Stock Market Update Wednesday January 28, 2026
- Jan 28
- 2 min read
Stock Market Update Wednesday January 28, 2026 The SPX briefly pushed above the 7,000 level early in the session before fading, spending most of the day chopping sideways near unchanged as traders waited on Powell’s press conference and Mag7 earnings after the close. Sector performance was mixed. Tech traded firmer, while healthcare and industrials lagged. Small caps extended their recent underperformance as flows remained concentrated in mega-caps. Even so, IWM is still up roughly 7% YTD after a strong January breakout.
After hours: MSFT is down 4% on earnings after trading as much as -7% earlier. META is up 7%, TSLA +3%, and IBM +8%. Conference calls are still ahead. SPY and QQQ initially traded lower on MSFT’s gap down but have since turned green in after-hours action.
Score Board:
SPX flat
QQQ +0.3%
IWM -0.5%
Away From Stocks: Gold extended its parabolic move, up another 5% and starting to feel increasingly stretched. This comes despite a modest early bounce in the dollar that faded into the close. DXY sits at 96.32. Treasury yields drifted higher into the Fed decision and held those gains afterward, with the 10Y just below 4.25%. Volatility remained contained through the FOMC and Mag7 earnings. The VIX closed at 16.35.
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