Nasdaq ends slightly up, S&P 500 flat as Fed brings little surprise
By Sinéad Carew and Pranav
Kashyap
Wed January 28, 2026 4:58 PM
A completely expected “no change” announcement from the Fed today resulted in very little change to the indexes though tech started quite high in the morning only to immediately decline to near break-even. Even the Dow, though mostly straddling break-even all day, had its moments at times as much as 100 down and 150 up. The Mag7 was a mixed bag with Microsoft diving after its Q4 report but Meta rising though its positive report came in after close. The good news is that, though the Fed had intended to report that inflation was still too hot and employment still too unstable, they modified their statement that both factors were in better shape than previously thought.
Per today’s expert, though risks have been downsized, “There hasn’t been a meaningful enough change in the employment market to warrant the Fed doing something. There hasn’t been meaningful enough improvement in inflation to allow the Fed to be more aggressive with further cuts.” Nothing happened today to move the needle but all eyes shall remain fixed on megacap earnings coming in the next few days. Volume remains very close to the 18.29 average, coming in today at 19.03 billion.
DJ: 49,003.41 -408.99 NAS: 23,817.10
+215.74 S&P: 6,978.60
+28.37 1/27
DJ: 49,015.60 +12.19 NAS: 23,857.45
+40.35 S&P: 6,978.03
-0.57 1/28
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