Markets watch the Fed, Big Tech earnings, and fresh layoffs as investors brace for a busy Wednesday

What’s moving markets on January 28, 2026

U.S. stock futures were pointing higher Wednesday morning as investors waited for a packed day that combines a Federal Reserve policy decision with quarterly results from several of the biggest technology companies. Futures linked to the S&P 500 rose after the index closed at a record high in the prior session, while Nasdaq futures led gains as tech momentum stayed strong. At the same time, Dow futures were comparatively muted after a sharp drop in UnitedHealth weighed on blue-chip performance.

Outside equities, the day’s cross-asset picture underscored how intensely markets are reacting to policy and risk sentiment. Gold extended its run to fresh all-time highs around $3,260, reflecting both demand for inflation hedges and broader uncertainty. Bitcoin traded just under $90,000, recovering from an overnight dip and continuing a multi-day rebound. Treasury yields were little changed, but investors remained sensitive to any shift in expectations about the path of interest rates in 2026.

The Fed decision and Jerome Powell’s press conference

The Federal Reserve is scheduled to release its policy statement at 2:00 p.m. Eastern time, followed by a press conference from Chair Jerome Powell at 2:30 p.m. Markets broadly expected the Fed to hold rates steady, after the central bank cut rates three times late in 2025. Even if the headline decision matches expectations, traders typically treat Powell’s remarks as the day’s key event, looking for clarity on inflation progress, labor-market conditions, and the committee’s confidence about the direction of the economy.

Beyond the data, investors are watching the Fed amid heightened political scrutiny. The outlook for policy independence has become a notable theme in market commentary, and Powell is likely to face questions about political pressure and related investigations. For investors, the practical concern is whether the central bank can stay anchored to its inflation and employment mandate without introducing extra volatility into rate expectations.

Big Tech earnings take center stage after the bell

After the market close, Tesla, Microsoft, and Meta are due to report quarterly results, setting up a key test for a rally that has been heavily driven by megacap technology. Investors are expected to focus on guidance, artificial-intelligence spending plans, and whether revenue growth can justify valuations that have been stretched by the market’s enthusiasm for AI and cloud demand.

For Tesla, attention is expected to center on commentary about self-driving and its robotaxi expansion plans, along with updates on its humanoid-robot program and manufacturing timelines. For Microsoft and Meta, investors are likely to look for signals on cloud performance, AI product monetization, and capital-expenditure trajectories as the industry races to build out data-center capacity.

Nvidia H200 orders in China and Amazon job cuts

A separate development watched closely by tech and markets involves Nvidia’s H200 AI chips. Reports cited by Investopedia said Chinese authorities gave clearance to major domestic technology companies, including ByteDance and Alibaba, to begin placing orders for Nvidia’s H200 chips. The supply chain and regulatory backdrop around advanced AI semiconductors has been a persistent driver of sentiment across the sector, because availability can shape near-term deployment of large AI models and the pace of infrastructure buildouts.

Meanwhile, Amazon was reported to be preparing another major round of layoffs, with roughly 16,000 employees expected to be affected. Investors have been weighing the near-term impact of cost-cutting and restructuring against longer-term bets on AI investment, logistics efficiency, and margin expansion. The combination of a Fed decision, Big Tech earnings, chip-policy headlines, and job-cut announcements left markets primed for sharp moves into the afternoon and evening.