From the Desk - Economic Commentary
Brandon Casey, Member Strategies - 1/28/2026
U.S. stocks are higher Wednesday as traders continue to follow technology earnings and await the FOMC rate decision. The S&P 500 reached 7,000 for the first time this morning before pulling back from that level. Both the S&P 500 and Nasdaq were higher on Tuesday, while the DJIA was lower. Ahead of the FOMC meeting, no rate change is expected, and market attention remains on any signals regarding the future rate path. Current expectations reflect two rate cuts in 2026.
In economic data, MBA mortgage applications declined 8.5% last week. Purchase applications were 0.4% lower, and refinance applications fell 16%. The report also noted that the average interest rate for a conforming 30‑year mortgage rose eight basis points to 6.24%.
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