New York, Jan 24, 2026, 12:28 EST — Market closed.
- Big Tech shares ended Friday mixed, with Microsoft and Nvidia leading gains.
- The week ahead brings earnings from Microsoft, Meta Platforms, Tesla and Apple, plus a Fed policy decision.
- Traders are looking for evidence that heavy AI spending is translating into revenue and profit.
Microsoft rose 3.3% to $465.95 at Friday’s close, helping the Nasdaq-100 tracker Invesco QQQ end up about 0.3%. Nvidia gained 1.5% to $187.67, Amazon added 2.1% to $239.16 and Meta climbed 1.7% to $658.76. Apple eased 0.2% to $248.04 and Alphabet fell 0.8% to $327.93, while Tesla was little changed at $449.06.
With U.S. markets shut for the weekend, traders head into Monday watching a Federal Reserve decision and an earnings rush that includes Apple, Microsoft, Meta Platforms and Tesla, four of the so-called “Magnificent Seven” mega-caps — the biggest companies by market value. “It’s been a little bit of a short but steep roller-coaster ride,” said Yung-Yu Ma, chief investment strategist at PNC Financial Services Group, after a week jolted by geopolitical headlines and tariff talk. With the S&P 500 trading above 22 times expected earnings — its price-to-earnings multiple — Franklin Templeton strategist Chris Galipeau said “the earnings bar had better be met,” as investors look for signs that artificial intelligence (AI) spending is lifting profits and for confirmation the Fed holds rates steady on Wednesday. 1
On Friday, the Nasdaq Composite ended slightly higher, while the S&P 500 was little changed and the Dow fell about 0.6%. All three major indexes slipped for the week. 2
Sentiment also turned on Intel, which slid 17% on a downbeat forecast that the company said reflected struggles meeting demand for its server chips used in AI data centers. “Going into results, we’re going to be in a ‘show-me’ period,” said Julian McManus, a portfolio manager at Janus Henderson, describing a tougher stretch for richly valued tech and chip names; he cited upbeat results last week from Taiwan Semiconductor Manufacturing Co as a read-through for the AI supply chain. 3
Nvidia’s late-week strength came as a Bloomberg News report said Chinese officials told major tech firms including Alibaba they can prepare orders for Nvidia’s H200 AI chips, a sign Beijing is nearing approval for imports of components used to power AI systems. 4
Ahead of Microsoft’s Jan. 28 report, some Wall Street firms have trimmed price targets even while looking for a beat, pointing to valuation pressure across software. Barron’s said Cantor Fitzgerald and UBS cut targets, keeping attention on whether Azure’s growth and demand for AI tools can justify the investment cycle. 5
Microsoft said it will publish fiscal second-quarter results after the market closes on Jan. 28, while Meta plans to report fourth-quarter and full-year 2025 results the same day. Tesla has also scheduled its fourth-quarter 2025 results for after the close on Jan. 28, and Apple has set its fiscal first-quarter results call for Jan. 29. 6
But the setup is touchy. Any hint that AI spending is squeezing margins, or fresh questions over the Fed’s ability to set policy without political pressure, could rattle high-growth tech shares that have led the market for stretches. 7
The Fed’s calendar shows its two-day policy meeting runs Jan. 27–28, with a statement due at 2:00 p.m. ET on Wednesday and a press conference at 2:30 p.m. 8
For Big Tech investors, the first big readouts land after Wednesday’s bell from Microsoft, Meta and Tesla, followed by Apple a day later. Traders will be listening for guidance on AI-related capital spending — and on when, exactly, it starts to show up in earnings.
