Fed expected 25 bps cut on Oct 29, Jim Cramer highlights megacap

The Federal Reserve is poised to lower its target range by 25 basis points to 3.75%‑4% on the afternoon of Oct. 29, a move that could set the tone for the week’s biggest megacap earnings releases [2].

Fed policy and market backdrop

The October Fed meeting is expected to deliver a 25‑basis‑point reduction, the first cut since the previous meeting, bringing the policy range to 3.75%‑4% [2]. The announcement will be closely watched for any clues about the central bank’s longer‑term stance, especially after the post‑meeting news conference with Chairman Jerome Powell. Ahead of the decision, S&P 500 futures rose, reflecting the index’s record‑high close the day before [2]. Treasury yields have remained relatively flat, suggesting that bond markets have already priced in a modest easing.

Megacap earnings and new AI‑related listings

Cramer’s watchlist places the earnings of Microsoft and Meta Platforms after the bell on Oct. 29 at the center of market attention, while Apple and Amazon are slated to report the following evening [2]. The focus on these firms underscores the “megacap march” he describes, with AI‑driven growth expectations driving investor sentiment. In addition, South Korean memory‑chip leader SK Hynix is set to debut on the Nasdaq on Friday, offering U.S. investors a fresh conduit to the AI boom, though Cramer warned of “significant risks” associated with the new listing [1].

Other notable items on Cramer’s list

Beyond the Fed and earnings, Cramer highlighted several company‑specific themes: a bullish outlook on Apple’s market cap after it briefly topped $4 trillion, a price‑target hike for Corning following a post‑earnings dip, and a positive cash‑flow turn for Boeing after a loss‑laden third quarter [2]. He also noted Nvidia’s “super duper” Blackwell AI chips being discussed in a Trump‑Xi meeting, and a series of price‑target upgrades for Nvidia from multiple banks [2].

What to watch

• Fed decision: Any language from Powell indicating further rate cuts or a shift in inflation outlook.
• Megacap earnings: Post‑market results for Microsoft and Meta, and next‑day reports from Apple and Amazon.
• SK Hynix debut: Initial trading price and volume on the Nasdaq, which could signal investor appetite for AI‑related chip exposure.

The Fed’s anticipated rate cut and the cluster of megacap earnings together create a pivotal moment for equity markets, with the direction of the S&P 500 likely hinging on whether policy easing and corporate results reinforce each other or diverge.