Stock Markets January 29, 2026

Markets See Wide Swings; Microsoft and Salesforce Slip as Travel and Airlines Rally

Mega-caps uneven as cruise and regional airline names post sizable gains; a raft of mid- and small-caps move sharply on company-specific news

By Derek Hwang MSFT ORCL CRM GOOGL IBM
Markets See Wide Swings; Microsoft and Salesforce Slip as Travel and Airlines Rally
MSFT ORCL CRM GOOGL IBM

Trading on Thursday produced notable divergences across market-cap segments. Several large-cap technology names, including Microsoft and Salesforce, posted steep declines, while travel and leisure names such as Royal Caribbean and Southwest Airlines delivered strong gains. The session featured heavy losses among many mid- and large-cap technology and growth names, offset in parts by outsized advances in selected energy, services and small-cap issues.

Key Points

  • Several mega-cap technology stocks fell sharply during Thursday's session, with Microsoft and Salesforce among the largest decliners.
  • Travel-related names such as Royal Caribbean and Southwest Airlines posted significant gains, while a mix of mid- and small-cap stocks moved on company-specific news including financings, earnings and strategic deals.
  • Sector impact was uneven: technology saw broad weakness, whereas leisure, select industrials and energy/service providers produced some of the largest advances.

Summary

Thursday's session was marked by broad volatility, with several mega-cap technology stocks falling sharply and a set of travel and leisure and select mid- and small-cap names rallying. Below are the primary movers across market-cap cohorts, with context where company-specific developments were cited.


Mega-Cap Movers (Market Cap: $200B+)

  • Microsoft Corp (MSFT) -11.48%.
  • Oracle Corp (ORCL) -6.33%; Blackstone considers debt investment for Oracle Michigan data center - Bloomberg.
  • Salesforce Com (CRM) -8.34%.
  • Google Inc (GOOGL) -2.3%.
  • IBM (IBM) +5.63%.
  • Exxon Mobil (XOM) +1.78%.
  • Caterpillar (CAT) +1.78%; AIP Corp, Caterpillar form alliance to deploy 2 GW power for AI data centers.
  • Thermo Fisher Sc (TMO) -3.39%.
  • Palantir Technologies Inc (PLTR) -5.38%.

Large-Cap Stock Movers (Market Cap: $10B-$200B)

  • Joby Aviation (JOBY) -16.87%; Joby Aviation plans to raise $1 billion through notes and stock offerings.
  • United Rentals (URI) -11.45%; shares tumbled after a fourth quarter earnings miss.
  • HubSpot Inc (HUBS) -12.28%.
  • Servicenow Inc (NOW) -12.16%.
  • Las Vegas Sands (LVS) -12.52%; shares fell as Q4 operating profit missed estimates.
  • First Solar Inc (FSLR) -13.12%.
  • Atlassian Corp Plc (TEAM) -11.99%.
  • Figure Technology Solutions Ltd (FIGR) -11.14%.
  • Southwest Airlines (LUV) +12.52%; shares soared as 2026 guidance exceeded expectations.
  • Royal Caribbean (RCL) +15.97%.

Mid-Cap Stock Movers (Market Cap: $2B-$10B)

  • Applied Opt (AAOI) -17.67%.
  • Inflection Point Acquisition II (USAR) -14.81%; USA Rare Earth closes $1.5 billion PIPE financing led by Inflection Point.
  • LendingClub Corp (LC) -11.24%; fell 8% as credit loss provisions missed estimates.
  • Sustainable Opportunities Acqui (TMC) -11.03%.
  • Whirl Pool Corp (WHR) -7.31%; shares fell as Q4 revenue trailed analyst estimates.
  • TECO Energy Inc-Exch (TE) -7.09%.
  • Liberty Oilfield Services Inc (LBRT) +23.44%.
  • Modine Manufacturing Comp (MOD) +16.34%; Gentherm and Modine's Performance Technologies business to combine in a $1 billion thermal management deal.
  • Jds Uniphase Corp (VIAV) +14.6%; Viavi Solutions soared as earnings and guidance topped expectations.
  • Tal Education Group (TAL) +10.59%; TAL Education rose after a strong earnings beat.

Small-Cap Stock Movers (Market Cap: $300M-$2B)

  • MSFU (MSFU) -22.86%.
  • United States Antimony Corp (UAMY) -17.74%.
  • Sizzle Acquisition (CRML) -15.53%.
  • Ramaco Resources Inc (METC) -12.7%.
  • MSTU (MSTU) -3.83%.
  • BMNU (BMNU) -1.34%.
  • UVIX (UVIX) +10.09%.
  • METU NASDAQ (METU) +16.01%.
  • FBL (FBL) +15.52%.

Thursday's action produced a clear split between sectors and market-cap buckets. Technology mega-caps accounted for several of the session's most pronounced declines, while cruise lines, regional air carriers and selected industrial and energy-related names recorded notable gains. Company-specific developments - including financing plans, earnings misses and announced strategic alliances or transactions - were cited alongside the percentage moves for a number of the names listed.

Market participants monitoring these movers may focus on earnings updates, guidance, financing activities and announced partnerships as the proximate catalysts for the respective share-price moves.

Risks

  • Earnings misses and disappointing revenue or profit metrics created downward pressure on multiple stocks, notably within technology and consumer services - impacting equities in those sectors.
  • Financing actions or capital raises, such as Joby Aviation's planned $1 billion raise, can weigh on share prices and increase dilution risk for existing investors - relevant to aerospace and growth-capital-intensive firms.
  • Company-specific transactions and strategic announcements, including PIPE financings and proposed alliances, introduce execution and financing uncertainties that can drive significant stock volatility across mid- and small-cap names.

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