Today (2026-01-28) US stock market focus: Fed decision + tech giants' earnings dominate the market, with tech growth and memory chips outperforming, healthcare sector for hedging, and light positions in Chinese stocks for speculation.

1. Top priority: Fed decision (20:00 rate + 20:30 speech)

Expectations are for rates to remain unchanged at 3.5%-3.75%, with focus on the rate cut path, inflation wording, and balance sheet reduction pace. A dovish stance (hinting at a March cut) would boost the Nasdaq and growth stocks, weaken the dollar, and lower Treasury yields; a hawkish stance (emphasizing sustained high rates) would pressure the Dow/value stocks, with tech likely correcting. Operationally, hedge lightly before the decision, avoid heavy one-sided bets, and adjust positions post-decision.

2. Key earnings: After-hours reports from three giants (setting index direction)

- $Microsoft(MSFT.US): Focus on Azure growth, AI capex, and EPS. Cloud growth above 25% + revenue meeting targets would lift the Nasdaq; otherwise, expect a pullback.

- $Meta Platforms(META.US): Watch ad revenue, AI monetization, and cost control. Ad resilience supports allocation, while metaverse spending remains a drag.

- $Tesla(TSLA.US): Monitor gross margins (needs ≥7%), FSD progress, and Robotaxi plans. Without bullish guidance, breaking $450 resistance is unlikely.

AAPL and GOOGL report tomorrow—position early for iPhone AI adoption, YouTube ads, etc.

3. Sector trends and risks

1. Tech growth (main theme): Memory chips (MU, WDC, STX) show strong earnings; AI computing (NVDA, $Broadcom(AVGO.US)) continues to benefit, with giants' earnings as catalysts.

2. Healthcare (hedging): UNH, CVS remain fragile post-plunge; watch for spillover to pharma retail, hospitals.

3. Chinese stocks (trading): Nasdaq Golden Dragon Index edges up; focus on HUYA, BILI, $iQIYI(IQ.US), avoid underperformers.

4. Rate-sensitive sectors: Rising 10Y Treasury yields pressure financials (GS, JPM); dollar weakness favors gold/commodities.

4. Trading and risk control

1. Stay light pre-decision, hedge with options.

2. Post-decision: Add MSFT, NVDA on dovish signals (5% take-profit); reduce tech on hawkishness, shift to utilities/staples.