CNBC Business News Update Market Close: Stocks Mixed, Fed Holds Interest Rates Steady, S&P 500 Hits 7k, Results Out From Meta, Microsoft, and Tesla 1/28/26
Jan 28, 2026
Markets move in mixed fashion after the Fed holds rates steady. Tech earnings from Meta, Microsoft and Tesla drive after-hours market chatter. S&P 500 climbs to a 7,000 intraday milestone as gold and tech rally. Oil ticks up amid geopolitical comments. Upcoming data and corporate events previewed for traders and investors.
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Big Tech Pushed S&P 500 To 7,000
- Big tech drove the S&P 500 to a record 7,000 intraday before it pulled back.
- Mike Santoli says the MAG-7 reengaging supplied the decisive momentum behind the rally.
Fed Holds Rates, Expects Tariff Effects To Fade
- The Federal Reserve held interest rates steady as expected, signaling no immediate policy change.
- Fed Chair Jay Powell suggested tariff-driven goods-price increases should be one-time and then subside.
Meta Shows AI-Powered Ad Growth
- Meta reported stronger-than-expected quarterly results, reflecting AI-driven ad improvements.
- Evercore ISI highlighted Meta's ad tech rebuild and disciplined cost management as growth drivers.