MPC Morning Call 30th January 2026 – Tech turbulence and gold pause: Microsoft slumps as Apple, Meta shine
Stocks finished largely flat overnight as the Fed kept rates on hold, MSFT disappointed, Meta & Apple beat while gold and silver cooled from their hot run
WATCH ON YOUTUBE MPC Morning Call 30th January 2026 – Tech turbulence and gold pause: Microsoft slumps as Apple, Meta shine Stocks finished largely flat overnight as the Fed kept rates on hold, MSFT disappointed, Meta & Apple beat while gold and silver cooled from their hot run Wall Street closed mostly lower on Thursday as a steep drop in Microsoft shares weighed on technology stocks, though the major indexes managed to recover from deeper losses earlier in the session. The S&P 500 slipped 0.2% to 6,963.76, the Nasdaq fell 0.7% to 23,685.12, while the Dow edged up 0.1% to 49,071.56. Microsoft’s stock tumbled over 12% despite beating earnings expectations, with investors troubled by its growing spending on artificial intelligence infrastructure. The decline dragged the broader software sector lower, offsetting optimism from Meta’s strong results and Apple’s upcoming report. Meta Platforms jumped after forecasting stronger-than-expected first-quarter revenue and unveiling plans for major capital spending on AI investments, projected to reach as much as $135 billion this year. In contrast, Microsoft’s results, paired with similar trends at SAP, rekindled concerns about the sustainability of cloud and AI spending. Other software names such as Atlassian, Workday, and Intuit also declined. Analysts noted a clear rotation from growth-heavy tech toward more defensive and value-oriented sectors like real estate, consumer staples, and utilities. Meanwhile, reports surfaced that Amazon was exploring a $50 billion investment in OpenAI, which could further reshape the competitive AI landscape. Beyond earnings, the Federal Reserve kept interest rates unchanged at 3.50%–3.75%, marking its first pause after three consecutive cuts. The decision reflected stable growth and a steady job market, while inflationary pressures remained a concern. Analysts viewed the Fed’s tone as cautiously optimistic, with expectations for one or two more rate cuts by year-end. In commodities, gold’s historic rally to nearly $5,600 an ounce reversed as traders booked profits, while silver and copper also eased off record highs. Oil extended gains, with Brent futures up nearly 3% to $69.29 per barrel amid fears that rising U.S.–Iran tensions could disrupt supply. Earnings: Apple +1%: reported stronger-than-expected fiscal Q1 2026 results, driven by a 23.3% year-over-year surge in iPhone sales to $85.27 billion—the company’s best performance in over four years—boosting its global smartphone market share to 20%. Earnings of $2.84 per share on $143.76 billion in revenue topped estimates, propelled by robust demand for the new iPhone 17 lineup and record Services revenue, which climbed nearly 14% to $30.01 billion. While Mac and wearables sales slipped, Apple’s momentum in high-margin services and the recent integration of Google’s Gemini AI model into Siri signal a strategic shift toward artificial intelligence, even as supply chain and pricing pressures loom. Shares rose 1.1% in after-hours trading. Sandisk +14% after blowout quarterly results and guidance. Second quarter revenue was $3.03 billion, up 31% sequentially and above the guidance range. Robinhood: rose 3% after Bloomberg reported that the US is considering it as a trustee for ’Trump Accounts’ for children. Western Digital -3%: despite beating consensus quarterly estimates, with expectations elevated heading into the print. Government Bond Yields Commodities, Energy & FX ASX Overnight: SPI 8922 (+0.37%) The Day Ahead: The ASX should grind higher today with some profit taking in Gold and buying in Copper. AU Growth may get a boost on RMD results The day ahead Origin Energy, ResMed, Atlas Arteria Group and Champion Iron.
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