Wall Street zigzags as the S&P 500 nears a record; UnitedHealth sinks while Meta-Corning deal lifts tech-linked names

U.S. stocks churned through another uneven session on Tuesday, January 27, 2026, as investors tried to balance a heavy earnings calendar with the start of the Federal Reserve’s policy meeting. The S&P 500 pushed higher and hovered near a potential record, but the market’s internals were messy: more stocks in the index fell than rose, a reminder that the rally is being driven by a narrower group of winners even when the headline index looks healthy. ([apnews.com](https://apnews.com/article/9490a04190f0cb649966b3b8d7724bef?utm_source=openai))

The Dow lagged badly, dragged down by a steep selloff in UnitedHealth after the company issued a revenue outlook that disappointed investors and highlighted ongoing pressure in Medicare Advantage. The decline spilled over into other health-insurance and healthcare-adjacent names, reinforcing a theme that even big, defensive companies can still shock markets when guidance shifts. Meanwhile, the Nasdaq outperformed as investors leaned back into tech and growth ahead of upcoming results from several mega-cap companies. ([apnews.com](https://apnews.com/article/9490a04190f0cb649966b3b8d7724bef?utm_source=openai))

One of the day’s biggest upside surprises came from Corning, which surged after announcing a major deal tied to Meta Platforms. The agreement—reported as a $6 billion investment—put a spotlight on the less-glamorous plumbing of the AI boom: fiber, connectivity, and the physical infrastructure required to move data at scale. The move helped offset anxiety elsewhere in the market and contributed to a “good news still matters” tone for parts of the tech supply chain. ([apnews.com](https://apnews.com/article/9490a04190f0cb649966b3b8d7724bef?utm_source=openai))

Outside of tech, the market received a mixed set of corporate signals that mirrored the day’s price action. Some companies posted strong quarterly results and announced shareholder-friendly steps like buybacks, while others pointed to softer demand or rising costs. Investors also watched job-cut announcements as another data point in the debate over whether the economy is cooling gently or more abruptly. ([apnews.com](https://apnews.com/article/9490a04190f0cb649966b3b8d7724bef?utm_source=openai))

All of this played out with the Federal Reserve expected to hold rates steady in its next announcement, while traders try to map out when cuts could resume and how persistent inflation will prove. With earnings season accelerating and macro uncertainty still high, Tuesday’s action looked less like a clean trend and more like a live stress test of which narratives can hold up under real numbers. ([apnews.com](https://apnews.com/article/9490a04190f0cb649966b3b8d7724bef?utm_source=openai))