CNBC Business News Update Market Midday: Stocks Mixed, Investors Wait For Fed Chair To Speak At 2:30p ET, CNBC Flash Poll On Business Speaking Out On ICE Conduct 1/28/26
Jan 28, 2026
Mike Santoli, market commentator and CNBC contributor, offers market color and analysis. He explains big-tech’s role in pushing the S&P toward 7,000. The update also covers mixed stock moves, a rally in gold and silver, major corporate job cuts, and a surprising sales boost at Starbucks.
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Markets Turn Mixed Midday
- The market shifted from green to mixed by midday with the Dow up modestly and the S&P near record highs.
- Market leadership notably swung as UnitedHealth and other big names influenced intraday moves.
Big Tech Pushed S&P To 7,000
- Mike Santoli highlights the S&P's slow grind to 7,000, led when large tech names reengaged.
- The index's final 100 points came after renewed participation from major companies he calls the MAG-7.
Precious Metals Surge Sharply
- Gold hit an intraday all-time high above $5,300 and is up over 20% this month.
- Silver is also surging and is tracking toward its best month since 1979 near its record high.