NEW YORK, Jan 23, 2026, 10:03 EST — Regular session
The Dow Jones Industrial Average dipped 0.52% by mid-morning Friday, losing 256.23 points to sit at 49,127.78. A handful of heavyweight stocks dragged the blue-chip index lower amid ongoing selling pressure. 1
U.S. stocks wavered early on before sliding, pressured by Intel’s gloomy forecast that dented risk appetite. Persistent geopolitical tensions also weighed on sentiment as investors headed into the weekend. 2
Why it matters now: next week’s Federal Reserve meeting and a packed earnings schedule could shift how the market values growth. “It’s been a little bit of a short but steep roller-coaster ride over the past several days,” said Yung-Yu Ma, chief investment strategist at PNC Financial Services Group. 3
On the Dow, a few pricey stocks took the brunt early on. Goldman Sachs dropped 2.8%, while American Express lost 1.8%, cutting roughly 204 points from the price-weighted index, MarketWatch said. (Because the index is price-weighted, stocks with higher share prices have a bigger impact.) 4
Intel shares tumbled 14% after the chipmaker flagged supply bottlenecks that capped its ability to fulfill AI-related demand for data-center chips, and issued profit and revenue forecasts below analyst expectations, Reuters reported. TD Cowen described the recent rally as fueled more by “the dream” than by near-term fundamentals. CFO David Zinsner added that supply constraints are expected to ease in the second quarter. 5
Friday’s sell-off followed a relief rally on Thursday, when the Dow climbed 0.63%. That boost came after President Donald Trump stepped back from tariff threats related to Greenland and ruled out a forceful takeover of the territory. “The emergency aspect of this is over for now,” said Rick Meckler, partner at Cherry Lane Investments. 6
Traders faced new economic data Friday with services and manufacturing purchasing managers’ indexes (PMIs) scheduled for release. These surveys are closely watched for early insights on growth trends and inflationary pressures. 7
The next big date is the Federal Reserve’s meeting on Jan. 27–28. The policy statement drops at 2:00 p.m. ET on Jan. 28, followed by a press conference at 2:30 p.m., according to the Fed’s calendar. 8
Geopolitics remained front and center. Oil prices bounced back Friday after Trump mentioned an “armada” heading toward Iran, underscoring how supply concerns and policy news can still jolt markets. 9
That said, the setup works both ways. Should earnings guidance fall short or executives express doubts about AI investment returns, the Dow could slip again week over week—especially if policy shocks make a comeback.
Traders will be monitoring if the losses remain limited to a handful of Dow components or start to spread through the market for the rest of Friday. Attention shifts next week to the Fed’s Jan. 28 decision and key earnings reports that could reshape expectations around U.S. profits and interest rates.
