**GLOBAL MARKET BRIEF: JANUARY 29, 2026** **Fed Holds Steady, S&P 500 Flirts with 7,000** Markets are digesting a pivotal 24 hours driven by the Federal Reserve's latest policy decision and a mixed bag of mega-cap earnings. The **Federal Open Market Committee (FOMC)** voted 10-2 to keep interest rates unchanged at **3.50%–3.75%**. Chair Jerome Powell signaled that while labor/inflation tension has eased, economic uncertainty remains "elevated," defying political pressure for deeper cuts. **Indices & Sentiment** Wall Street is pausing for breath after a historic session where the **S&P 500** briefly crossed the **7,000** threshold for the first time before closing fractionally lower. The tech-heavy **Nasdaq** outperformed, adding **0.3%**, while the **Dow Jones Industrial Average** finished flat, edging up just **0.08%**. Volatility is simmering under the surface. The **CBOE Volatility Index (VIX)** ticked up to **16.38**, reflecting trader caution as they re-price risk following the Fed’s "higher for longer" stance. **Tech Earnings: The "Mag 7" Divergence** The earnings spotlight produced a sharp divide in Big Tech fortunes post-market: * **Meta Platforms** surged **~7%** in after-hours trading. The social giant delivered a blowout quarter with revenue hitting **$59.9 billion** (+24% YoY) and EPS of **$8.88**, crushing the $8.23 estimate. * **Tesla** defied skeptics, jumping **3-4%**. Elon Musk’s EV maker posted Q4 revenue of **$24.9 billion** and EPS of **$0.50**, comfortably beating the $0.40 forecast despite broader auto sector headwinds. * **Microsoft** stumbled, falling **~7%**. Despite beating top-line estimates with **$81.3 billion** in revenue, investors punished the stock over decelerating growth in its Azure cloud division, signaling potential fatigue in the AI infrastructure trade. **Commodities & Crypto Surge** Safe-haven assets are rallying aggressively. **Gold** futures shattered records, climbing over **6%** to surpass **$5,300** per ounce. **Silver** staged a massive breakout, surging over **10%** to trade near **$117**. Energy markets remain firm, with **WTI Crude** up **1.5%** to **$63.35** per barrel. In the digital asset space, **Bitcoin** continues to hold high ground, trading steadily around **$89,400**. **Corporate Moves** Beyond earnings, **Amazon** announced a fresh round of cuts, eliminating **16,000** roles to streamline operations. Meanwhile, **UnitedHealth** led the Dow gainers (+4%), contrasting with **Amgen**, which slipped **2.6%**. **Summary of Key Levels** * **S&P 500:** ~6,971 * **Nasdaq:** ~23,806 * **Dow Jones:** ~49,042 * **10-Year Yield:** 4.25% * **Bitcoin:** ~$89,400 * **Gold:** ~$5,385