Stock Market Today Updates: Dow Jones, S&P 500, Nasdaq; Indices Mixed Ahead of Fed, Tech Earnings

Global markets presented a mixed picture on Wednesday, January 28, 2026, as U.S. indices diverged ahead of major economic news. The tech-heavy Nasdaq Composite and the S&P 500, which briefly touched the historic 7,000-point barrier for the first time, traded slightly lower, while the Dow Jones Industrial Average slightly up.  The day’s muted, split action highlights a market in a holding pattern, cautiously awaiting the U.S. Federal Reserve’s interest rate decision and a slate of key technology company earnings reports. Meanwhile, Indian markets rallied strongly for a second day, propelled by optimism from a new trade agreement with the European Union.

U.S. Market Snapshot (as of Jan 28)

S&P 500: A Historic Touch at 7,000

The broader S&P 500 index briefly crossed the historic 7,000-point threshold for the first time in history, reaching an intraday high of 7,002.28. This landmark moment underscores the market’s underlying strength and bullish long-term sentiment. But by the middle of the session, the index had lost those gains and was trading little down. Its behavior serves as a gauge for a market that is hopeful but reluctant to commit prior to significant news events, falling between the Dow’s gain and the Nasdaq’s slight decline.

Dow Jones: A Modest Rebound

The Dow Jones Industrial Average rose 0.08%, marking a modest recovery from its previous session’s 0.86% decline. The blue-chip index’s performance suggests a degree of stability and selective buying in more traditional industrial and financial sectors. This recovery suggests that, as investors reevaluate risks ahead of the Fed’s speech, the steep, healthcare-driven sell-off from the previous day—led by stocks like UnitedHealth Group—may have found short-term support.

Nasdaq: Tech Pauses Before Big Earnings

The Nasdaq Composite dipped slightly by 0.04%. This halt comes as investors prepare for earnings releases from major giants including Microsoft, Meta Platforms, and Tesla after the market closes, following a robust 0.90% increase in the previous session. While the larger tech sector seemed to consolidate its gains while awaiting new catalysts from corporate results and the Fed’s direction, the early session was bolstered by strength in semiconductor stocks following favorable reports from companies like Texas Instruments.

What’s Driving the Cautious, Split Market?

The mixed signals from the major U.S. indices point to a market carefully balancing several powerful forces:

The Federal Reserve in Focus: The dominant theme for the day is the upcoming Federal Open Market Committee (FOMC) interest rate decision. Investors are universally on hold, parsing every word for clues on the future path of inflation and rate cuts. This event has the power to redefine market direction for weeks to come.

Earnings Season Crosscurrents: Early positive results from chipmakers fueled initial optimism, particularly around AI-related investments. But for the mega-cap tech reports that are due after the bell, the market is currently in “wait-and-see” mode. While disappointments could lead to a wider decline, strong results could rekindle the rise.

A Stable Geopolitical Setting: Unlike the last session when U.S.-Iran tensions clearly drove markets (lifting gold to record highs), today’s trading suggests those worries have eased. Other stories now dominate as investor focus has decisively shifted toward company fundamentals and domestic monetary policy rather than global political flashpoints.

Indian Markets: Strong Rally on Trade Deal Optimism

Indian markets continued their upward path, clearly outperforming global peers for a second straight day today. The rally was firmly driven by ongoing optimism around the newly finalized India-EU Free Trade Agreement.

Index Performance Summary (as of Market Close, Jan 28)