Stock futures rise as investors await the Fed and Big Tech results; gold hits new highs and layoffs expand

Investors position for Fed day and heavyweight earnings

U.S. markets opened January 28, 2026 with a familiar but potent combination: a Federal Reserve decision in the afternoon and after-hours results from multiple technology bellwethers. Futures indicated a higher open for the S&P 500 and a stronger move for the Nasdaq, reflecting ongoing enthusiasm around the tech trade even as investors brace for potential volatility from policy signals and guidance.

The Dow’s tone was more cautious after a steep, session-defining move in UnitedHealth, a reminder that single-name shocks can still disrupt indexes even in a market dominated by mega-cap growth. The day’s setup also included active discussion about the cost of capital, the resilience of corporate margins, and whether 2026 will bring renewed inflation pressure or a softer landing.

Gold and bitcoin underscore risk and liquidity themes

Gold continued its surge, setting new highs around $3,260 as traders balanced optimism in equities with demand for hedges. In parallel, bitcoin traded just under $90,000 after an overnight dip, extending a multi-day climb. The coexistence of record equities, record gold, and elevated crypto prices captured the market’s split mindset: confidence in liquidity and growth narratives, paired with caution about policy and geopolitics.

Treasury yields moved only modestly, but the rate backdrop mattered. Borrowing costs influence everything from housing affordability to business investment, and investors have been hypersensitive to any hints about how long the Fed intends to keep policy restrictive, particularly after a series of rate cuts late in 2025.

Layoffs and restructuring remain a corporate undercurrent

Beyond macro headlines, cost-cutting remained a defining corporate theme. Reports highlighted that Amazon is undergoing another major layoff round, with about 16,000 employees expected to be affected. For investors, the question is whether these cuts are primarily defensive—responding to slower growth and higher financing costs—or strategic, aimed at reallocating resources toward capital-intensive priorities like AI infrastructure.

The broader market has been oscillating between two interpretations of layoffs: as a warning sign about demand, and as a catalyst for improved margins. Either way, workforce reductions have become an increasingly common feature of earnings season narratives and are often addressed directly in guidance and analyst Q&A.

Why this day matters for 2026 expectations

With three major tech earnings and a Fed decision landing the same day, January 28 became a checkpoint for the market’s two biggest questions: can AI-driven investment deliver growth fast enough to justify valuations, and will monetary policy stay stable enough to keep risk assets supported? The answers will emerge not only from the Fed’s statement but from the tone of management commentary and the market’s reaction to forward guidance.