Happy Wednesday. This is TheStreet’s Stock Market Today for Jan. 28, 2026. You can follow the latest updates on the market here in our daily live blog.

Update: 6:59 a.m.

Opening Bell

The U.S. stock market is now open. Continuing the recent pattern of ‘tech leading the way’, the Nasdaq (+0.59%) is out front this morning, joined by an S&P 500(+0.28%) which briefly surpassed 7,000; a milestone for the index and yet another new intraday high for the index.

They owe their morning optimism to excitement aroundASML Holdings’ (-0.80%) overnight earnings report, which stirred excitement about the state of the AI boom. This afternoon, a number of high-profile tech reports will be joining in the chorus, hopefully striking a bullish tone (more on that below.)

However, both indexes have since pulled back a touch. Perhaps the whole day will end up being one big ‘wait and see’ when it’s all said and done. At the same time, the Dow (+0.00%) is unmoved today, while the Russell 2000 (-0.04%) is a touch lower after the first few minutes of trading.

Heatmap: S&P 500

Speaking of which, let’s zoom in on the all-powerful S&P 500. This morning, the pockets of green seem to be coming out of the semiconductor industry — again. Chipmakers Intel (+9.43%), Texas Instruments (+8.46%), and Micron (+5.52%) are getting their bread this morning.

At the same time, some of the megacap tech are more restrained ahead of the big reports. Industrials, healthcare, and consumer defensive are even more mixed by contrast. Here’s a look at the S&P 500’s heatmap after the first 15 minutes of trading (9:45 a.m. ET):

Dollar Dominion?

This morning, Treasury Secretary Scott Bessent indicated in an interview that the U.S. would not intervene in the Japanese Yen as first reported.

In response, the Dollar Index added 0.04%, sitting at 96.26. The Yen fell 1%.

Ahead of this afternoon’s Fed decision, the 10Y Treasury added 3 bips, rising to 4.225%. The 20Y and 30Y are 3.4 bips and 2.7 bips higher at 4.823% and 4.861%.

Despite the recent moves in the U.S. currency, the moves in precious metals have been more profound. Even after a small chip in its armor after the announcement, continuous contracts for gold (+3.64% to $5,267.70) and silver (+7.12% to $113.5) rose overnight.

Here is what else is on the docket for today:

Earnings Today: Microsoft, Meta, Tesla

Last night, semiconductor equipment giant ASML Holdings reported strong earnings, but announced layoffs of staff in both the Netherlands and U.S. in a cost-cutting bid. Following this morning were a wide array of earnings from other domestic firms, including GE Vernova, AT&T, and Starbucks:

However, the real party won’t start until after the closing bell today. A wide array of big tech earnings from Microsoft, Meta, Tesla, and others is slated for this afternoon. Excitement has already drummed up the tech-heavy Nasdaq Composite and the S&P 500:

Economic Events Today

Today, investors are expected to see the Fed’s interest rate decision after the two-day FOMC meeting; it’s widely expected to be unmoved.

At the same time, there will be an array of other minute reports today, including a swath of housing data from the Mortgage Bankers’ Association this morning, plus refreshed EIA stocks and production data.

Here is the list of economic events: