S&P 500 Hits 7,000, AI Trade-Chips Rally, Fed Decision Day 1/28/26

Squawk on the Street

CNBC

Business, News, Investing

4.1 • 567 Ratings

🗓️ 28 January 2026

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber discussed what to make of the S&P 500 hitting the 7,000 level for the first time. The broader market index was propelled past that milestone by the AI trade, as results from ASML helped to spark a jump in semiconductor stocks and tech overall. The rally sets the stage for after-the-bell earnings from three of mega-tech's "Magnificent 7" — Microsoft, Meta and Tesla. The anchors also explored what to expect from Wednesday's Fed decision on rates and the path ahead for monetary policy. Also in focus: Amazon to cut 16,000 additional jobs, Starbucks among the earnings winners, sources tell David that SoftBank is close to investing an additional $30 billion in OpenAI, President Donald Trump's weaker dollar message, First Lady Melania Trump rings the opening bell at the NYSE. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market insight and analysis. You're listening to the opening bell of CnBC, Squawk on the Street.
0:05.7	Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kingtony with Jim Kramer, David
0:09.1	Faber, post-9 of the New York Stock Exchange. Futures are mixed as we come off Tuesday's S&P all-time
0:14.1	high. Big day with the Fed decision, mega-cap tech earnings tonight, dollars trying to stabilize
0:19.8	after the worst one-day sell-off
0:21.6	since the tariff rollout last spring and gold at 5,300.
0:25.9	Our roadmap begins with the state of the AI trade.
0:28.3	As Texan, ASML, all rally on the back of their latest earnings, and China reportedly giving
0:33.2	the nod for its tech companies to buy those H-200s.
0:36.0	Plus, Meta, Microsoft and Tesla, all getting ready to report earnings.
0:39.8	That will be after the bell today.
0:41.3	Of course, we'll try and get you ready for those.
0:43.6	And it's also a Fed Day, a decision on interest rates.
0:46.2	Chair Powell's news conference as well.
0:48.2	That's the first one since he took that unprecedented step in accusing the White House
0:52.7	of trying to use legal threats to pressure
0:55.0	him to slash rates.
0:58.4	Let's begin with the markets getting a lift from the AI trade today in this rally in semiconductors.
1:03.1	S&P, of course, now within some striking distance of hitting 7K for the first time ever.
1:08.1	But man, Jim, the news in the chip space today is incredible.
1:11.2	Yeah, I mean, you've got outfits like Texas Instruments. We know this is a story company,
1:15.6	but they have historically been both conservative and actually missed a lot of markets.
	...

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