New York, January 24, 2026, 12:48 ET — The market is closed.
Tech stocks kicked off the week on mixed footing. The Nasdaq rose 0.28% to 23,501.24 on Friday, buoyed by gains in Microsoft, Meta, and Amazon, which all climbed between 1.7% and 3.3%. Nvidia added 1.5%. But Intel took a heavy hit, plunging 17% after forecasting quarterly revenue and profit below Wall Street’s expectations. The S&P 500 barely moved, while the Dow dropped 0.58%. Janus Henderson’s Julian McManus described the mood as a “show-me” phase, with investors demanding companies “put up the revenue growth.” 1
With U.S. markets closed for the weekend, traders are shifting focus from this week’s tariff and geopolitical shocks to a familiar challenge: can heavy AI spending actually boost profits? Roughly 20% of the S&P 500 is set to report earnings soon. The index trades above 22 times expected earnings — well beyond its historical norm — leaving little wiggle room for disappointment, said Franklin Templeton strategist Chris Galipeau. 2
Rates are in focus as the Federal Reserve’s two-day meeting kicks off January 27-28. The policy statement is scheduled for 2:00 p.m. ET Wednesday, followed by Chair Jerome Powell’s press conference at 2:30 p.m., according to the Fed’s calendar. 3
Microsoft will release its fiscal second-quarter earnings after the market closes on Wednesday, January 28, followed by an earnings call at 2:30 p.m. Pacific time. 4
Meta is set to report its fourth-quarter earnings on January 28, with the call kicking off at 1:30 p.m. Pacific time, per the company’s investor events calendar. 5
Tesla will release its fourth-quarter financial results after the market closes on January 28. The company plans to host a live Q&A webcast at 5:30 p.m. Eastern time. 6
Apple will hold its fiscal first-quarter earnings call on Thursday, January 29, at 5:00 p.m. Eastern, the company confirmed on its earnings-call page. 7
The cluster is crucial since the “Magnificent Seven” — Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla — continue to drive much of the market’s direction. Their forecasts frequently ripple through suppliers and competitors. Investors now demand clearer returns on capital spending, so even slight shifts in guidance can trigger significant market swings.
Intel’s warning highlighted that not all chipmakers benefit equally from data-center demand. The company’s slip coincides with Nvidia’s stronghold over the high-end AI chip sector, as competitors push alternatives and buyers weigh how fast new capacity translates into actual sales.
The risk to the sector is clear: if spending grows faster than revenue, the “AI trade” that boosted stocks could reverse just as fast. A tougher stance from Washington on trade, or an unexpected shift in Powell’s comments, might intensify the sell-off.
Markets will refocus Monday on January 28 — marked by the Fed’s policy decision and a wave of Big Tech earnings — just ahead of Apple’s report due January 29. 8
