Dow, S&P 500, Nasdaq Futures Dip Amid Mixed Tech Earnings; Fed Policy in Focus

U.S. stock futures declined on January 29, 2026, as markets absorbed volatile tech earnings and awaited key oil sector reports. S&P 500 futures (ES=F) fell 0.1%, Nasdaq 100 (NQ=F) dropped 0.2%, and Dow futures (YM=F) slid 100 points. Apple (AAPL) rose 1% after beating Q1 revenue and profit estimates on strong iPhone sales. Sandisk (SNDK) jumped 11% on upbeat guidance. Microsoft (MSFT) plunged 10% — its worst drop since March 2020 — dragging down indices amid slowing Azure growth and AI cost concerns. Despite recent swings, S&P 500 and Nasdaq are up 0.8% week-to-date; Dow is down 0.1%. The Fed held rates steady, with traders pricing in two 25-bp cuts by year-end. Leadership uncertainty looms as Powell’s term ends in May, heightening focus on Trump’s Fed nominee pick. Exxon (XOM), Chevron (CVX), American Express (AXP), and Verizon (VZ) report earnings January 30.