The S&P 500 gained 0.34 percent, while the Nasdaq declined 0.17 percent. The Dow Jones Industrial Average declined 0.42 percent. By contrast, the MSCI EAFE Index, which tracks developed overseas stock markets, rose 1.22 percent.1,2
S&P Touches 7,000
The S&P 500 and Nasdaq advanced early in the week as investors looked ahead to the Fed meeting and corporate results from several large companies.3,4
On Wednesday, the Federal Reserve decided to keep interest rates steady, as widely expected. Market reaction was muted, with all three major averages little changed by the close. Disappointing earnings results from one megacap tech firm, announced after the market closed on Wednesday, unsettled investors and dragged the Nasdaq down on Thursday.5,6
Stocks opened lower Friday, after the White House nominated Fed veteran Kevin Warsh as the next Fed chair. A warmer-than-expected December wholesale inflation report and concerns about a government shutdown added to bearish investor sentiment as the week wrapped up.7
The Fed Stays Put
The Fed funds rate was held at its current 3.5 percent to 3.75 percent target range at its January meeting. The decision followed three consecutive meetings at which the Fed cut rates; it marked the first time the Fed held rates steady since July. The next Fed meeting is in mid-March.8
At the post-meeting press conference, Fed Chair Powell did not answer any questions regarding the Justice Department’s investigation. The January 19, 2026, issue of What Happened Last Week misstated the status of the investigation concerning the Fed Chair by referring to it as an indictment. We regret any confusion.
Economic Data To Watch
Monday: Auto Sales. Institute for Supply Management (ISM) Manufacturing Index.
Tuesday: Institute for Supply Management (ISM) Services Index. Job Openings (December)
Wednesday: ADP Employment Report.
Thursday: Weekly Jobless Claims. Atlanta Fed President Raphael Bostic speaks.
Friday: Jobs Report. Consumer Sentiment. Consumer Credit.
Source: Investors Business Daily - Econoday economic calendar: January 30, 2026. The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to provide accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts are also subject to revision.
Upcoming Earnings Reports
Monday: Palantir Technologies Inc. (PLTR), The Walt Disney Company (DIS)
Tuesday: Advanced Micro Devices, Inc. (AMD), Merck & Co., Inc. (MRK), PepsiCo, Inc. (PEP), Amgen Inc. (AMGN), Pfizer Inc. (PFE), Chubb Limited (CB)
Wednesday: Alphabet Inc. (GOOG/GOOGL), Eli Lilly and Company (LLY), AbbVie Inc. (ABBV), Uber Technologies, Inc. (UBER), QUALCOMM Incorporated (QCOM), Boston Scientific Corporation (BSX), CME Group Inc. (CME), McKesson Corporation (MCK)
Thursday: Amazon.com, Inc. (AMZN), ConocoPhillips (COP), Bristol Myers Squibb Company (BMY), KKR & Co. Inc. (KKR)
Friday: Philip Morris International Inc. (PM)
Source: Zacks, January 30, 2026. Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your goals, time horizon, and risk tolerance. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule their earnings reports without notice.
Footnotes And Sources1. WSJ.com, January 30, 2026
2. Investing.com, January 30, 2026
3. CNBC.com, January 26, 2026
4. CNBC.com, January 27, 2026
5. CNBC.com, January 28, 2026
6. WSJ.com, January 29, 2026
7. CNBC.com, January 30, 2026
8. WSJ.com, January 28, 2026
Source: YCharts.com, January 31, 2026. Weekly performance is measured from Monday, January 26, to Friday, January 30. TR = total return for the index, which includes any dividends as well as any other cash distributions during the period. Treasury note yield is expressed in basis points.