As of 15:00 on January 28, 2026 (US market Tuesday close/night session), key takeaways: The three major indices diverged, with the Nasdaq leading gains and the Dow leading losses, while the S&P 500 hit a record closing high; tech and memory stocks were strong, healthcare stocks plunged, with the market focused on the Fed's rate decision and tech giants' earnings reports.

I. Core Indices & Night Futures

- Dow: Closed at 49,003.41, down 408.99 points (-0.83%), with UnitedHealth being the biggest drag among components.

- S&P 500: Closed at 6,978.60, up 28.37 points (+0.41%), a record closing high, with an intraday peak of 6,988.82.

- Nasdaq: Closed at 23,817.10, up 215.74 points (+0.91%), driven by tech and growth stocks.

- Night futures (post-close): S&P 500 futures **+0.1%, Nasdaq 100 futures +0.3%**, Dow futures flat, as markets cautiously await the Fed decision and earnings.

II. Key Sectors & Stocks

- Tech leaders: Intel **+3%, Amazon +2.63%, Microsoft +2.19%, Apple +1.12%, Meta +0.3%**, as traders positioned for earnings.

- Memory chips: Micron **+5.44%, Western Digital +4%, Seagate +3%**, boosted by strong results and guidance.

- Healthcare: UnitedHealth **-19.61%, CVS -14%, S&P 1500 Managed Care Index -18%** (biggest single-day drop since 1997), after UnitedHealth warned of revenue declines and service cuts.

- China ADRs: Nasdaq Golden Dragon China Index **+0.48%; Huya +19%, Bilibili +3.43%, iQiyi +3%; XPeng, Li Auto -1%+**.

III. Macro & Market Drivers

- Fed: Rate decision due January 28, with markets widely expecting no change at **3.5%-3.75%**, focusing on Powell's guidance for rate cuts.

- Earnings wave: Apple, Meta, Microsoft and other giants set to report, setting the tone for tech and indices.

- Others: Dollar index fell **-1.34% to 95.7455** in late NY trading, while offshore CNY strengthened; 10-year Treasury yield rose 2.79bp, mildly pressuring growth stock valuations.