Earnings Boost. Nearly 40 S&P 500 companies reported third-quarter results today, fueling another record run for all three major indexes.

The Dow Jones Industrial Average gained 0.3%, the Nasdaq Composite 0.8%, and the S&P 500 0.2%.

As of Friday, 145 S&P 500 companies had reported third-quarter results. Of those, 86% topped earnings expectations, estimates Wolfe Research’s Chris Senyek.

“Corporate earnings have consistently grown faster than consensus expectations since 2024,” wrote Scott Helfstein, head of investment strategy at Global X. “Performance so far for companies that have reported tell a good story for third quarter GDP.”

Earnings from Microsoft, Meta Platforms, and Alphabet, due tomorrow after the close, could help keep the rally going. Indeed, anticipation over Microsoft’s earnings helped the company break a record, too, closing with a market value greater than $4 trillion for the first time ever.

Nvidia is the only other company in the exclusive $4 trillion club. Today, it was angling to pass the $5 trillion mark, but the chip maker had to settle for $4.89 trillion at the close.

Earnings aren’t the only thing driving investor enthusiasm. The prospect of more interest-rate cuts and a potential trade deal with China continues to push stocks higher, as well.

The Federal Open Market Committee will release its monetary-policy decision Wednesday afternoon. Markets are betting that a quarter-percentage cut to the federal-funds rate is all but a done deal, bringing it to 3.75%-4%.

What the Fed does next is more uncertain. Investors expect interest rates to fall a full 1.25 percentage points below today’s range of 4%-4.25% range, according to the CME FedWatch tool. Policymakers may not be on the same page, writes my colleague, Nicole Goodkind:

On the trade front, markets are hopeful that Thursday’s meeting between President Donald Trump and Chinese leader Xi Jinping will stabilize the relationship between both countries, and possibly result in a deal that will lower fentanyl-related tariffs on Chinese imports. Barron’s’ Reshma Kapadia cautions that with so many trade-related issues on the table, it’s unclear whether any deal will be implemented immediately, or rather set in place over the course of several months.

The Hot Stock: Regeneron Pharmaceuticals +11.8%
The Biggest Loser: Alexandria Real Estate Equities -19.2%

Best Sector: Technology +1%
Worst Sector: Real Estate -2.2%

It’s uncommon for two of the world’s four most important central banks to meet at the same time. Simultaneous meetings of three of the top four are even more unusual, and it’s downright rare for all four banks’ meetings to overlap. But that’s exactly what’s happening tomorrow for the first time since at least 2021.

The U.S.’s Federal Open Market Committee is scheduled to disclose its interest rate decision Wednesday afternoon, as is the Bank of Canada. The Governing Council of the European Central Bank and the Bank of Japan both convene on Wednesday as well, but will release their decisions on Thursday.

That’s significant, given that simultaneous meetings can have a “spillover effect” on markets, writes my colleague Karishma Vanjani. “More central banks lowering rates together can make money easier globally, especially if the Fed takes part,” she writes. “Changes in the federal-funds rate can affect the value of the dollar, the global reserve currency. A weak dollar, due to U.S. rate cuts, makes U.S. goods more affordable abroad.”

There is slated to be very little synchronization this time around, given that central banks are grappling with different problems. Some are prioritizing economic support, while others are more focused on inflation, Karishma writes.

The Fed, for instance, is expected to lower rates by a quarter of a percentage point to hold up the weakening jobs market. The Bank of Canada may also cut rates again but could still opt against it if the labor market proves to be surprisingly strong or if inflation readings come in hotter than expected.

Following eight rate cuts—and with inflation in check—European policymakers are likely to keep rates unchanged. Japan’s rates could also stay the same despite prior expectations that the bank would increase them—largely because of political pressure from new prime minister Sanae Takaichi, who said last year it was “stupid” to raise rates.

Read Karishma’s full story here.

Alphabet, Automatic Data Processing, AvalonBay Communities, American Water Works, Boeing, Caterpillar, Centene, C.H. Robinson Worldwide, Chipotle Mexican Grill, Cognizant Technology Solutions, CVS Health, DaVita, Dayforce, eBay, Entergy, Equinix, Extra Space Storage, Fiserv, Fortive, GE HealthCare Technologies, Generac Holdings, GSK, IDEX, Invitation Homes, Kraft Heinz, KLAC, Masco, Mid-American Apartment Communities, MercadoLibre, Meta Platforms, MGM Resorts International, Microsoft, NiSource, Old Dominion Freight Line, Otis Worldwide, Phillips 66, Prudential Financial, Public Storage, Rollins, ServiceNow, Starbucks, Tyler Technologies, UBS Group, Ventas, Verisk Analytics, and Verizon Communications report results tomorrow.

The National Association of Realtors reports pending home sales for September. Economists forecast a 1% month-over-month increase, after a 4% gain in August.

The Federal Open Market Committee announces its monetary-policy decision.

• Jensen Huang Says Future Quantum Computers Will Use Nvidia Technology

• Berkshire’s Charlie Munger Long Chaired This Legal Publisher. Its Stock Looks Cheap.

• PayPal Stock Surges on OpenAI Partnership. Oh Yeah, It Reported Earnings, Declares Dividend, Too.

• Amazon to Slash 14,000 Corporate Jobs. It Warns of More Cuts to Come

• U.S. Signs $80 Billion Nuclear Deal With Westinghouse. Cameco and Brookfield Stocks Surge.

Barron’s Live returns on Monday. Barron’s Live features timely and actionable insights for investors. We give you behind-the-scenes conversations with the newsroom, connecting you with our editors and reporters covering the markets, the economy, and more.

Sign up here