Stocks today: UNH stock stays volatile as Meta earnings jump, while the S&P 500 index (SPX), Nasdaq index, and Dow Jones stock markets pull back
The stock market turned risk-off in stocks today (Thursday, January 29, 2026 ET), as investors digested a familiar but intensifying tension: Big Tech’s accelerating AI spend versus near-term profit visibility. The day’s mood was set by a sharp drop in a mega-cap bellwether tied to worries about cloud growth and capital intensity, which dragged much of the Nasdaq index lower. At the same time, Meta earnings delivered a counterweight, with Meta shares surging on a strong quarter and confident near-term revenue outlook.
Meanwhile, UNH stock remained a focal point on the defensive side of the tape, still choppy after a bruising week in health insurance tied to Medicare Advantage reimbursement uncertainty and guidance resets.
Stock market: why stocks today moved lower across the Nasdaq index, SPX, and Dow Jones stock markets
By early afternoon in New York, major indexes were lower, led by tech. The Nasdaq index took the biggest hit, the S&P 500 index (SPX) slid more moderately, and the Dow Jones stock markets were down less than the tech-heavy benchmarks. The story wasn’t “bad earnings” so much as “expensive certainty.”
Two forces drove the pullback:
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AI budget anxiety: Investors are increasingly sensitive to how quickly AI infrastructure spending can translate into revenue growth and durable margins. Rising capex can be bullish long-term, but it raises the bar for execution in the next few quarters.
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Software shockwaves: Weakness in several software names amplified a broader fear that AI is compressing pricing power for traditional subscription models, pushing investors to re-rate the sector.
Behind the headline, the incentive structure is clear. Corporate leaders feel pressure to spend aggressively on AI to avoid falling behind, while investors are simultaneously demanding proof that the spending will pay off soon. That mismatch often produces volatile index days where the market “punishes” capex-heavy guidance even if headline earnings look fine.
Meta earnings: why META surged even as the stock market slid
Meta earnings landed as the day’s standout upside surprise for earnings stocks, helping explain why the tape wasn’t uniformly red. Meta reported:
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Quarterly earnings of $8.88 per share
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Quarterly revenue of $59.89 billion
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A first-quarter 2026 revenue outlook of $53.5 billion to $56.5 billion
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A sharply higher 2026 spending posture, including capex of $115 billion to $135 billion and full-year expense expectations in a higher band than investors have grown used to
Even with heavier spending, the market rewarded Meta because the company paired investment with a convincing demand signal: advertising strength, scale, and a forward outlook that suggests momentum is still building.
As of 1:34 p.m. ET, Meta shares were about 10% higher at $737.05, after trading between $712.74 and $741.63 during the session.
The second-order effect is important: Meta’s pop reinforced a growing divide inside tech. The market is not rejecting AI spending outright; it’s choosing winners that can self-fund it with strong cash generation and visible demand.
UNH stock: what’s driving the volatility and why healthcare is still in the headlines
UNH stock remained unsettled as investors continue to reprice the health insurer group after a policy-driven shock tied to Medicare Advantage payments and forward guidance.
This week’s turbulence stems from two overlapping issues:
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Medicare Advantage reimbursement math: A proposed 2027 payment update came in far below what insurers had been anticipating, hitting expectations for profitability in a business already pressured by higher medical utilization.
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Guidance resets and cost realities: UnitedHealth’s outlook signaled that the path forward relies heavily on repricing and cost discipline to stabilize margins, especially as medical costs have stayed elevated and parts of the Medicaid book remain challenging.
As of 1:34 p.m. ET, UNH stock was down about 1% at $291.05, with an intraday range of $289.31 to $295.94.
The behind-the-headline incentives are blunt: policymakers want to contain program costs, insurers want rate clarity and adequate reimbursement, and investors want predictable earnings power. When those priorities collide, even “defensive” stocks can trade like high beta.
S&P 500 index (SPX), Nasdaq index, and Dow Jones stock markets: what to watch next for earnings stocks
The market’s next move likely depends on whether upcoming results answer three questions that are now driving price action across stocks today:
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Can revenue growth keep up with AI spending?
Trigger: guidance that shows accelerating sales tied to AI products, not just larger budgets. -
Is cloud demand slowing or shifting?
Trigger: updates that clarify whether growth is capacity-constrained, demand-constrained, or mix-shifting. -
Will policy uncertainty keep pressuring healthcare?
Trigger: clearer signals on reimbursement direction and how quickly insurers can reprice plans.
What we still don’t know is the timing: markets can tolerate heavy spending if the confidence interval narrows. Until then, expect more sessions where Meta earnings can spark rallies in select names while the broader S&P 500 index (SPX) and Nasdaq index remain sensitive to the same theme—how long investors are willing to wait for AI’s payoff.
