It’s been a quiet day for the stock market so far, with the Dow, S&P 500 and Nasdaq all trading near sideways.

The Dow was flat as of 1:47 p.m. ET. The S&P 500 fell 0.1%. The Nasdaq rose 0.13%.

Wall Street traders are awaiting the Federal Reserve’s interest rate decision at 2:00 p.m. ET, followed by Chairman Jerome Powell’s remarks at 2:30 p.m. ET.

While all eyes will be on the Federal Reserve this afternoon, investors are also bracing for earnings reports after the closing bell from Meta Inc. (META), Microsoft Inc. (MSFT), Tesla Inc. (TSLA), and Apple Inc. (AAPL) will follow on Thursday. These companies make up four of the so-called “Magnificent Seven” tech stocks that have powered the market’s rally over the past three years.

“This week is critical in setting the near-term tone of the market as we head into 2026,” SWBC Chief Investment Officer Chris Brigati said in a note. “History has shown us that a strong January often shapes the story for the rest of the year, with investor sentiment playing a huge role.”

Meanwhile, gold and silver soared amid lingering geopolitical uncertainty. Gold rose 4.7% and silver rose 7.3%.

U.S. Treasury yields, which rise when bonds fall, rose slightly. The dollar index rose 0.38% this morning as Treasury Secretary Scott Bessent told CNBC that the US had a “strong dollar policy”, allaying nerves over the recent drop in the dollar.

“This signal reversal is consistent with the Trump administration’s past mixed signals on the dollar, but it also reveals an activist macro trader’s approach to managing fiscal policy, a signal switch that seeks to manage currency markets,” Krishna Guha, vice chairman of Evercore ISI, said in a note.