Dow Jones & Nasdaq 100: US Futures Mixed as Fed, Earnings Loom

• Nasdaq 100 and S&P 500 futures advanced toward all-time highs on optimism over Big Tech earnings (Meta, Microsoft, Tesla reporting), while Dow Jones futures remained flat
• President Trump signaled tolerance for a weaker US Dollar to push rates lower and boost exports, sending the US Dollar Index to its lowest level since February 2022
• Technical indicators remain bullish with all three indices trading above 50-day and 200-day EMAs, with key resistance at Dow 50,000, Nasdaq 26,399, and S&P 500 7,036

Market Summary: US Futures Mixed Ahead of Fed Decision and Tech Earnings

Key Market Movements

US stock futures showed mixed performance on January 28, 2026, with the Dow Jones E-mini flat while Nasdaq 100 E-mini and S&P 500 E-mini advanced 144 points and 18 points respectively. Both tech-heavy indices are approaching all-time highs on optimism surrounding Big Tech earnings.

Major Catalysts

Presidential Intervention: President Trump hinted at sharply lower interest rates coming "soon," triggering a USD sell-off that pushed the US Dollar Index to its lowest level since February 2022. Trump indicated willingness to tolerate a weaker dollar to reduce rates and boost exports.

Fed Decision: Market focus centers on Fed Chair Powell's press conference and interest rate decision. Probability of a June 2026 rate cut has declined from 83.4% on December 26 to 65% on January 27, driven by strong labor market data and sticky inflation.

Earnings Watch: The "Magnificent Seven" tech companies remain in focus, with Meta (META), Microsoft (MSFT), and Tesla (TSLA) reporting results that could overshadow Fed commentary.

Technical Levels

• Dow Jones: Resistance at 49,901 (January 13 high) and 50,000; support at 49,000 and 48,555 (50-day EMA)
• Nasdaq 100: Resistance at 26,399 (October 30 high); support at 25,540 (50-day EMA)
• S&P 500: Resistance at 7,036 (January 13 high) and 7,500; support at 6,895 (50-day EMA)

All indices trade above 50-day and 200-day EMAs, signaling bullish momentum. Key risks include hawkish BoJ policy shifts and potential yen carry trade unwinds, with USD/JPY at 152.757.