U.S. equity markets opened mixed on Thursday, January 29, 2026, as investors continued to digest the Federal Reserve's latest policy decision and a flurry of corporate earnings reports from major technology companies. While the Dow Jones Industrial Average showed a slight upward trend, the tech-heavy Nasdaq Composite and the benchmark S&P 500 experienced early declines, reflecting a cautious sentiment across the broader market.
Market Indexes Show Divergent Paths
In early trading on Thursday, the Nasdaq Composite (IXIC) was down 1.2%, and the S&P 500 (SPX) declined by 0.5%, signaling some investor apprehension following a busy earnings season and the Fed's stance. The blue-chip Dow Jones Industrial Average (DJI), however, managed to tick 0.1% higher, indicating a rotation or resilience in certain industrial sectors. As the trading day progressed, the S&P 500 later slipped a marginal 0.01% to 6,978.03, having briefly topped the significant 7,000 level. The Nasdaq Composite (IXIC) showed a modest recovery, rising 0.17% to 23,857.45, nearing record territory, while the Dow Jones Industrial Average (DJI) inched up 0.02% to 49,015.60. This mixed performance suggests investors are carefully evaluating individual company fundamentals and macroeconomic signals.
Federal Reserve Maintains Rates, Eyes Future Cuts
A key event influencing market sentiment this week was the Federal Reserve's decision on Wednesday, January 28, 2026, to hold interest rates steady. The Federal Open Market Committee (FOMC) maintained the federal funds rate in its target range of 3.5% to 3.75%. This move was widely anticipated, as the Fed continues to assess persistent inflation pressures against signs of stabilization in the labor market. Federal Reserve Chair Jerome Powell noted an improving economic outlook and a stabilizing unemployment rate during his post-decision remarks. While no immediate rate cuts were announced, CME FedWatch estimates suggest the possibility of two rate cuts later this year, with analysts leaning towards a first cut in June. The Fed emphasized its data-dependent approach, stating that future policy choices would rely on upcoming economic and financial information, including employment statistics and inflation rates.
Upcoming Market Events and Economic Data
Looking ahead, investors will be closely monitoring several key economic data releases and corporate earnings. Today, Thursday, January 29, 2026, the U.S. is scheduled to release its Weekly Initial Jobless Claims, November Trade Balance, and November Factory Orders, all of which could provide further insights into the health of the economy.
A major highlight for today's market is the highly anticipated earnings report from Apple (AAPL), one of the "Magnificent Seven" tech giants, expected after the market close. Traders are anticipating a notable movement in Apple's stock following these results, with expectations of record revenue for its fiscal first quarter. Other companies slated to report earnings this week include ExxonMobil (XOM), Chevron (CVX), American Express (AXP), and Verizon (VZ) on Friday.
Major Corporate News and Stock Movements
The earnings season continues to drive significant stock price movements. Several "Magnificent Seven" companies reported results, leading to varied reactions:
- Meta Platforms (META) saw its shares surge by almost 7.0% in after-hours trading, and up to 10% premarket, after the company exceeded analyst expectations with strong advertising revenue and controlled capital expenditure.
- Microsoft (MSFT) experienced a decline of 6.1% (and sank 9% premarket) despite beating top and bottom-line estimates. Investor concerns centered on slowing growth in its Azure cloud business and high spending on artificial intelligence initiatives.
- Tesla (TSLA) shares gained 1.9% (about 2% premarket) despite reporting softer profits and declining revenues. Investors appeared to look beyond vehicle sales, focusing on CEO Elon Musk's announcement that the company would cease production of its Model S and Model X vehicles by mid-2026 to repurpose factory space for Optimus robots.
Beyond the tech giants, other companies also made headlines:
- Texas Instruments (TXN) jumped 9.9% following a stronger outlook, primarily driven by demand in data centers. This positive sentiment extended to other semiconductor stocks, with Micron (MU) rising 6.1% and Intel (INTC) gaining 11.0%.
- AT&T (T) rose 4.7% after reporting better-than-expected fourth-quarter 2025 adjusted earnings of $0.52 per share and providing an upbeat profit view.
- Dow Inc. (DOW) announced a "Transform to Outperform" plan, which includes approximately 4,500 layoffs and aims to add at least $2 billion in near-term operating EBITDA through AI and automation. Despite beating adjusted loss estimates, shares fell 2.5% pre-bell.
- Badger Meter (BMI) saw its stock drop 11.00% after reporting a revenue miss.
- Las Vegas Sands (LVS) shares fell 11% (6% pre-market) as its Macao adjusted property EBITDA came in below analyst expectations, despite overall revenue and earnings beating estimates.
- IBM (IBM) climbed 7% (8% premarket) after reporting a 12% increase in revenue and issuing sales guidance that surpassed expectations.
- Nasdaq, Inc. (NDAQ) reported strong financial results for the fourth quarter and full year 2025, with net revenue exceeding $5.2 billion.
In the commodities market, safe-haven assets continued their impressive rally. Gold surged past $5,500 an ounce to reach fresh record highs, and silver also hit new records, trading near $120-$121 an ounce. Crude oil prices also advanced, with Brent crude trading above $69-$70 per barrel amidst geopolitical tensions.
Overall, the market on Thursday reflects a complex interplay of corporate performance, central bank policy, and ongoing economic data, leading to a dynamic and somewhat volatile trading environment as investors seek clarity on future economic direction and potential rate adjustments.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.