S&P 500 Notches Record High Amid Tech-Led Advance as Fed Meeting Gets Underway

04:48 PM EST, 01/27/2026 (MT Newswires) -- The S&P 500 hit a new all-time high on Tuesday as the technology sector outperformed ahead of earnings reports of industry heavyweights, while the Federal Reserve kicked off its two-day monetary policy meeting.

The large-cap index rose 0.4% to settle at 6,978.6, marking its highest close ever. The Nasdaq Composite climbed 0.9% to 23,817.1, extending its winning streak to the fifth day. The Dow Jones Industrial Average fell 0.8% to 49,003.4.

Barring health care and financials, all sectors ended higher, led by tech's 1.4% gain.

Most Magnificent 7 stocks advanced, with Amazon.com (AMZN) up 2.6%, the top gainer on the Dow, followed by Microsoft (MSFT) , which rose 2.2%. Fellow mega-cap tech stocks Apple (AAPL) and Nvidia (NVDA) were also among the best performers on the index.

Microsoft (MSFT), Meta Platforms (META) and Tesla (TSLA) are scheduled to report their latest quarterly financial results Wednesday, while Apple's (AAPL) results are due Thursday.

Markets widely expect the Fed to keep its benchmark lending rate unchanged at 3.50% to 3.75% Wednesday, following three straight 25-basis-point cuts delivered last year, according to the CME FedWatch tool.

"Attention now shifts to the (Fed) meeting, where rates are expected to remain unchanged, but markets will be highly sensitive to Chair (Jerome) Powell's tone on inflation, rate cuts, and the broader policy outlook," Saxo Bank said in a Tuesday report.

US Treasury yields were mixed, with the 10-year rate last up 2.1 basis points at 4.24% and the two-year rate dropping 1.8 basis points to 3.58%.

The Centers for Medicare & Medicaid Services on Monday proposed an average year over year rate increase of 0.09% in Medicare Advantage payments to plans in 2027. The Wall Street Journal reported that the proposal was "well short" of market expectations.

Humana (HUM) shares sank 21%, the worst S&P 500 performer, followed by UnitedHealth Group (UNH) , which slumped nearly 20%, and Elevance Health (ELV) , down 14%. CVS Health (CVS) was also among the biggest decliners on the index, shedding 14%.

UnitedHealth (UNH) posted mixed fourth-quarter financial results, while the health insurance giant provided a downbeat full-year outlook for its top-line.

Corning (GLW) signed up to a $6 billion deal to supply Meta with optical fiber, cable, and connectivity services and products in support of data center buildouts for the tech giant. Corning shares jumped nearly 16%, the best performer on the S&P 500, while Meta edged up 0.1%.

General Motors (GM) was the third-top gainer on the S&P 500, up 8.8%. The automaker logged stronger-than-expected fourth-quarter earnings and projected an annual increase in 2026 bottom-line.

West Texas Intermediate crude oil was last up 3% at $62.44 a barrel.

"Oil prices edged higher as a winter storm disrupted US crude production and refinery operations, though gains were partially offset by the resumption of supply from Kazakhstan," D.A. Davidson said in a note to clients.

In economic news, US consumer confidence tumbled this month to its lowest level since May 2014 amid broad-based weakness and concerns about the labor market and inflation, the Conference Board said.

"The consumer confidence data had started to look like it was improving in recent months after spending most of 2025 down in the dumps," Jefferies said in a note. "However, this month's report shows renewed concern about difficulty in finding a new job after losing one, and an increase in the high-end of inflation expectations."

US home prices increased in November, though the annual growth rate was still near the weakest since the middle of 2023 amid high financing cost, S&P Global (SPGI) division S&P Dow Jones Indices said. Separately, the Federal Housing Finance Agency said US home prices increased 0.6% sequentially in November, following a 0.4% rise the month before.

Gold rose 2% at $5,181.90 per troy ounce. Silver fell 2.6% to $112.53 per ounce intraday after having crossed the $115 level for the first time ever on Monday.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.