Markets hold steady ahead of the Fed decision as Big Tech earnings loom

U.S. markets headed into Wednesday, January 28, 2026, with investors focused on two forces that can reset sentiment quickly: the Federal Reserve’s policy update and a cluster of high-profile earnings from the biggest technology companies. Futures tied to major indexes were modestly higher after the S&P 500 notched another record close, reinforcing the idea that risk appetite has returned even as rate uncertainty lingers.

The center of the day is the Fed’s rate decision, scheduled for 2:00 p.m. Eastern, followed by Chair Jerome Powell’s press conference at 2:30 p.m. Markets have been broadly expecting the central bank to hold policy steady, but traders will parse Powell’s remarks for clues on inflation, labor conditions, and how policymakers see the path for rates in 2026. Even without a change in rates, the tone of the statement and Q&A can move stocks, bonds, and the dollar.

Earnings are the other major catalyst. Tesla, Microsoft, and Meta are due to report after the closing bell, and investors are treating the updates as a test of whether the AI-driven spending boom is translating into durable growth. Microsoft’s Azure results and commentary on data-center capacity are expected to be especially influential, while Meta’s outlook and Tesla’s product and autonomy updates could reshape near-term expectations for growth and margins.

Outside of equities, investors have been watching the surge in gold—pushing to new highs—and bitcoin hovering near the $90,000 level, both of which reflect a mix of momentum trading and macro hedging. Treasury yields have also been closely monitored because shifts there quickly ripple into mortgages, corporate borrowing, and equity valuations.

The day’s headlines also highlight how geopolitics and supply chains remain intertwined with markets. Reports that Chinese authorities have cleared domestic firms to place orders for Nvidia’s H200 chips added another layer to the AI narrative, while also underscoring the ongoing complexity of export rules and cross-border approvals.

Taken together, the Fed decision plus heavyweight earnings make this a classic “macro-meets-micro” session. If the Fed stays measured and tech guidance is strong, the rally can extend; if policy messaging tightens or companies signal that AI costs are rising faster than revenue, volatility can return quickly. Either way, Wednesday is set up as a pivotal checkpoint for investors heading into the next stretch of 2026.