New York, Jan 26, 2026, 13:50 (EST) — Regular session
- Dow climbs 0.6% to around 49,403, with Apple and Cisco pushing gains while UnitedHealth and 3M trail behind
- The Fed is set to announce its decision Wednesday, followed by Powell’s press conference.
- Gold and silver push higher, hitting new records as the dollar weakens
The Dow Jones Industrial Average climbed 304.08 points, or 0.62%, to 49,402.79 by Monday afternoon. Apple and Cisco Systems led the gains. The S&P 500 and Nasdaq Composite each advanced roughly 0.6%. Gold and silver futures remained elevated following another strong rally, while the dollar index edged lower. 1
Wall Street faces a packed schedule this week with earnings from Apple, Meta Platforms, Microsoft, and Tesla, plus a Federal Reserve policy decision on Wednesday. So far, about 80% of S&P 500 firms that have reported have beaten analyst expectations, according to LSEG data. Chris Larkin at E*Trade, from Morgan Stanley, said the earnings season will likely influence sentiment around the “AI trade”—those focused on artificial intelligence winners—but the Fed will keep politics at the forefront. Risk appetite also showed in smaller stocks like CoreWeave and USA Rare Earth, while airline shares dipped following flight disruptions from a winter storm. 2
The Fed kicks off its two-day meeting Tuesday, with rates expected to hold steady between 3.50% and 3.75%. Yet investors now face fresh doubts about the central bank’s independence. The Justice Department is probing Chair Jerome Powell, and the White House is pressing to oust Governor Lisa Cook, whose case has reached the Supreme Court. “Trump will need greater turnover at the Fed to fully control the institution,” said Tim Duy, chief U.S. economist at SGH Macro Advisors. Michael Pearce of Oxford Economics added that “the near-term outlook is benign,” though outside shocks could still rattle expectations. 3
The Dow kicked off the week attempting to rebound from Friday’s 0.6% drop that dragged it down to 49,098.71, capping a losing week, according to a markets recap from Nasdaq. 4
The Dow, a price-weighted index, tracks 30 U.S. blue-chip companies, where higher-priced stocks have a bigger impact than lower-priced ones. According to S&P Dow Jones Indices, it covers 30 blue-chip firms from various industries, excluding transportation and utilities. 5
Traders are watching to see if earnings season can sustain the rally, with investors demanding evidence that hefty tech investments are translating into revenue. As a result, guidance and the tone of conference calls have become just as crucial as the headline figures.
The Dow’s rebound remains fragile. Any cautious hints from Powell, or indications that AI investments aren’t paying off as fast as expected, could trigger a swift pullback in stocks, particularly as political factors start to weigh on the rate narrative.
Wednesday brings the next big event: the Fed will drop its policy statement at 2:00 p.m. EST, followed by a press conference at 2:30 p.m. 6
