Morning Market Preview — January 28, 2026
Markets open cautiously higher as investors await the Fed decision and key tech earnings, with sentiment leaning constructive but highly headline-sensitive.
Market Setup
U.S. equity futures are modestly higher this morning as markets head into a major macro and earnings catalyst window. Investors are positioning cautiously ahead of today’s Federal Reserve decision while large-cap technology earnings keep sentiment constructive, particularly across the Nasdaq.
Macro & Rates
Treasury yields are relatively stable ahead of the Fed announcement, with markets widely expecting no change to policy. The focus will be squarely on Chair Powell’s commentary for signals around the timing and pace of potential rate cuts later in the year. The U.S. dollar is steady, while commodities are mixed with oil slightly lower.
What to Watch Today
- Federal Reserve rate decision and press conference
- Big Tech earnings, including Microsoft, Meta Platforms, and Tesla
- Market reaction to forward guidance rather than headline results
- Continued leadership from AI-linked and mega-cap growth stocks
Market Tone
Cautiously bullish. Risk appetite remains intact, but traders are selective and headline-sensitive. Any dovish tilt from the Fed could fuel upside momentum, while hawkish language may trigger short-term volatility without necessarily breaking the broader uptrend.
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