What drove the S&P 500 record close?

Mega-cap tech strength, optimism into earnings, and a weaker dollar that supported risk assets all helped. Traders looked for confirmation on AI-related demand, cloud growth, and spending plans. The setup improved breadth at the margin, though leadership remained concentrated. The Fed’s tone this week could decide whether gains broaden or consolidate.

How could the Fed rate decision affect Singapore investors?

The statement and press conference can move USD yields, the dollar, and risk appetite. A friendlier tone may aid REITs and growth stocks. A firmer tone could lift USD and pressure SGD assets. Consider hedging USD exposure, and avoid oversized positions into the early Thursday SGT announcement to limit gap risk.

What should I watch in Big Tech earnings?

Focus on AI capex plans, cloud growth, and margin discipline. Watch customer demand signals, backlog, and guidance quality. Management tone on spending and efficiency can move not only tech but also semiconductors and software in Asia. Surprise cuts or delays could challenge recent gains despite a strong tape.

Does a weaker dollar help my SGD returns on US assets?

Not always. A weaker dollar can lift USD asset prices, but SGD-based returns may lag as USD converts into fewer SGD. If you hold unhedged funds, currency can add or subtract meaningfully from performance. Consider partial hedges, or blend hedged and unhedged exposures to balance outcomes.

Global Market Insights

^GSPC Today: January 28 Record Close as Dollar Slides, Big Tech Awaits Fed

ByHuzaifa Zahoor January 28, 2026January 28, 2026

An S&P 500 record close on 28 January capped a risk-on session as a weaker dollar lifted sentiment and Big Tech paced gains ahead of the Fed rate decision. For Singapore investors, the setup is clear: earnings from Microsoft, Meta, and Tesla will steer tech, while the Fed’s tone could sway yields, REITs, and FX. We break down what moved markets, what to watch next, and how to position portfolios in SGD terms. We also flag key earnings times in SGT and practical hedging tips for USD exposure.