A television station broadcasts the Federal Reserve’s decision to hold rates after a Federal Open Market Committee (FOMC) meeting on the floor of the New York Stock Exchange (NYSE) in New York, US, on Wednesday, Jan. 28, 2026.
Michael Nagle | Bloomberg | Getty Images
S&P 500 futures were near the flatline on Wednesday night after the release of key earnings reports from big tech companies and the latest Federal Reserve rate decision.
Futures linked to the broad market index were little changed. Nasdaq 100 futures were up 0.2%, while Dow Jones Industrial Average futures slipped 92 points, or 0.2%.
In extended trading, Meta Platforms added 8% after the Facebook parent gave a stronger-than-expected first-quarter sales forecast. Tesla shares advanced 2% after the company’s fourth-quarter results beat expectations. Microsoft shares fell nearly 7% as cloud growth slowed in the fiscal second quarter and the company gave soft guidance on operating margin in the fiscal third quarter.
Spot gold surpassed the $5,500 mark in overnight trading, and it was last up nearly 2%. The yellow metal, long viewed as a safety asset, has been surging to new records as the U.S. dollar continues to slide.
In Wednesday’s regular session, the S&P 500 briefly topped the 7,000 threshold, but ultimately ended the day little changed after the Fed kept its benchmark interest rate at a range of 3.5% to 3.75%. The 30-stock Dow added just 12 points. The tech-heavy Nasdaq Composite climbed about 0.2%, aided by advances in Nvidia and Micron Technology.
In its post-meeting statement, the policy-setting Federal Open Market Committee said that indicators are suggesting that “economic activity has been expanding at a solid pace” and that the unemployment rate “has shown some signs of stabilization.” Still, fed funds futures trading are still pricing in two quarter percentage point cuts by the end of 2026, according to the CME FedWatch Tool.
“The Fed statement was largely as expected, and markets tend to move on surprises,” said Sameer Samana, Wells Fargo Investment Institute head of global equities and real assets. “We are looking to earnings and economic data to drive the next leg higher, but also would not be surprised to see some midterm-elections related volatility in 2026.”
Investors are awaiting Apple’s fiscal first quarter earnings report on Thursday after the bell. Mastercard, Caterpillar and Lockheed Martin are also set to post results.
On the economic front, traders will be watching for weekly jobless claims, durable orders and wholesale inventories.
Spot gold tops $5,500 in overnight trading
Spot gold surpassed $5,500 per ounce overnight on Wednesday night.
The yellow metal, long viewed as a safety asset, has been on a hot streak as of late. Earlier Wednesday, gold traded above $5,300 and ended the session up after the Federal Reserve held steady on interest rates.
The run higher in gold is occurring as the U.S. dollar weakens. On Tuesday, the greenback posted its worst one-day decline since April 2025, touching its lowest level since February 2022.
Spot gold was last up 2%.
Intraday spot gold
—Darla Mercado
Elon Musk says Tesla ending Models S and X production, converting Fremont factory lines to make Optimus robots
Tesla CEO Elon Musk said on Wednesday that the automaker is ending production of its Model S and X vehicles, and will use the factory in Fremont, California, to build Optimus humanoid robots.
“It’s time to basically bring the Model S and X programs to an end with an honorable discharge,” Musk said on the company’s fourth-quarter earnings call. “If you’re interested in buying a Model S and X, now would be the time to order it.”
The two models are Tesla’s oldest vehicles, and in recent years the company has slashed prices as global competition for electric vehicles has soared. Tesla started selling the Model S sedan in 2012, and the Model X SUV three years later. Tesla’s far more popular models are the 3 and Y, which accounted for 97% of the company’s 1.59 million deliveries last year.
In its earnings announcement on Wednesday, Tesla reported its first annual revenue decline on record, with sales falling in three of the past four quarters.
Shares of Tesla were 2.3% higher in extended trading Wednesday.
— Lora Kolodny, Ari Levi
Microsoft, Southwest Airlines, Meta, Tesla and others move in after-hours trading
Check out the companies making headlines in after-hours trading.
- Microsoft — Microsoft shares dropped almost 5% in extended trading. Capital expenditures and finance leases in the fiscal second quarter came in at $37.5 billion, surpassing the $34.31 billion consensus estimate from Visible Alpha. Adjusted earnings came out at $4.14 per share, higher than consensus expectations of $3.97 per share, according to LSEG. Microsoft’s revenue of $81.27 billion for the quarter was also higher than the expected $80.27 billion.
- Southwest Airlines — Shares of the carrier jumped about 6% after Southwest Airlines forecasted a surge in 2026 profits on the back of its business model overhaul. Southwest said it expects to earn, at minimum, an adjusted $4 per share in 2026. That’s higher than the $3.19 analysts expected, according to estimates from LSEG.
- Meta Platforms — Shares of Meta added 9%. The social media giant called for first-quarter sales to range from $53.5 billion to $56.5 billion, topping the analysts’ consensus call for $51.41 billion. Fourth-quarter earnings came in at $8.88 per share on revenue of $59.89 billion, while the LSEG consensus sought $8.23 per share and $58.59 billion. Meta’s Reality Labs unit recorded a greater operating loss than expected.
For the full list, read here.
— Pia Singh
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