Editor's Note: Larry Benedict — the hedge fund legend who beat the S&P 500 by 18 times in 2025 and made his clients $95 million during the 2008 crisis — says Trump's installation of a new Federal Reserve chair is triggering the most significant shift in U.S. markets in nearly 20 years. He has already identified the one ticker he believes will be at the center of the money flows — and he's revealing it completely free. Click here to see the details or read more below…

Dear Reader,

You could have the chance to make big gains from the Federal Reserve’s next move…

But if you wait until its October 28 announcement, you could miss it.

Click here to see the ticker I'm watching, because the money may start moving before Warsh announces their decision.

He’s just raised rates for the first time in more than three years…

The Fed has already signaled another hike could be on the way…

Which means you have a brief window of opportunity to get positioned in one ticker I know very well.

In fact, with this ticker, even a small movement in it can more than double your money.

For example, in January 2022, as the Fed prepared to raise rates, this ticker moved just 4%.

But readers who followed my trade had the chance to make 117% in under a month.

If I’m right, the setup that’s forming could be even bigger this time around.

And you can get started with as little as $300.

I give away the name of the ticker in my short briefing.

Click here and watch it now or risk missing out on this move.

Regards,

Larry Benedict
Founder, The Opportunistic Trader

P.S. The trade could start taking shape before the next Fed announcement so it's critical you are positioned before October 28. See my free pick and learn how to position here.

Wall Street pushed higher Tuesday. The Nasdaq gained about 1.1%. The S&P 500 rose about 0.5%. The Dow was nearly flat. Consumer confidence jumped to 91.7, far above expectations. Chip stocks rallied. Oil fell.

The 10-year Treasury yield held near 5%. And investors moved into Wednesday with two huge tests ahead. The Fed. And Big Tech earnings. Tuesday was a relief rally. Now the market has to prove it can survive the next 24 hours.

Tuesday, October 27

Tuesday came down to three things. Consumers felt better. Oil fell. And AI stocks kept recovering. That was enough to push the Nasdaq sharply higher. But this was not a clean all-clear. The 10-year is still near 5%. Inflation remains high. Oil is still expensive.

And the Fed is about to tell markets whether another rate hike is coming later this year. At the same time, Alphabet and Microsoft are preparing to report. That makes Wednesday one of the most important sessions of the month.

The biggest economic surprise came at 10 a.m. The Conference Board Consumer Confidence Index jumped 7.5 points to 91.7. Economists expected roughly 81. September was revised up to 84.2.

That is a major beat. The Present Situation Index rose to 120.4. The Expectations Index climbed to 72.6. Consumers also felt better about jobs and business conditions. That matters because household confidence had been falling for months. Tuesday broke that trend.

The confidence jump looks strong. The details are more mixed. Consumers still expect inflation to remain high. Average 12-month inflation expectations stayed elevated at 5.8%. Plans to buy homes and cars weakened slightly. Expected spending on many durable goods also fell.

The Expectations Index remained below 80. That matters because confidence improved. But households are not suddenly comfortable. They still feel the cost of high prices and expensive borrowing.

Oil helped. Crude prices fell again Tuesday after surging above $115 last week. WTI moved back toward $100. Brent also pulled lower. That matters for two reasons. First, lower oil reduces immediate inflation pressure. Second, it makes the Fed’s job slightly easier.

Energy has been one of the biggest reasons inflation moved higher this fall. Any sustained drop in crude gives both households and policymakers breathing room. But oil is still far above normal levels. One down day does not solve the problem.

Semiconductors helped drive the Nasdaq higher. That is important after the violent AI selloff earlier this month. AMD rose. Broadcom gained. Dell jumped. Western Digital surged.

Investors continued buying back the companies that were hit hardest during the October correction. That tells us AI demand has not disappeared. The market is simply becoming much more selective. Companies with clear revenue growth are getting rewarded. Companies that rely heavily on debt and future promises are getting questioned.

SoFi was one of Tuesday’s biggest winners. Shares surged about 15% after the company beat quarterly expectations and raised its full-year revenue outlook. That matters beyond one stock. It shows investors are still willing to pay for clear earnings momentum. The market has become harder to impress. But strong numbers still work. That is the environment heading into the biggest technology reports of the week.

Boeing moved the other way. Shares fell roughly 10% after the company reported a larger-than-expected loss and weaker delivery expectations. That helped keep the Dow from participating in the broader rally. It also shows how unforgiving this earnings season has become. A weak report gets punished fast. A strong one can still get rewarded. The market is separating winners from losers much more aggressively.

Treasury yields barely moved. The 10-year held near 4.99%. That is important. The Nasdaq rallied more than 1% without a major drop in yields. Earlier this month, technology needed lower rates to breathe.

Tuesday showed that strong earnings expectations can still support growth stocks even with long-term yields near 5%. But that test becomes much harder after the Fed speaks.

The Federal Reserve is widely expected to leave rates unchanged Wednesday. The current target range is 3.75%–4.00%. That means the decision itself may not be the main event. The language will matter more.

Investors want to know whether another hike remains likely in December. Inflation is still above target. Oil remains high. But AI-related market stress has tightened financial conditions. The Fed now has reasons to wait. It also has reasons to remain hawkish. That balance will drive bonds and stocks after the decision.

Then comes the second test. Alphabet. Microsoft. Amazon later in the week. These companies sit at the center of the AI buildout. Together, major hyperscalers are spending hundreds of billions of dollars on chips, data centers and power.

Investors already know spending is huge. Now they want proof that revenue is keeping pace. Cloud growth. Cash flow. Margins. Capital spending. Those numbers matter more than ever. The AI selloff earlier this month changed the standard. Growth alone is no longer enough. The returns have to justify the cost.

That issue became even clearer this week. Meta expanded its planned equity raise to as much as $97.5 billion to fund AI expansion. Nvidia, AMD and Broadcom have shown interest in participating. The number is enormous. It also captures the new tension around AI.

Demand remains strong. Investment remains huge. But the funding needs are getting larger. That puts more pressure on companies to show real returns. The next round of Big Tech earnings will be judged through that lens.

Tuesday left markets with a short list of hard numbers:

Tuesday gave Wall Street something it had been missing. Better consumer data. Lower oil. And another AI rebound. The Nasdaq gained more than 1%. Confidence jumped far above expectations.

The 10-year stayed below 5%. But the easy part ends here. The Fed speaks Wednesday. Alphabet and Microsoft report. And the market finally gets to test whether stronger confidence and another AI rally can survive 5% money. Confidence jumped. Tech rallied. Now the Fed and Big Tech have to validate it.