By Amanda Cooper and Lawrence Delevingne LONDON/BOSTON (Reuters) -Wall Street shares advanced on Thursday as investors cheered updates from Meta and Tesla , while the dollar dipped, further boosting gold prices.

However, the U.S. stock market could move sharply on Jan. 29 and Jan. 30 based on commentary from the Federal Reserve, and earnings results from several "Magnificent Seven" companies: Apple ( AAPL 3.65%), Meta Platforms ( META 2.19%), Microsoft ( MSFT 2.91%), and Tesla ( TSLA 0.24%). Read on for details.

Wall Street futures rose with gains from tech giants like Meta and Tesla after the Federal Reserve paused its rate-cutting cycle. Meta and Tesla's positive reports contrasted with Microsoft's disappointing cloud forecast.

Tesla, IBM and Meta Platforms helped lead most U.S. stocks higher on Thursday following a rush of profit reports from some of the country’s most influential companies. The S&P 500 rose 0.5%, as four out of every five stocks in the index climbed.

In extended trading, shares of Meta Platforms and Tesla gained nearly 2% and 5%, respectively, while Microsoft shares dipped 4% after the companies reported earnings. Both Meta and Microsoft beat on the top and bottom lines, but Tesla missed expectations.

The Federal Reserve is widely expected to hold its benchmark interest rate steady Wednesday, taking a pause after cutting short-term rates [by a full percentage point](

US stocks fall after the Fed held rates steady but suggested the inflation drop has stalled. Meta, Tesla and Microsoft report earnings after the bell.

The Fed is widely expected to make no change to interest rates today, after cutting the benchmark short-term rate at every one of its last three meetings. There also won't be any quarterly economic or interest-rate projections.

U.S equity futures turned lower in early Wednesday trading, while the dollar extended gains and Treasury yields dipped, as investors looked for clarity on two key issues from today's Federal Reserve interest rate decision and fourth-quarter earnings updates from three megacap tech giants.

Jim Cramer, the host of Mad Money, recently shared his thoughts on the upcoming earnings season, emphasizing that investors should tread carefully and avoid making any big moves.

Nasdaq 100 dips as Powell’s Fed decision, Nvidia’s AI battle, and key earnings from Microsoft, Tesla, and Meta set the market tone. Volatility ahead!

Meta Platforms rose 2.4% in premarket trading after beating estimates for fourth-quarter revenue, but predicted that sales in the current first quarter might miss estimates. Tesla added 2.2% after saying it was on track to roll out new,