EB Daily Market Report - Brief Update - Thursday, January 29, 2026

The Mag 7 stocks took center stage yesterday after the closing bell as Microsoft (MSFT), Meta Platforms (META), and Tesla (TSLA) each reported their latest quarterly results.  MSFT had shown slight relative leadership in a very weak software group ($DJUSSW), but its earnings completely disappointed Wall Street.  MSFT has been under selling pressure since yesterday's report and it's currently testing a very key gap support level at 423.13.  After closing at 481.63 on Wednesday, MSFT literally dropped almost immediately this morning into the 420s and currently trades one buck above that 423.13 support level.  It needs to hold.

Sectors are bifurcated with 5 higher, 5 lower, and 1 (health care) exactly even on the session.  But it's definitely technology (XLK, -2.36%) that's holding the market down today.  Meanwhile, META surprised big time to the upside and the stock's gain today of 10% is helping to lead communication services (XLC, +2.41%) and internet stocks ($DJUSNS, +2.52%) higher.

The third Mag 7 stock that reported yesterday, TSLA, traded up in after hours last night and did open higher this morning at the opening bell.  But sellers took over and TSLA is now trying to hold onto its recent price support near 420.  It's currently trading down 3.2% and just below support at 417.

A fourth Mag 7 stock, Apple, Inc. (AAPL, +0.75%), reports its latest results after the closing bell today.

Banks ($DJUSBK, +1.47%) are attempting to reclaim their 20-day EMA after testing key price support recently:

I think it's important for the health of the stock market for banks to remain in an uptrend. The recent price low needs to hold, in my opinion.
Cryptocurrencies are taking a big hit today as bitcoin ($BTCUSD, -5.83%) trades down below 84000, breaking recent price support. Many other cryptos are down 6-8%, so it's been an across-the-board type of selloff.

Happy trading!
Tom