The Ibex is supported by Santander

Major European stock indices are slowing down ahead of the flurry of key economic data releases. The outcome of the Fed meeting will be known after European markets have closed. Until then, the Ibex is being supported by gains in Santander, which is in the spotlight due to its results, to offset losses in Ferrovial and Aena.

Markets are counting down to the start of a nearly non-stop 26-hour barrage of crucial events . This whirlwind will begin at 7:00 PM Spanish time, when the US Federal Reserve announces the outcome of its meeting today. The 25-basis-point rate cut is widely expected, so all eyes are on the Fed's message regarding potential further reductions.

Expectations of further interest rate cuts continue to fuel the tech rally. Orders such as the one issued by the US Department of Energy to Nvidia have reignited optimism about the sector. The Nasdaq extended its record highs yesterday, and this morning in Asia, the Nikkei further boosted its gains by another 2.3%.

Starting tonight, the technology sector faces a major test. In addition to the news from the Fed meeting, five of Wall Street 's "Magnificent Seven" will have to pass the test of their earnings reports between today and tomorrow.

The Spanish stock market is also facing more hectic days with the release of local earnings reports. International indicators suggest the possibility of further gains for the Ibex, although the index's limited weighting in technology sectors is mitigating this momentum. The boost is once again coming from the banking sector. The Ibex is recovering after hitting intraday lows below 16,000 points. Santander's surge is leading the Ibex rebound, pushing it to new record highs above 16,100 points.

Santander is the star of the earnings season. The bank has posted a profit of €10.337 billion between January and September, 11% higher than a year ago, thanks to strong performance in Spain and the US and lower costs. Santander's share price has accelerated its gains to 4%, reaching a 100% increase for the year. BBVA is following Santander's lead, and on the eve of its results , its market capitalization has reached €100 billion .

Investors reacted more coolly to the results of other Ibex 35 companies such as Aena and Ferrovial . The construction and concessions company corrected its streak of record highs after publishing its financial results. Aena 's shares also declined.

The Ibex 35 continues to benefit from the support of Indra . The star performer of the year has reached the €50 mark in its upward climb, the result of a rally approaching 200% since January.

European equities are pausing their climb to new all-time highs. Investors are overwhelmed today by the avalanche of local earnings reports, while cautiously awaiting the data coming from Wall Street this afternoon. The pan-European Stoxx 600 index remains in record territory, just above 575 points.

Today's corporate calendar features a surge in earnings reports. The release of these results triggers declines in stocks such as Telenor, Nordic Semiconductor, Moncler, BIC, Fortum, Aston Martin, and Outokumpu . European stock market indices, in turn, receive a boost from the earnings reports of companies like UBS, Deutsche Bank, Mercedes-Benz, BASF, Adyen, Next, and Glencore .

Investors are taking advantage of the last few hours of respite before the Fed meeting concludes and the other economic indicators that will be released in just over a day. Bond yields are postponing their most significant changes. The yield on the 10-year US Treasury note remains hovering around 4%. In Europe, the German Bund is yielding around 2.60%, and the Spanish 10-year bond around 3.15%.

The mild portfolio adjustments in the foreign exchange market ahead of the Fed meeting tend to favor the dollar . The euro is seeing its margin above the $1.16 level narrow, and the British pound is extending its retreat and is now threatened by the $1.32 mark.

The day puts a halt to the oil price rally. Brent crude falls back to $64 a barrel, moving further away from the highs of $66 reached at the start of the week.

The dollar's attempts to strengthen did not prevent gold 's rebound this time. The precious metal halted its slump with a surge that even allowed it to recover the $4,000 per ounce mark at its intraday high.

Bitcoin 's price is showing more restraint today. The largest cryptocurrency is awaiting news from the Fed, anchored near $113,000.