Market brief — 29 October 2026
The Federal Reserve kept its target rate at 3.75%-4.00%, but the decision was less dovish than a simple pause suggested.
The Federal Reserve kept its target rate at 3.75%-4.00%, but the decision was less dovish than a simple pause suggested. Two policymakers preferred an immediate quarter-point increase, the statement described economic activity as strong and inflation as elevated, and Treasury yields initially moved higher as traders preserved a substantial probability of a December hike. Even so, Chair Kevin Warsh did not pre-commit to the next move, allowing risk appetite to stabilize. The Dow Jones Industrial Average gained 0.19% to 52,475.10, while the S&P 500 and Nasdaq also advanced, helped by semiconductors and a 10.7% surge in Oracle after its long-term sales outlook reinforced confidence in AI-related spending.
The cross-asset signal remained complicated because energy inflation moved in the opposite direction. Brent crude climbed back above $115 as fighting in Yemen, an attack on a Saudi refinery and renewed concern about a possible US strike on Iran revived supply-risk premiums. Higher oil and a 10-year Treasury yield near 5.04% limited the benefit of the Fed pause for duration-sensitive assets. Gold traded around $4,040-$4,070 an ounce after the decision. A softer dollar and the absence of an immediate hike offered support, but higher yields and the prospect of further tightening capped the safe-haven bid, leaving bullion unable to extend the previous session's advance.
Vietnamese equities improved modestly but the recovery lacked broad conviction. The VN-Index rose 0.27% to 1,766.65 and the VN30 added 0.10% to 1,890.22. VCB, VIC and HDB provided the strongest index support, while technology and several industrial names lagged. HOSE trading value increased to roughly VND15.3 trillion, yet market breadth remained slightly negative and foreign investors sold a net VND267 billion on HOSE for a fourth consecutive session, with FPT leading the outflow. The combination of improving turnover and persistent foreign selling suggests domestic liquidity is absorbing supply, but the index still faces resistance around the recent gap zone.
Crypto stayed firm but did not produce a full risk-on breakout. Binance showed BTCUSDT near $81,281, up about 0.4%, and ETHUSDT near $2,360, up about 0.3%. Bitcoin benefited from the Fed avoiding an immediate hike and from the latest reported US spot Bitcoin ETF inflow of $176 million, while Ether lagged as its ETF cohort recorded a $60.2 million outflow. The split between BTC and ETH flows, together with elevated Treasury yields and oil, points to selective demand rather than broad speculative acceleration.