Market Summary: What happened yesterday and what awaits us today (January 28)

US stocks caught between record highs and heavy pressure as gold surges and the dollar weakens

US equity markets delivered mixed performance during Tuesday’s session, as investors digested a heavy slate of corporate earnings while positioning ahead of the Federal Reserve’s interest rate decision.

The S&P 500 pushed to a fresh all-time high, while the Dow Jones Industrial Average came under sharp pressure, falling more than 400 points amid steep losses in healthcare stocks.

The Nasdaq Composite and the S&P 500 closed higher, rising 0.9% and 0.4%, respectively. The S&P 500 not only touched a record intraday level but also finished the session at a historic high. In contrast, the Dow slipped 0.8%, weighed down by significant declines across the health insurance sector.

Markets had begun the week on a strong footing, with the Dow gaining more than 300 points on Monday, as investors entered a crucial earnings week dominated by major technology companies and heightened anticipation of the Fed’s policy announcement.

UnitedHealth Group led Tuesday’s selloff, with shares plunging nearly 20% after a Wall Street Journal report revealed that the Centers for Medicare & Medicaid Services proposed a Medicare Advantage payment increase of just 0.09% — far below market expectations. The company also issued weak revenue guidance for fiscal 2026, despite fourth-quarter results largely matching forecasts.

Losses spread quickly across the sector. Humana shares collapsed 21%, while Elevance Health, CVS Health, and SN1 all declined by more than 10%.

In contrast, semiconductor stocks provided support to broader markets. Micron Technology surged roughly 5.5% after announcing plans to build an advanced chip manufacturing facility in Singapore, with investments reaching up to $24 billion, driven by strong demand for memory chips. Intel rose 3.4%, while Taiwan Semiconductor gained 1.7%.

Elsewhere, General Motors shares climbed 8.7% following its earnings update. Meanwhile, American Airlines slid 7,% and Boeing fell 1.6%.

Investor attention now turns firmly to the earnings of Microsoft, Meta Platforms, and Tesla, due after the market close, coinciding with the Federal Reserve’s interest rate decision. Apple is scheduled to report earnings after Thursday’s close. On Tuesday, Microsoft and Apple shares finished higher, Meta posted modest gains, while Tesla slipped around 1%.

In commodity markets, gold futures extended their rally to fresh record highs, climbing above $5,150 an ounce after breaking the $5,000 level in the previous session. Silver, however, pulled back sharply, falling more than 4% to $110.75 an ounce after hitting a record high a day earlier.

The US dollar index dropped more than 1% to 95.86, its lowest level since 2021. Bitcoin hovered near $89,300.

Meanwhile, yields on 10-year US Treasuries rose to around 4.24%, reflecting investor caution ahead of the Fed’s decision. US West Texas Intermediate crude gained 2.7% to trade near $62.25 per barrel.

Market outlook

Volatility is expected to remain elevated in the near term, as investors closely assess the Federal Reserve’s tone on future monetary policy. Alongside central bank guidance, earnings from major technology firms are likely to play a decisive role in shaping short-term market direction.

At the same time, continued dollar weakness is providing strong underlying support for gold, keeping safe-haven assets firmly in focus.