Wall Street, January 28, 2026
Markets stayed pretty flat today after the Fed’s first meeting of the year. As expected, Jerome Powell’s team kept interest rates unchanged at 3.5 to 3.75 percent – the first pause since those three cuts late last year. There was a bit of drama though: two governors actually dissented and wanted a quarter-point cut, but the majority held firm. Powell called the economy “on firm footing” in his press conference, and that seemed to calm things down.
The S&P 500 had a wild little ride – it briefly popped above 7,000 for the first time ever intraday, hitting around 7,002, then gave most of it back. Closed basically flat, down a tiny 0.01% at 6,978. The Dow Jones Industrial Average ended fractionally higher, up maybe 50-60 points or 0.1%. Tech saved the day again: Nasdaq Composite climbed 0.3% to 0.9% depending on the final print, settling around 23,817.
Volatility picked up in the afternoon as traders digested the Fed’s message – no rush to cut more, but no panic either. Big Tech earnings are coming soon, so everyone’s watching Microsoft and the rest for clues on whether the rally has legs.
Overall, a quiet, wait-and-see session. Wall Street drifted near records, the dollar stabilized, bonds dipped a touch. Not much fireworks, but no crash either. Tomorrow brings more data and probably more of the same cautious vibe. That’s Wall Street today – steady as she goes.