MPC Morning Call 28th January 2026 – Investors on hold into Fed & Mega-Cap Earnings
Markets were mixed overnight as the Fed meeting and Mega Tech earnings in the next 2 days weighted on investor sentiment
WATCH ON YOUTUBE MPC Morning Call 28th January 2026 – Investors on hold into Fed & Mega-Cap Earnings Markets were mixed overnight as the Fed meeting and Mega Tech earnings in the next 2 days weighted on investor sentiment U.S. equity markets were mixed ahead of Wednesday’s key Federal Reserve decision and a flood of heavyweight technology earnings. UnitedHealth Group led a broad decline in managed care stocks after U.S. authorities proposed a much smaller-than-expected increase in payments to Medicare Advantage plans next year, while Boeing was another major drag on the Dow despite returning to quarterly profitability. In contrast, chipmakers extended their recent rally, helping lift the S&P 500 and Nasdaq, with the S&P 500 touching a new intraday record high at 6,989.24. Investors are largely in wait‑and‑see mode as the Fed begins its two‑day policy meeting, with markets widely expecting interest rates to remain unchanged. Policymakers are seen assessing the combined effects of looser financial conditions, moderating inflation, and a gradually cooling labor market, and recent data has reinforced expectations that the Fed will avoid signaling imminent rate cuts. T. Rowe Price’s chief U.S. economist Blerina Uruci characterizes this as a “dovish hold,” projecting rates on hold through the first half of the year with the potential for two cuts in the second half, depending on how inflation evolves. Trump’s move to hike tariffs on South Korean imports to 25% from 15% has had little impact on sentiment, while markets also watch for clues on the timing of future cuts and the successor to Fed Chair Jerome Powell, whose term ends in May. Beyond the Fed, earnings season is accelerating, with over 90 S&P 500 companies due to report this week and roughly three-quarters so far beating expectations. Investors are bracing for results from major tech names including Meta, Tesla, Microsoft, and Apple, while Tuesday’s batch featured Boeing’s return to profit on software divestitures and higher jet output; American Airlines’ upbeat 2026 profit outlook; GM’s stronger core profit driven by SUVs and pickups; and UPS’s forecast for higher 2026 revenue as it pivots away from low-margin Amazon volumes toward higher-paying shipments. JetBlue disappointed with wider‑than‑expected losses, and UnitedHealth’s quarter was hurt by elevated medical costs alongside the negative Medicare news. In commodities, gold extended its run near record highs on trade and geopolitical worries, with spot prices up sharply, while oil jumped as extreme U.S. winter weather disrupted production by an estimated 2 million barrels per day, or about 15% of national output. Earnings: American Airlines (NASDAQ:AAL) -6.5%: forecast 2026 profit above expectations, with the carrier buoyed by a recovery in corporate travel and strong demand for high-margin premium services. General Motors (NYSE:GM) +8.75%: reported a higher fourth-quarter core profit, helped by stronger sales of its affordable crossover SUVs and pickup trucks through the year. United Parcel Service (NYSE:UPS) +1%: forecast higher 2026 revenue, as the world’s largest package delivery company continues to reduce low-margin deliveries for its biggest customer, Amazon (NASDAQ:AMZN), and shifts toward higher-paying shipments. Government Bond Yields Commodities, Energy & FX ASX Overnight: SPI 8937 (+0.42%) The Day Ahead: Should be a good day for the ASX. Precious metals had a late rally which will The day ahead Quarterly results are expected on Wednesday from among others Woodside Energy, Ampol and Boss Energy. Woodside delivered record production in 2025, beating guidance as strong asset reliability offset weaker pricing and softer quarterly output.
Read on MPC Markets Mosaic
