CNBC Market Close Update: Fed Holds Rates Steady, Tech Earnings, and Oil Prices Spike

A CNBC market close report hosted by Jessica Edinger covers the Federal Reserve's decision to hold interest rates steady, the day's market moves, and the key stories investors are watching heading into Thursday. The update combines analyst commentary from JPMorgan, D.A. Davidson, Dynamics, and Deutsche Bank with reporting on corporate earnings, the AI trade, midterm elections, and energy markets.

■ Market and Federal Reserve
- Fed holds rates steady, citing a solid economy but elevated inflation, with a December rate increase still possible
- Wednesday's closes: Dow +97 points, S&P 500 +21, Nasdaq +72
- JPMorgan's David Kelly on why inflation may moderate on its own and why the Fed need not rush

■ Corporate Earnings and AI
- Microsoft's better-than-expected quarterly results, driven by stronger cloud growth
- Alphabet's disappointing results and its after-hours share decline
- D.A. Davidson's view on the valuation of both names
- A big-picture perspective on the AI trade and how today's leaders may not remain leaders

■ Elections, Energy, and What's Next
- Deutsche Bank's view on how stocks have historically performed in the fourth quarter after midterm elections
- Oil price spike after Houthi attacks on a Saudi refinery, with U.S. crude topping $130 a barrel and national gas averages rising
- Thursday's watch list: earnings from Amazon, Caterpillar, Eli Lilly, and Merck, plus weekly jobless claims and GDP data

Those seeking a compact briefing on macro conditions, mega-cap tech results, and near-term market catalysts will find a useful overview here. The report presents analyst views and data points rather than individualized investment guidance, so viewers can use it as a starting point for their own research.