October 28, 2026: Milwaukee Brewers Win the World Series, Alphabet-Microsoft Earnings, More

0:02 News when you want it with Bloomberg News Now, I'm Doug Krisner, and we begin with Major League Baseball with the Milwaukee Brewers defeating the Tampa Bay Rays 4-1 in Game 5 of the World Series. This is the Brewers' first championship in franchise history and the second World Series title for the city of Milwaukee. The Brewers, in their 58th season, finished the regular season with the best record in baseball, behind an old-school approach that dominated opponents. They swept the two-time defending champion Los Angeles Dodgers on their way to the World Series, and Brewers catcher William Contreras was named World Series MVP. There was a slew of earnings news after the bell. Alphabet reported disappointing quarterly sales

0:47 and profit, and the company's equity investments generated a loss of $ 8.

0:51 7 billion.

0:52 And on top of that, The results from Google's search business were weaker than expected. We got reaction from Scott Devitt, senior research analyst at Rosenblatt Securities.

1:03 The challenge for Alphabet is it used to be the only player in terms of searching for information, and now it's one of a few players. And I think that normalization is something that can be multiple compressing to a company like Alphabet. But I don't really think this is like a structural issue. I think the growth rate off of these more difficult laps, will stabilize around these levels.

1:26 Scott Devitt there from Rosenblatt Securities. Shares in Alphabet were down 11% in late U.S. trading. We also heard from Microsoft the company reported a 48% increase in revenue from its Azure cloud business. Analysts had expected growth of 44%. Now, this would suggest the company continues to reap benefits of its massive investment in AI. At the same time, Microsoft's capital expenditures jumped 30% to $ 45. 2 billion in the quarter.

1:56 We got reaction from Gil Luria of DA Davidson.

1:59 They continue to have the most responsible approach to CapEx, which is what investors want to see. Investors want to see the acceleration in revenue with slowing CapEx. That is exactly how you define good return on investment, which is all that investors care about.

2:18 Gil Luria there from D.A. Davidson. Shares in Microsoft were up more than 3% in late trading. This morning in Seoul, Samsung reported a 15-fold surge in profit for its semiconductor division. Those numbers just missed estimates. This disappointment comes after soaring memory chip prices combined with this relentless demand from AI developers.

2:41 Somewhat revived hope for an extended run in growth for these memory chip makers. You might recall that on Wednesday in Seoul, rival SK Hynix did report very strong results. The Fed left its policy rate unchanged. That move was widely expected. But officials did not offer a clear signal on whether they might raise interest rates at their next meeting in December. Markets have assigned a 90 percent probability of a rate hike at that time. The Fed said the accumulation of more information will help the committee determine the policy stance. Here is Fed Chair Kevin Warsh.

3:15 So as we widen the frame to survey the broad economic and financial picture, Real activity is clearly pointing in the right direction. That's good news. But inflation is too high. Energy and related prices have moved higher again in recent weeks. And our job is to ensure that relative price changes in some sectors do not broaden out across the economy and that inflation expectations remain as they are anchored.

3:45 That was Fed Chair Kevin Warsh. Now, the vote to hold the Fed funds rate steady was 10 to 2. Governor Lisa Cook and Cleveland Fed Bank President Beth Hammock dissented. They preferred to raise the Fed funds rate a quarter point. Then in the media briefing, Warsh said the Fed will phase in an adjusted meeting schedule beginning next year.

4:05 We believe eight meetings per year is the right number for the FOMC. But in 2027, one meeting will focus exclusively on broad monetary policy strategy, with neither a vote on the federal funds rate nor a policy statement anticipated. The rest will be regular FOMC policy setting meetings.

4:28 Warsh said cutting the frequency would allow more information and data to accumulate between meetings. A federal judge has rejected a request from the Trump administration to stop California from processing up to 20,000 ballots. The administration is accusing the state of failing to meet a 48-hour deadline to review a list of 20,000 names the administration alleges are likely non-citizens. However, the judge warned doing so would wreak havoc on the midterm elections. This ruling comes as more than 3.7 million people in California have already voted. In Spain, a high-speed train slammed into another about 60 miles south of Madrid.

5:08 At least 68 people were killed. Spain's transport minister said the collision occurred after a rail control center mistakenly ordered one high-speed train to resume travel while others were stalled. An investigation is underway. Spanish Prime Minister Pedro Sánchez vowed to step up safety measures.

5:28 If there were failures in the security system, then obviously we have to remedy that. It is clear that we have to increase security once again because this kind of tragedy can't keep happening in a country like ours.

5:42 That is Spanish Prime Minister Pedro Sánchez speaking through a translator. The country will now observe three days of mourning. Democrats in Alaska reportedly spent months secretly working to stack the state's ballot in favor of Mary Patola, the party's nominee for Senate. The New York Times reports, operatives aligned with Patola's campaign traveled across the state in an effort to recruit candidates who could siphon votes from the Republican incumbent Dan Sullivan. They were looking, in particular, for other Dan Sullivans, and the plan worked. Next week, Paltola will be the only Democrat on the ballot facing two Dan Sullivans and a fourth long-shot candidate who was also recruited into the race. Today,

6:27 President Trump called the effort illegal.

6:30 They said they didn't do it and we caught them cold.

6:33 And Mary Paltola should resign from the race.

6:37 I think she should be prosecuted criminally for what she did.

6:41 Petola's campaign and the campaign arm of Senate Democrats deny involvement in the candidate recruitment effort. And that is news when you want it. With Bloomberg News Now, I'm Doug Krisner and this is Bloomberg.