline.

Gold was the clearest beneficiary of the softer energy impulse. Spot bullion finished near $4,060 per ounce, up roughly 1.1%, after buyers defended the area below $4,000 overnight. The advance accelerated as oil fell and shorter-term yields eased, even though the dollar remained firm. That combination suggests the move was driven less by currency weakness and more by reduced inflation anxiety, short covering, and renewed physical or tactical demand near a heavily tested support zone. The Fed decision remains the next major test because any renewed emphasis on December tightening would raise the opportunity cost of holding non-yielding gold.

Crypto recovered modestly but remained less convincing than technology equities. Binance data showed Bitcoin near $80,500, up about 0.3%, and Ether near $2,347, up around 1%, after both traded through wide intraday ranges. Bitcoin ETF demand improved with about $110 million of net inflows for the latest reported session, but Ether funds saw roughly $89 million of outflows. The divergence helps explain why crypto's rebound remained fragile: spot prices benefited from calmer yields and firmer risk sentiment, while mixed institutional flows and pre-Fed positioning limited follow-through.

Vietnamese equities stayed under pressure despite the better global technology tone. VN-Index slipped 0.10% to 1,761.87 and VN30 fell 0.06% to 1,888.40. Energy, securities and banks weighed on the market, while real estate and retail provided partial offsets. HOSE trading value reached about VND13.92 trillion, still below its recent average, and foreign investors remained net sellers, with heavy selling in ACB, FPT and GMD. Narrow global equity leadership therefore did not translate into stronger domestic breadth. Local liquidity and persistent foreign outflows remained the dominant transmission channels, even as lower oil reduced some external inflation risk.