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 quarterly capital expenditures and finance leases came in higher than analysts expected.
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.