New York, January 27, 2026, 06:00 EST — Premarket
- S&P 500 and Nasdaq futures tick up while Dow futures fall, dragged down by UnitedHealth
- Insurers fell following Washington’s plan to keep Medicare Advantage payments nearly flat in 2027
- Investors are gearing up for a busy earnings day ahead of the Fed’s two-day meeting, which wraps up Wednesday
U.S. stock index futures edged up early Tuesday as investors prepared for a heavy earnings slate and the Federal Reserve’s first policy announcement of the year. Health insurers took a hit following a Medicare Advantage payment proposal. At 5:22 a.m. ET, S&P 500 E-mini futures rose 0.25%, Nasdaq 100 E-minis gained 0.54%, while Dow E-minis slipped 0.08%. 1
The early action pointed to a volatile session for U.S. stocks following a rally driven largely by big tech and, lately, some defensive sectors. Investors have kept an eye on metals and other safe havens amid Washington’s policy uncertainties and shifting rate expectations, which are clashing with valuations that offer little margin for error. 2
Stocks closed up Monday, setting a stronger tone for futures in the next session. The S&P 500 climbed 0.5% to 6,950.23, the Dow jumped 0.6% to 49,412.40, and the Nasdaq rose 0.4% to 23,601.36. Meanwhile, the Russell 2000 fell 0.4%. 3
Premarket selling in insurance stocks was triggered by news out of Washington, not by earnings reports. The Centers for Medicare & Medicaid Services revealed its 2027 advance notice, forecasting a net average payment increase of just 0.09%, equating to over $700 million, for Medicare Advantage plans—those private Medicare alternatives for seniors. CMS Administrator Dr. Mehmet Oz said the proposal aims to “strengthen payment accuracy” and safeguard taxpayers. The agency has set a comment deadline of Feb. 25 and plans to release the final rate decision on or before April 6. 4
UnitedHealth’s earnings took a hit from the ongoing policy turmoil. The firm projected adjusted earnings per share above $17.75 for 2026, aligning closely with Wall Street’s expectations, and posted a fourth-quarter adjusted profit of $2.11 per share. Its adjusted medical care ratio — the percentage of premiums allocated to medical costs — climbed to 88.9% for 2025, up from 85.5% in 2024, the company reported. 5
Salesforce gained early traction after announcing it secured a $5.6 billion, 10-year IDIQ contract from the U.S. Army. The deal, an “indefinite delivery, indefinite quantity” agreement, sets a spending cap without guaranteeing the full amount. “This new contract… will operationalize Missionforce,” said Kendall Collins, CEO of Missionforce and Government Cloud, in the company’s statement. 6
AI infrastructure stocks remained in the spotlight. Nvidia put $2 billion into CoreWeave, buying shares at $87.20 each, Reuters reported. The move boosts their partnership aimed at expanding U.S. data-center capacity. CoreWeave plans to reach over 5 gigawatts of AI data center capacity by 2030. “This expanded collaboration underscores the strength of demand we are seeing across our customer base,” said CoreWeave CEO Michael Intrator. 7
Micron announced plans for a $24 billion memory chip factory in Singapore, targeting production to kick off in the latter half of 2028 as AI demand pushes the sector. TrendForce analyst Bryan Ao predicts contract prices for enterprise solid-state drives will surge 55% to 60%, driven by supply shortages. 8
The macro outlook tightens on Wednesday as the Fed gears up for its January meeting on Jan. 27-28. The Fed’s schedule pins the policy statement for 2:00 p.m. ET on Jan. 28, with a press conference set to follow at 2:30 p.m. Bond investors are betting on a pause in the 3.50%-3.75% target range, according to Reuters. Nuveen’s Tony Rodriguez weighed in, saying, “a pause makes a lot of sense” given the expected impact of policy and fiscal measures filtering through the economy. 9
The risk of a partial U.S. government shutdown is mounting as the Jan. 30 deadline for passing the remaining appropriations bills approaches, The Conference Board said. It flagged a potential standoff over Department of Homeland Security funding that could trigger a brief shutdown, causing delays and operational disruptions across affected agencies. 10
Tuesday’s session will bring fresh data on demand with the Conference Board’s Consumer Confidence Index set to drop at 10 a.m. ET. 11
After Tuesday’s earnings, all eyes turn to the Fed on Wednesday afternoon. Investors will scrutinize the statement and Chair Jerome Powell’s remarks for hints on the duration of restrictive policy. Health insurers have more time: the Medicare Advantage advance notice is already out, but the final rate decision won’t come until early April. The market is already pricing in the stretch between those dates.
