Stock market today: S&P 500 slips from record as Fed stands pat, Nasdaq rises before Big Tech earnings flurry

January 29, 2026 - 05:26

The S&P 500 retreated slightly from its recent record high in Wednesday's session as investors digested the latest Federal Reserve policy update and braced for a flood of earnings from market-leading technology giants. The central bank, as widely expected, held interest rates steady, maintaining its current restrictive stance while acknowledging a lack of further progress toward its inflation goal.

While the broader market dipped, the tech-heavy Nasdaq Composite managed to eke out a gain, highlighting the concentrated focus on the sector poised to report results. All eyes are now fixed on the impending earnings flurry from key members of the so-called "Magnificent Seven," with reports from Microsoft, Meta Platforms, and Tesla due after the closing bell.

These results are seen as a critical test for the market's recent rally, which has been heavily driven by optimism over artificial intelligence and robust corporate profits. Investors are keenly parsing the Fed's commentary for clues on the timing of potential rate cuts later this year, but the immediate catalyst for market direction now shifts squarely to corporate performance and guidance from these industry bellwethers. The collective outlook from these tech titans will likely set the tone for equity markets in the weeks ahead.