Jan 28, 2026 · QQQ/SPY Market Review · 53 headlines
QQQ opened 0.79% above the previous close and finished with a 0.33% gain. SPY opened 0.20% higher and ended 0.12% lower, leaving QQQ ahead by 0.45 percentage points. The Fed held rates and Powell described still-elevated inflation, while Meta, Tesla and Microsoft reported results after the close. Iran-related statements, record gold and a larger-than-expected crude inventory draw added geopolitical and commodity context.
Published
The Fed kept its policy rate unchanged at 3.75% as expected and described inflation as still somewhat elevated. The vote was 10-2, with Miran and Waller favoring a cut of twenty-five basis points, while Powell said December core PCE inflation likely reached 3%.
Meta, Tesla and Microsoft all reported earnings and sales above estimates after the close. Later updates emphasized Meta's guidance and capital spending, Microsoft Cloud's first quarter above $50 billion in revenue and continued AI capacity constraints.
Trump said a large naval force was heading toward Iran, and a later report said he was considering another major strike. Gold reached a record $5,311 per ounce, while U.S. crude inventories fell 2.295 million barrels against a 0.2 million draw expected.
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