Wall Street nears a record as earnings split investors, with health insurers hit and Big Tech lifting the Nasdaq

NEW YORK — Markets spent Tuesday, January 27, 2026, seesawing as investors tried to weigh an uneven batch of corporate results against a backdrop of policy uncertainty and an approaching Federal Reserve decision. The S&P 500 pushed higher and hovered close to an all-time high, even as the Dow slid, highlighting a market split between winners tied to technology and losers tied to healthcare and other cyclical pockets. ([apnews.com](https://apnews.com/article/9490a04190f0cb649966b3b8d7724bef))

The day’s most dramatic moves came from the health-insurance complex. UnitedHealth sank sharply even after reporting profit that broadly topped expectations, as attention shifted to management’s outlook for revenue in the year ahead. The sector’s decline was amplified by investor concerns over a lower-than-hoped projection for Medicare Advantage rate increases, a key source of funding for private plans serving seniors. Humana, CVS Health, and Elevance Health also sold off heavily as the group repriced the implications for 2026–2027 margins. ([apnews.com](https://apnews.com/article/9490a04190f0cb649966b3b8d7724bef))

On the other side of the ledger, a big infrastructure agreement helped keep optimism alive in parts of the market tied to the AI buildout. Corning surged after announcing a deal with Meta Platforms worth up to $6 billion to supply optical fiber and cable for data-center expansion—investment that also includes plans to expand Corning’s manufacturing footprint in North Carolina. That AI-related spending narrative supported tech leadership, helping the Nasdaq outperform and cushioning the broader index from the healthcare drag. ([apnews.com](https://apnews.com/article/9490a04190f0cb649966b3b8d7724bef))

Other earnings reactions were mixed. General Motors rose after better-than-expected results and announcements designed to return capital to shareholders, while UPS gained after reporting stronger profit and offering a revenue outlook that topped forecasts—even as it laid out another large round of job cuts as part of its restructuring. Airline results pulled the other direction, with American Airlines falling after profit came in below expectations. ([apnews.com](https://apnews.com/article/9490a04190f0cb649966b3b8d7724bef))

Macro watchers kept one eye on the Federal Reserve, expected to hold rates steady at its Wednesday announcement, and another on the consumer. A confidence report showed Americans grew more pessimistic, touching the lowest level in years and reinforcing the debate over whether inflation will cool quickly enough for rate cuts later in 2026. Overseas, markets broadly strengthened, with India’s benchmarks helped by news of a major trade accord with the European Union. ([apnews.com](https://apnews.com/article/9490a04190f0cb649966b3b8d7724bef))

The bigger message from Tuesday’s tape was dispersion: even with the S&P 500 near record levels, the market’s internal leadership depended on company-specific catalysts and a handful of heavyweight tech names, while entire sectors—particularly insurers exposed to Medicare Advantage policy updates—were forced to reset expectations in real time. ([apnews.com](https://apnews.com/article/9490a04190f0cb649966b3b8d7724bef))