These Two MAJOR Events will Dominate Stocks Today[Stocks](https://moneymorning.com/category/article/stocks/) # These Two MAJOR Events will Dominate Stocks Today  by Chris Johnson  October 29, 2025  Share it: ## Today’s Top & Bottom Lines – October 29, 2025 | | | | --- | --- | | #### **Pre-Market Price Check** | | **S&P 500 Futures: +0.32%** | **10-Year Yield: 3.997 (UNCH)** | | **Nasdaq 100 Futures: +0.62%** | **WTI Crude: $60.59 (-0.32%)** | | **Dow Jones Futures: +0.52%** | **Gold Futures: $3,943 (+1.07%)** | | **VIX: 16.65 (+1.52%)** | **Bitcoin (BTC): $113,000 (+0.82%)** | ## What’s Driving Stocks This Morning Two major catalysts collide this afternoon - the **FOMC rate decision** and **NVIDIA’s NVQLink rollout**. One is expected and already priced into the market. The other could reshape how investors value AI and quantum infrastructure. Start with the Fed. A 25 basis point cut is fully priced in and won’t move markets by itself. But Powell’s press conference at 2:30 p.m. ET will. Traders are laser-focused on how he addresses the recent government shutdown, the Fed’s diminished visibility into key economic data, and the impact of **China tariffs** now that President Trump is pushing to lower fentanyl-related import penalties. Looking for a game with friend? Most Obscure Question of the Presser? I’m betting one question about the **East Wing teardown**, given the Fed’s headquarters sits directly across from the site. Powell’s ability to reaffirm an easing path into December — despite noisy data — will determine whether this market keeps rallying or hits a short-term ceiling. Then there’s NVIDIA. At its GPU Technology Conference (GTC), the company unveiled NVQLink — a new open platform for integrating AI supercomputers with quantum processors (QPUs). The announcement has immediate implications across multiple sectors. Rigetti Computing (RGTI) jumped after confirming participation in NVQLink. The new interface allows researchers to connect QPUs to GPU-powered clusters across the country’s top labs, including Berkeley Lab, MIT Lincoln Lab, Oak Ridge, Brookhaven, and Sandia. NVQLink is designed to support quantum error correction algorithms, hybrid quantum-classical workloads, and AI-enhanced simulation in chemistry, materials science, and national security. The announcements fortify two things. First that the quantum movement is picking up steam quickly. Expect this group of stocks to accelerate as the year-end approaches. Second, NVIDIA is going to be a major player in the industry. Investors have been thinking that the quantum revolution will be driven by smaller development companies only – well, and IBM of course – but NVIDIA has officially put their foot in the door. The company has gone from doubting the timeline nine months ago to taking a leading role in forming it. Next-to-Bottom Line: NVIDIA is once again redefining itself to adapt to innovation. Don’t sell this stock. Today’s session is a pressure point. If Powell threads the needle on policy, and NVQLink headlines get a second wave of buying, we’ll see sector breadth expand quickly. If not, expect a fast retest of support as short-term traders fade the news.  ## Stocks on the Move (Pre-Market) **NVIDIA (NVDA) $209.00****\+ 4.0% \-** Extending gains post-GTC. NVQLink headlines expand the AI narrative. Watch for break over $215. **Rigetti Computing (RGTI) $1.77****\+ 6.7% \-** NVQLink support makes RGTI a short-term breakout candidate. Eyes on $2.00, then $2.65. **Microsoft (MSFT) $544.73****\+ 0.5% \-** Holding above short-term trendline into earnings. AI metrics in focus. **Caterpillar (CAT) $547.50****\+ 4.4% \-** EPS and revenue beat with strong industrial tone. Holding above 50-day MA. **Verizon (VZ) $40.60 +3.3% \-** Small earnings beat with reaffirmed FY25 guide. Yield buyers supporting $40 base. ## Upgrades & Downgrades **Upgrades:** - **Skyworks (SWKS):** Multiple upgrades on handset bottoming and edge-AI exposure - **Edwards Lifesciences (EW):** Jefferies sees procedures stabilizing, raises to Buy - **IQVIA (IQV):** Baird upgrade on strong bookings momentum **Downgrades:** - **UnitedHealth (UNH):** Deutsche Bank lowers to Hold on rising utilization pressure - **Stride (LRN):** BMO cuts rating after weak Q4 guide - **Qorvo (QRVO):** Morgan Stanley downgrade on conservative handset outlook ## Today’s Bottom Line – More AI Bubble Talk The trend remains bullish into today’s dual catalysts, but **Powell’s Q&A is the inflection point**. The rate cut is baked in. The press conference is where direction gets decided. If Powell maintains the easing bias and sidesteps shutdown-induced data uncertainty, the tape has room to move sharply higher - especially with **mega-cap earnings acting as a tailwind**. We’re also on the cusp of the headline earnings that matter most to retail investors. Microsoft, Alphabet, and Meta report after today’s close. Apple and Amazon follow tomorrow. These names will determine whether the recent strength in AI and cloud infrastructure has staying power. If results confirm margin expansion and top-line acceleration tied to AI adoption, we’ll likely see breakout moves from leadership stocks and new highs in the indexes. But the opposite holds, too. Weak guidance or signs of spending fatigue will shift the focus back to macro risks and tariff fallout — especially with APEC headlines in the background. That’s where volatility spikes and rotation into value and defensives could emerge quickly. The most important signal right now: **breadth is improving.** Small- and mid-cap names tied to AI, semis, and quantum hardware are starting to outperform. This is the shift the bulls have been waiting for. If Powell clears the runway and earnings deliver, expect new leadership and expanding participation. If not, use any pullback as a test of support, not a breakdown, yet. **Beat the market, without relying on brokers or biased institutions.** Email(Required) Facebook This field is for validation purposes and should be left unchanged. Subscribe By submitting your email address, you will receive a free subscription to _Money Morning!_ and occasional special offers from us and our affiliates. 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