Happy Wednesday. This is TheStreet’s Stock Market Today for Jan. 28, 2026. You can follow the latest updates on the market here in our daily live blog.

Update: 4:00 p.m.

Big Tech Earnings

Big Tech earnings are arriving now from Microsoft, Meta, and Tesla. The results below are pulled from LSEG, including estimates where relevant in parenthesis. Here are some of the initial results:

Microsoft

Microsoft, today’s biggest report, was able to best revenue expectations thanks to a 39% year-over-year increase in Azure cloud sales, surpassing already-optimistic forecasts from analysts.

  • Revenue: $81.27 billion, +17% year-over-year (vs. $80.266 billion)
  • Adj. EPS: $4.14 (vs. $3.97)

However, beating expectations by a small margin, the company’s stock is off over 5% in afterhours, likely a product of higher AI spending. The firm revealed that its spending reached a record high in the latest quarter at $37.5 billion.

That excess spending might be an industry-wide theme that could force a repricing of many AI-adjacent trades (including, hint hint, Meta.) However, it’s also likely a point of frustration, as investors might be seeing exciting growth, but not at the margins that were expected.

Meta

Social giant Meta delivered on earnings expectations, thanks to higher-than-expected advertising revenue in their fourth quarter results:

  • Revenue: $59.89 billion, +24% YoY (vs. $58.347 billion)
  • Diluted EPS: $8.88

As part of the earnings, the company warned that it would more than expected on AI capital expenditures, a sign that the company might not have been able to get ahead of booming prices for flash products and compute.

It also warned about possible impacts from legal and regulatory headwinds, including trials scheduled in the U.S. which might “result in material loss” for the firm.

Despite the note, Meta stock rose 6% in after hours trading.

Tesla

Tesla beat profit and revenue expectations in its earnings report. The news sent shares of the firm rising 3.55% in after hours after an initial decline:

  • Revenue: $24.90 billion, -3% YoY (vs. estimate of $24.79 billion)
  • Adjusted EPS: 50c (vs. 45c)

As has become increasingly common, the company emphasized future product development, namely on its Optimus robot, RoboTaxi product, and utility-grade battery system. The firm’s diversification away from being a pure-play electric vehicle producer has come amid global pressures on the auto market.

One of the big stories that come in tandem with these results is a tie-up with Elon Musk‘s other AI venture: Xai. The company will invest $2 billion in the firm and cooperate on some “potential AI collaborations.”

Update: 4:00 p.m.

Market Close

The U.S. stock market is now closed. What is expected to follow is arguably one of the economic events of the season — no, not an FOMC or a jobs report, but the results from some of the most valuable firms in the world.

Today will live in history, at least for the S&P 500. The index touched 7,000 out of the gate this morning, just hours after European semiconductor giant ASML Holdings announced positive earnings, inducing confidence Big Tech will follow suit with results of their own. In just a few moments, we’ll be tearing into the specifics from Microsoft, Meta, and Tesla.

Of course, before we get there, we have to cover the second most important event of the day: the largely uneventful Federal Reserve decision. As expected, the central bank chose to leave interest rates unchanged, citing unemployment and still-elevated inflation for a hold in the policy rate, which was left in a range from 3.50% to 3.75% after a 10-2 vote. The two dissenters, Governors Waller and recent Trump appointee Miran, both voted in favor of a 25 basis point cut.

In a largely unremarkable press conference to follow, Fed Chair Jerome Powell declined to answer “political” questions about Trump, the transition to his successor, recent Dollar volatility, and others. He did, however, answer a big question: rate cuts when? In short: likely not until he’s gone.

That was the pretense to today’s biggest move among benchmarks; the small cap-focused Russell 2000 declined nearly half a percentage point today, along with 65%-or-so of U.S. issues. However, large caps were left mostly unscathed as investors awaited Big Tech’s big results.

The Nasdaq (+0.17%) added a few bips courtesy of strength from semiconductor and computer equipment stocks, while the Dow Jones (+0.02%) and S&P 500 (-0.01%) were mostly flat, dragged down by weakness in health care, industrials, and consumer-exposed equities.

Update: 2:00 p.m. – 2:30 p.m. ET

Fed Leaves Rates Unchanged

As widely expected, the Federal Reserve kept the U.S. benchmark rate unchanged in a 10-2 vote. Rates were widely expected to remain fixed in the 3.50% to 3.75% range.

In its changed statement, the Fed cited a steadying unemployment rate and still-elevated inflation for the decision, while offering little additional context for when rates might fall this year. And, as expected, the two dissents came from Governors Waller and Miran, who voted in support of a 25 basis point cut.

On the news, small caps in the Russell 2000 (-0.40%) sank, while the S&P 500 (-0.11%), Dow (-0.02%), S&P 500 (-0.11%), and Nasdaq (+0.07%) declined from earlier levels. We’ll see how that plays out here after the press conference.

Highlights from the Press Conference

A press conference with Fed Chair Jerome Powell followed at 2:30 p.m. ET. These are the highlights:

  • Powell says that three consecutive rate cuts (0.75%) have left policy in appropriate stance; in the range of ‘neutral.’
  • Government shutdown likely affected fourth quarter growth; should reverse in the coming quarter.
  • Unemployment rate is seen stabilizing, but hiring, openings, and wage growth remain tepid; weaker immigration is a factor.
  • Powell says that inflation “remains elevated” compared with 2% goal, largely because tariffs are affecting goods.

In response to questions from the press:

  • In re: attending the Lisa Cook Supreme Court case: Powell attended as it was perhaps the “most important case” in the central bank’s history.
  • Powell did not answer questions about the Trump case, whether he would stay on, recent Dollar volatility, or the transition period to the new Fed Chair.
  • In re: future rate cuts: Powell says that there has been a clear improvement in growth, inflation performed as expected, and the labor market data showed evidence of stabilization. They have not made future determinations.
  • In re: where is neutral: Powell notes that rates are “within the plausible range of estimates.”
  • Would rate hikes be a possibility? That isn’t anybody’s base case, but that isn’t where people’s expectations are right now.
  • Powell answered a question about Fed independence and its importance, saying he was “committed” to it, along with colleagues.
  • Powell adds that “part-time for economic reasons” has ticked up, implying more Americans are taking part-time jobs because labor availability has struggled.
  • On balance: It’s hard to say if the risks are balanced.
  • On AI supplanting entry level work and jobs: “… Every technological wave will eliminate some jobs and make some other jobs … We ask if this will be different and we don’t know… In macroeconomic terms, it’s very hard.”
  • On geopolitical risk: “For us, it’s around energy [oil] and through all the turmoil, oil prices have come down — so we don’t see much. Longer than that, it’s trade and our economy has pulled through pretty well [with big changes in trade policy.] What was implemented is significantly less than what was announced; a great deal of countries have not retaliated, and many of the prices haven’t been passed through [to the consumer.]”
  • Advice for successor: “One is stay out of elected politics; don’t get pulled in, don’t do it. Another is our window into democratic accountability is Congress; it isn’t a passive burden for us to go to Congress and talk to people. If you want democratic legitimacy, you earn it through interactions with our elected overseers. Last, it’s easy to attack gov’t institutions … there isn’t a better cadre dedicated to the public wellbeing than work at the Fed.”
  • On gold and silver: “I don’t take much of a message macroeconomically.”

At the close of the conference, the Nasdaq (+0.20%), Dow (+0.01%), and S&P 500 (+0.01%). The Russell 2000 (-0.24%) continued its declines as commentary around future rate cuts were relegated for more political questions.

Update: 1:35 p.m. ET

Midday Update

Halfway through the day, stocks have paled back from gains, likely in anticipation of the Fed press conference and the after hours tech earnings. That has left the Nasdaq (+0.13%) and Dow (+0.01%) as the sole indexes in the green for the moment, while the S&P 500 (-0.09%) and Russell 2000 (-0.30%) are in the red.

Speaking of red, 61.7% (3,420) of U.S. issues are declining right now against 35.2% (1,949) that are advancing.

Among the notable declines intraday, healthcare stocks are now getting hammered — they’re now worst off among S&P 500 sectors, followed by industrials, which are also flashing a hot red hue. Meanwhile, semiconductors and computer hardware companies are still on the ups. Here’s the S&P 500 again (remember her from earlier?)

Also coming up in just a few minutes, the Fed is widely expected to keep interest rates flat, while Fed Chair Jerome Powell is expected to deliver remarks which might offer additional color on the future ahead for Fed policy. The decisions of the Fed might differ from President Donald Trump, who is expected to announce the next Fed Chair in the coming days. That announcement is expected out at 2 p.m. ET.

Midday Movers

Here are today’s midday movers, which includes the top and bottom 20 performers on the markets with at least a $2 billion market cap:

Winners

Among top performers, Applied Optoelectronics (+22.55%) is atop the market today, joined by Seagate Technology (+20.42%), Stride (+18.78%), and Intuitive Machines (+12.65%).

Intel Corp (+10.72%) is also extending its comeback trade after a relatively disappointing earnings report.

Losers

On the other end of the market, Carvana (-19.63%) is once again being attacked by a short seller; this time, they allege that the company overstated its 2023-24 earnings by over $1 billion. This isn’t the first time the company has been targeted by short sellers and investigators.

Following behind, LG Display Co (-10.09%) fell after reporting earnings results, which saw revenues decline 8% year-over-year. VF Corp. also reported earnings; by contrast, its results were pretty positive, but it warned that tariffs would weigh on the company’s quarterly results.

Update: 9:59 a.m. ET

Opening Bell

The U.S. stock market is now open. Continuing the recent pattern of ‘tech leading the way’, the Nasdaq (+0.59%) is out front this morning, joined by an S&P 500 (+0.28%) which briefly surpassed 7,000; a milestone for the index and yet another new intraday high for the index.

They owe their morning optimism to excitement around ASML Holdings’ (-0.80%) overnight earnings report, which stirred excitement about the state of the AI boom. This afternoon, a number of high-profile tech reports will be joining in the chorus, hopefully striking a bullish tone (more on that below.)

However, both indexes have since pulled back a touch. Perhaps the whole day will end up being one big ‘wait and see’ when it’s all said and done. At the same time, the Dow (+0.00%) is unmoved today, while the Russell 2000 (-0.04%) is a touch lower after the first few minutes of trading.

Heatmap: S&P 500

Speaking of which, let’s zoom in on the all-powerful S&P 500. This morning, the pockets of green seem to be coming out of the semiconductor industry — again. Chipmakers Intel (+9.43%), Texas Instruments (+8.46%), and Micron (+5.52%) are getting their bread this morning.

At the same time, some of the megacap tech are more restrained ahead of the big reports. Industrials, healthcare, and consumer defensive are even more mixed by contrast. Here’s a look at the S&P 500’s heatmap after the first 15 minutes of trading (9:45 a.m. ET):

Dollar Dominion?

This morning, Treasury Secretary Scott Bessent indicated in an interview that the U.S. would not intervene in the Japanese Yen as first reported.

This came just hours after President Donald Trump sounded comfortable about the recent decline in the Dollar at a press conference last night; call it a President Soft Dollar, Treasury Dollar Dominion attitude.

In response, the Dollar Index added 0.04%, sitting at 96.26. The Yen fell 1%.

Ahead of this afternoon’s Fed decision, the 10Y Treasury added 3 bips, rising to 4.225%. The 20Y and 30Y are 3.4 bips and 2.7 bips higher at 4.823% and 4.861%.

Despite the recent moves in the U.S. currency, the moves in precious metals have been more profound. Even after a small chip in its armor after the announcement, continuous contracts for gold (+3.64% to $5,267.70) and silver (+7.12% to $113.5) rose overnight.

Here is what else is on the docket for today:

Earnings Today: Microsoft, Meta, Tesla

Last night, semiconductor equipment giant ASML Holdings reported strong earnings, but announced layoffs of staff in both the Netherlands and U.S. in a cost-cutting bid. Following this morning were a wide array of earnings from other domestic firms, including GE Vernova, AT&T, and Starbucks:

However, the real party won’t start until after the closing bell today. A wide array of big tech earnings from Microsoft, Meta, Tesla, and others is slated for this afternoon. Excitement has already drummed up the tech-heavy Nasdaq Composite and the S&P 500:

Economic Events Today

Today, investors are expected to see the Fed’s interest rate decision after the two-day FOMC meeting; it’s widely expected to be unmoved.

At the same time, there will be an array of other minute reports today, including a swath of housing data from the Mortgage Bankers’ Association this morning, plus refreshed EIA stocks and production data.