29th January 2026 – Fed Pauses, Mega cap earnings mixed, precious metals FLY!

Morning Call covers a busy overnight session with the Fed holding rates, mega-cap US tech earnings from Meta, Microsoft and Tesla, and another powerful move higher in precious metals and uranium, with implications for ASX miners, Aussie tech, and sector positioning going into key US data and Apple results.​Fed leaves rates unchanged as Powell emphasises strong 4.4% US GDP and lingering inflation risks, with dissenters pushing for only a 25 bp cut while markets still focus on future easing.​Meta initially sells off on sharply higher AI/data-centre CapEx guidance before reversing to a strong aftermarket gain as investors warm to its super-intelligence and advertising growth story.​Microsoft beats on top and bottom line but falls around 4% as sentiment cools on AI and cloud (39% growth) amid intensifying competition from Google, Anthropic and others tied to alternative models.​Precious metals surge again, led by gold up about 4.5% alongside strong silver, platinum, copper and uranium (up roughly 6%), pointing to a strong day for related ASX miners and uranium names.​Aussie tech continues to lag US tech by nearly 40% since September despite global operations and FX benefits, while local healthcare remains out of favour and looks like a “falling knife” for now.