Wall Street’s Fed Day: US stock futures rise as traders eye today’s economic calendar and Big Tech earnings

New York, Jan 28, 2026, 06:45 EST — Premarket

U.S. stock index futures ticked higher early Wednesday, with chipmakers pushing the gains as traders braced for a Federal Reserve announcement and a packed earnings calendar. By 5:40 a.m. ET, S&P 500 E-minis were up 0.36%, Nasdaq 100 E-minis climbed 0.9%, and Dow E-minis inched 0.06% higher. Nvidia added 1.7%, Intel jumped 6.6%, and Seagate surged 11.3%. Texas Instruments also rose after delivering a strong outlook.

Futures climbed after a choppy session Tuesday on Wall Street. The S&P 500 hit a record closing high, despite the Dow slipping 0.83%, weighed down by steep declines in health insurer stocks. Meanwhile, the S&P 500 gained 0.41%, and the Nasdaq rose 0.91%, buoyed by tech sector strength.

The key now is timing: traders face a packed morning with data, then the Fed’s move in the afternoon, followed by megacap earnings post-close. The U.S. economic slate starts with MBA mortgage applications at 7 a.m. ET, then advance goods trade and retail and wholesale inventories at 8:30 a.m. ET. The weekly EIA petroleum status report comes at 10:30 a.m. ET, ahead of the Fed’s policy announcement and Jerome Powell’s press conference later on.

The Fed is set to keep rates unchanged at 3.5%–3.75%, halting the recent streak of cuts investors had anticipated would continue. Seema Shah, chief global strategist at Principal Asset Management, noted before the meeting, “What is clear is that, given the strength of the U.S. economy … there is no urgency to lower rates aggressively.” Reuters

The earnings scene is tricky: “Magnificent Seven” companies report amid questions over whether expensive tech stocks merit their high valuations. “Expectations are very high,” noted Anthony Saglimbene, chief market strategist at Ameriprise Financial. Microsoft, Meta Platforms, and Tesla are set to report on Wednesday, with Apple following on Thursday. Reuters

Texas Instruments boosted the premarket chip rally after forecasting first-quarter profit and revenue above Wall Street’s estimates, citing strong data-center demand for its analog chips. Bernstein analysts see data centers driving growth through 2026. Meanwhile, Morgan Stanley flagged that years of heavy capex have squeezed returns. The stock trades around 31 times forward earnings, slightly above rival Analog Devices’ multiple of about 30.

Tuesday’s losses haven’t fully eased, with health insurers still on edge after UnitedHealth projected its first revenue decline in decades. Shares plunged as much as 19%, slipping to $282.45. The drop came after a government proposal revealed Medicare Advantage payment rates for 2027 would rise a mere 0.09%, hitting rivals like Humana and CVS Health hard.

The dollar remained under pressure, hovering close to a four-year low, after President Donald Trump dismissed the currency’s decline. Traders took that as a cue to keep selling. The dollar index dipped to 95.566 briefly and was last near 96.114, down more than 9% in 2025, Reuters reported.

Gold surged past $5,200 an ounce, hitting a new record as investors sought refuge in safe-haven assets amid ongoing economic and geopolitical turmoil.

Oil prices stayed steady, boosted by concerns over supply disruptions following a winter storm that hit U.S. production and exports. Rising tensions in the Middle East also kept risk premiums elevated. Brent climbed to roughly $67.85 a barrel, while U.S. crude hovered near $62.74, according to Reuters.

Still, there’s a clear risk: if the Fed signals less appetite for further cuts, growth stocks tied to rates could stumble quickly, especially with megacap valuations once again under scrutiny. Another red flag showed up Tuesday as U.S. consumer confidence dropped to 84.5—the lowest since 2014. Conference Board chief economist Dana Peterson noted that talk of “prices and inflation” and “tariffs and trade” remained high. Reuters

Markets are zeroing in on a clear sequence: morning trade and inventory figures, the EIA oil report, then the Fed’s decision and Powell’s comments. After that, eyes turn to earnings from Microsoft, Meta, and Tesla, with Apple set to report on Thursday.