Markets brace for Fed decision as Big Tech earnings loom

U.S. stock futures were higher early Wednesday, January 28, 2026, as investors positioned for the Federal Reserve’s policy announcement and a burst of earnings from some of the biggest technology names.

The backdrop was a market still leaning into the tech-led rally: futures tied to the S&P 500 pointed up after the index closed at a record the prior session, while Nasdaq futures showed a stronger lift as traders anticipated results and guidance from AI- and cloud-exposed companies.

The Fed was scheduled to release its interest-rate decision at 2:00 p.m. ET after a two-day meeting, followed by Chair Jerome Powell’s press conference. With the central bank widely expected to hold steady, much of the market focus was on Powell’s tone and any signals about inflation, growth and the path of policy later in 2026.

Corporate results were set to drive volatility later in the day. Tesla, Microsoft and Meta Platforms were all due to report after the close, and investors were expected to scrutinize not only revenue and profit but also spending plans tied to AI infrastructure and data-center capacity.

Outside the U.S., chip-related headlines were also in view. Chinese authorities reportedly provided approvals that would allow a number of domestic companies to place orders for Nvidia’s H200 accelerators, a development traders interpreted as potentially supportive for parts of the semiconductor supply chain.

In corporate restructuring news, Amazon was reported to be preparing another round of job cuts, with about 16,000 positions expected to be affected, adding to investor debate about how aggressively major companies are reshaping costs while continuing to invest in AI.

As the day’s key catalysts approached, investors also kept a close eye on cross-asset signals, including moves in gold and cryptocurrency markets, for clues about risk appetite ahead of the Fed’s update.