Today, Wednesday, January 28, 2026, is a historic day for financial markets as the S&P 500 crossed the 7,000-point milestone for the first time. The surge is being driven by continued optimism surrounding artificial intelligence and anticipation of strong "Big Tech" earnings.
Market Performance
- S&P 500: Hit a record high, breaking above 7,000 for the first time.
- Nasdaq: Rose 0.4% to approximately 23,967, supported by chipmaker ASML's strong guidance.
- Dow Jones: Edged slightly lower by 0.1% (down about 63 points) as investors rotated into tech.
- Commodities: Gold prices broke through $5,300 an ounce as the U.S. dollar hit its lowest level in nearly four years.
Major Corporate Headlines
- Amazon Layoffs: Amazon officially informed staff of plans to cut 16,000 corporate jobs globally. This is the second mass layoff in three months as the company increasingly turns to generative AI to streamline operations and reduce bureaucracy.
- SpaceX IPO Rumors: Reports surfaced that SpaceX is considering a $1.5 trillion IPO in June 2026, potentially timed to align with Elon Musk’s birthday.
- ASML: The Dutch chip-equipment giant reported a strong finish to 2025 and issued a bullish 2026 forecast, citing "robust" demand for AI-related hardware. They also announced a new €12 billion share buyback program.
- Earnings Beats: Starbucks (shares up 7.5% pre-market) and Seagate Technology (up nearly 17%) reported stronger-than-expected results, while AT&T and ADP also posted beats.
- Upcoming Reports: All eyes are on Microsoft, Tesla, and IBM, which are scheduled to report after the closing bell.
Economic & Central Bank News
- Federal Reserve: The FOMC is concluding its latest meeting today. No change is expected to the current 3.50%–3.75% interest rate, but market attention is focused on Chair Jerome Powell’s press conference.
- Bank of Canada: Held its key interest rate steady at 2.25%, adopting a "wait-and-see" approach as the Canadian economy shows signs of cooling (GDP shrank 0.3% in October).
- Global Inflation: Australia and Russia released new CPI data, which is influencing regional central bank expectations.
Other Key Developments
- Telecommunications: The NTT Group announced a massive joint exhibition for MWC Barcelona 2026 (taking place in March), focusing on "Photonics-electronics convergence" to power future AI infrastructure.
- Energy: A new report on Uganda’s oil industry suggests significant delays and cost overruns for the East African Crude Oil Pipeline (EACOP), with first oil now pushed back to late 2026 or 2027.