Markets in Wait-and-See Mode: Equities in Limbo, Gold Under Pressure
News of Anthropic’s imminent IPO, upcoming elections in Brazil, Israel and the United States, and diplomatic efforts in the Gulf. These were the main developments driving financial markets yesterday, with little change in overall sentiment and a modest recovery in the technology sector.
Investors remain in wait-and-see mode ahead of corporate earnings releases and central bank decisions. Among the major asset classes, gold continues to struggle, while equities remain in limbo. Futures point to a flat opening for both European and US markets.
Market Weather Map
October 27, 2026
US Equities
Eu Equities
Asia Equities
Commodities
Bonds
Dollar Index
Technology
Gold
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Crypto
Market Summary
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Financial markets are showing neutral sentiment today. Intermarket analysis puts the Market Health Score at 61/100.
There are few new developments across our intermarket dashboards. Risk appetite remains subdued, with the S&P 500/VIX ratio still below its long-term moving average. The Nasdaq has staged a modest recovery, but this has not been enough to change the picture for the Nasdaq/S&P 500 ratio.
Gold’s weakness continues: the Dow/Gold ratio is climbing to period highs, while the Gold/US Dollar ratio is falling to levels last reached in July.
With oil remaining strong and commodities still trending higher, the Commodities/Bonds ratio is signaling a recovery in long-dated US Treasuries. Nothing particularly significant for now, but the ratio appears to have lost momentum and is pulling back toward late-September levels.
Turning to asset classes, we continue to monitor global bonds, which remain within the channel defined by the less volatile moving averages. Their correlation with equities has declined sharply, although it remains positive and is now below its one-year average. Global equities remain at a crossroads, trading below their medium-term moving average and within a medium-term support zone.
Global Futures – Pre-Market Sentiment
Pre-Market Futures: Global futures point to a moderate risk-on sentiment, with an average gain of 0.05%. US futures are slightly positive (+0.03%), European futures are modestly higher (+0.12%), while Asian futures are marginally lower (-0.01%).
📊 Global Futures – Pre-Market Sentiment
- FTSE MIB: +0.90%
- Nikkei 225: +0.74%
Macroeconomic calendar
On the macroeconomic front, today’s agenda includes US durable goods orders for September 2026. Also due from the United States are the latest house price figures and the Conference Board’s Consumer Confidence Index update.
On the corporate earnings front, investors will be keeping a close eye on Visa, Coca-Cola, Seagate, Boeing and Novartis.
Assets to watch
Data as of Nov 2, 2026We have split the KBMeter scores into three bands, depending on their value: Weak, Intermediate or Strong. Here you can see which bands are most at risk of changing over the next 5 days and which ones hold.
The number on the right is the share of similar past cases in which the band had changed after 5 days. The higher it is, the more likely it is to change. The arrow in the current band appears when the asset is close to the border with the neighbouring band.
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It does not say whether the price will rise or fall and it is not investment advice.
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NOTES AND WARNINGS
Data compiled by kbmeter.com. Analysis date: 27 October 2026 - 8:41 AM GMT+1
This content is provided for informational purposes only and should not be considered financial advice. All scores and assessments are based on the previous trading day’s closing prices. Futures indications refer to the date and time of the analysis.