5 Things to Watch on
January 28, 2026

Markets are higher today despite escalating geopolitical headlines, after President Trump warned of potential military action against Iran if it fails to reach a nuclear weapons deal. In a forceful statement referencing a prior operation dubbed "Operation Midnight Hammer," Trump said a "massive Armada" stands ready to act if necessary. The stock market appears to be looking past the rhetoric for now, though gold surged above $5,300/oz for the first time while the U.S. dollar remains under pressure. Attention is also firmly on today's Fed rate decision and a heavy slate of post-market tech earnings. All 92 economists surveyed expect no change in rates, keeping the focus on guidance and tone.

Amazon (AMZN) announced plans to eliminate roughly 16,000 corporate roles, marking its second major round of layoffs since October. The move reflects efforts to streamline management layers and reallocate resources toward AI. In total, the company has cut about 30,000 positions since last fall, nearly 10% of its corporate and tech workforce, as CEO Andy Jassy continues to emphasize efficiency to help fund aggressive AI and data center investments. Capital expenditures are projected to reach $125B in 2026.

Intel (INTC) is up over +4.0% in premarket trading after CFO David Zinsner disclosed a $250K stock purchase and reports said Nvidia (NVDA) may use INTC's foundry for limited, non-core chip production starting in 2028, while continuing to rely primarily on Taiwan Semiconductor Manufacturing (TSM). The potential tie-up would involve Intel's 18A process and EMIB packaging for parts of NVDA's future Feynman platform, signaling tentative progress in Intel's foundry ambitions.

GE Vernova (GEV), a leader in power generation, grid electrification, and energy infrastructure, is down more than -1.0% in premarket trading despite a major Q4 beat and an increasingly bullish multi-year outlook. The company delivered EPS of $13.39 (well ahead of expectations), $10.96B in revenue (+3.8% Y/Y), and $22.2B in orders (+65% organically), driving strong backlog growth across Gas Power, Power, and Electrification. Management raised its 2026 guidance and extended its outlook through 2028, now incorporating the Prolec GE acquisition, which is expected to close in early February 2026.

ASML (ASML) is up over +4.0% in premarket trading after they posted a record quarter for orders, with Q4 2025 bookings of €13.2B far above expectations, underscoring strong AI-driven demand for advanced chipmaking tools, while also guiding 2026 sales to €34B–€39B, above consensus and implying a return to solid growth. The company announced a €12B share buyback through 2028 and said EUV system revenue will rise sharply next year as customers expand advanced-node capacity, though it also plans net layoffs of about 1,700 roles to improve agility and expects China's share of sales to fall to roughly 20% in 2026 due to export restrictions.