US stock index futures rise as Wall Street braces for big-tech earnings and Fed decision

Markets look to the Fed and ‘Magnificent Seven’ earnings

U.S. stock index futures were higher on Wednesday, January 28, 2026, as investors prepared for a Federal Reserve policy update and a wave of earnings from major technology companies. The early move was supported by strength in chip-related names, with traders reacting to signals from the global semiconductor supply chain and upbeat forecasts from select U.S. chipmakers.

The day’s market mood reflected two overlapping themes. First, investors were positioning for the Fed’s statement after its meeting, with expectations centered on whether the central bank would keep rates steady and how it would characterize inflation progress and growth momentum. Second, investors were bracing for quarterly results from large technology firms that have helped drive equity performance, especially the AI-linked rally.

What moved markets in early trading

• Chip rally catalyst: positive news from major suppliers and equipment makers boosted sentiment across the sector.
• Texas Instruments outlook: shares jumped after guidance came in above expectations, feeding hopes for improving demand.
• Big-tech focus: investors watched for signals on AI spending plans and whether returns justify high valuations.

The chip sector’s influence was pronounced because semiconductors sit at the center of today’s AI investment cycle. From data centers to edge devices, the outlook for hardware demand—and for the firms that supply critical tools and components—has become a proxy for broader market confidence about AI monetization.

At the same time, investors remain sensitive to valuations and the possibility of rotation into different parts of the market if mega-cap earnings disappoint or if the Fed strikes a more cautious tone. That makes commentary about capital expenditure, margins, and demand particularly important, even when headline revenue numbers beat expectations.

The next steps for markets hinge on a combination of Fed language and corporate guidance. If the policy statement suggests prolonged tightness or highlights renewed inflation risks, higher-rate sensitivity could weigh on growth stocks. Conversely, strong earnings paired with disciplined spending could reinforce the narrative that AI investment is translating into durable business performance.