News
The day at a glance · 4 min read
Mood · Risk-On
+68
Sentiment, −100 to +100
Fed Funds Target Rate
3.75%-4%unchanged
Federal Reserve Policy
ICE Q3 Revenue
$2.8B+15%
Capital Markets Activity
ICE Q3 Adj. EPS
$2.02+18%
Capital Markets Activity
Key driverStrong payment network earnings and capital markets activity drove financials higher despite Federal Reserve holding rates steady with hawkish dissent
Daily briefFinancials· Money365.Market AI ·

Fed Holds Steady; Mastercard, ICE Power Sector Rally

Payment networks surge on strong earnings; Fed keeps rates at 3.75%-4% with dissent from two officials favoring hikes

Federal Reserve Policy

Neutral
CME
01
The Federal Reserve held its benchmark interest rate steady at 3.75%-4%, in line with market expectations. The vote was 10-2, with Fed Governor Lisa Cook and Cleveland Fed President Beth Hammack in favor of a quarter-point hike. The decision comes as markets assess whether the Fed will move rates in December, with dissenting voices signaling continued concern over inflation dynamics.

Capital Markets Activity

Bullish
01ICE▲ +4.54%
Intercontinental Exchange (ICE) reported third-quarter net revenue of $2.8 billion, up 15%, with adjusted diluted earnings per share of $2.02, up 18% from $1.71 and above estimates. The company also pulled forward the expected close of its MarketAxess acquisition, signaling confidence in expanding its fixed income trading capabilities. Shares jumped 6% in the afternoon session following the announcement.
02GS
Goldman Sachs Group (GS) is in negotiations to purchase a controlling stake in South Korea's Tmap Mobility, according to market reports. The potential acquisition represents continued expansion of Goldman's alternative investments and private markets presence.
03GS
Bank of America (BAC) and Goldman Sachs (GS) showed contrasting quarterly revenue trends, highlighting different business model approaches among Wall Street giants. The divergence underscores how traditional lending-focused institutions and capital markets-driven firms are navigating the current rate environment.

Payments & Networks

Bullish
01MA▲ +4.16%
Mastercard Incorporated (MA) released its Q3 2026 earnings presentation, with shares climbing to a 52-week high amid strong quarterly results and positive company catalysts. The payment network's performance reflects continued strength in transaction volumes and cross-border activity.
02V▲ +2.48%
Visa Inc. (V) announced a partnership with Tencent on cross-border payments and AI. The companies plan to extend their cross-border remittance work through Visa Direct, positioning the network to capture growth in international payment flows and leverage artificial intelligence for enhanced payment processing.

Banks & Capital Activity

Neutral

JPM Senior Notes Coupon

6.00%new issue

JPM YTD Return

5.56%+vs prior year

JPM 1-Year TSR

13.17%+total return
01JPM
JPMorgan Chase (JPM) has been active in the debt markets this month, completing several fixed income offerings that include new 6.00% senior unsecured notes due 2038, which are callable at the issuer's discretion. The bank's share price has climbed 5.56% year to date, with a 1-month return of 2.57% and a 1-year total shareholder return of 13.17%, suggesting moderate positive momentum after a 90-day decline of 2.33%.
02JPM
JPMorgan (JPM) initiated coverage on Palantir Technologies with an overweight rating and a $262 price target, predicting a rally of over 30% driven by strong AI demand. The bullish call reflects the bank's equity research view on artificial intelligence growth catalysts.
03BAC
Bank of America (BAC) now values Google's core search business at about 10 times earnings, against 18.7 for the S&P 500, following Alphabet's worst day as a public company. The research call highlights how the bank's equity analysts are reassessing big tech valuations after search revenue missed forecasts and free cash flow went negative.

Asset Management & Wealth

Bullish

Private Markets AUM Forecast 2031

$34tn+projected growth

Private Equity AUM Forecast 2031

$11.6tn+projected growth
BLKSCHW
01
Private markets assets are forecast to exceed $34tn by 2031, according to Preqin. Private equity is forecast to reach $11.6tn in assets by 2031, assisted by rebounding performance and capital distributions. The projections underscore continued institutional and retail appetite for alternative investments despite market volatility.
02SCHW
Charles Schwab Corporation (SCHW) released a survey finding registered investment advisors are shifting growth focus beyond assets under management to new clients and referrals. Advisors are increasingly measuring success through client acquisition and referral generation rather than just assets, as firms brace for a tougher organic growth landscape. Schwab says AI adoption has moved past experiments, with president and CEO Rick Wurster stating that AI integration is helping the company streamline operations and create new pathways to engage with clients after Schwab announced investment in AI startup Nevis.

Looking Ahead

Neutral
CMEBAC
01
Market participants are assessing whether the Federal Reserve will implement a rate hike in December following this week's hold decision and the 10-2 dissent favoring tightening. The upcoming October jobs report will provide critical data on employment trends across sectors including finance, health care, manufacturing, and defense. With private markets growth accelerating and payment networks demonstrating resilient transaction volumes, the financial sector faces a mixed environment of strong earnings momentum offset by persistent uncertainty around the Fed's policy path and regulatory developments.

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