New York, Jan 23, 2026, 17:03 EST — After-hours
- The Dow dropped 288.51 points, or 0.58%, closing at 49,095.50 after Intel’s weak outlook weighed on the index.
- Stocks closed out a turbulent, holiday-shortened week, with tariff news and safe-haven buying continuing to steer the action.
- Next week features a Fed rate decision alongside a packed schedule of megacap earnings.
The Dow Jones Industrial Average slipped on Friday, dragged down by Intel’s disappointing forecast as investors dialed back risk ahead of the weekend. The index dropped 288.51 points, or 0.58%, closing at 49,095.50. Meanwhile, the S&P 500 inched up 0.03%, and the Nasdaq gained 0.27%, based on preliminary data. S&P Global’s flash PMI indicated steady business activity in January, while a University of Michigan survey revealed a boost in consumer sentiment. “We feel pretty good about where we are today,” said Jason Blackwell, chief investment strategist at Focus Partners Wealth. 1
The Dow dropped roughly 0.5% for the week after slipping late in the session, despite bouncing back over two days earlier. Risk appetite remained uneven: the dollar softened while gold climbed to fresh highs, signaling some investors favor safety over chasing stocks near record peaks. Year-to-date, the Dow has gained about 2.2%. 2
Friday’s slide in the Dow boiled down to simple arithmetic. Goldman Sachs dropped 2.8%, American Express slid 1.8%, and together they shaved roughly 204 points off the index, MarketWatch reported. Since the Dow is price-weighted, pricey stocks like these pack more punch, so sharp moves in a high-priced stock can sway the whole index significantly.
Investors surged back into stocks a day earlier after President Donald Trump eased off tariff threats against European allies over Greenland. “You do not know whether it is Christmas morning or Friday the 13th,” said Gregg Abella, CEO at Investment Partners Asset Management, capturing the market’s recent volatility. On Thursday, the Dow gained 0.63%. Procter & Gamble rose following earnings, while Abbott dropped 10% on a disappointing outlook. 3
The big question: will next week’s reports steady the market or shake it up? Roughly 20% of the S&P 500 is set to release earnings, including Apple, Microsoft, Meta Platforms, and Tesla. Investors are zeroing in on whether heavy AI investments will translate into profits. The S&P 500 currently trades at over 22 times expected earnings, well above the long-term average of 15.9. “The earnings bar had better be met,” said Chris Galipeau, senior market strategist at Franklin Templeton. So far, with 59 companies reporting through Thursday, 81% have beaten estimates, according to LSEG data. 4
Rate bets are adding complexity. A Reuters poll of economists found most expect the Fed to hold its key rate steady at 3.50%–3.75% through the first quarter, possibly even until Chair Jerome Powell’s term ends in May. They cited steady growth and inflation still running above target. While many still see at least two rate cuts coming in 2026, the timeline has become more uncertain. 5
The week also highlighted how fast sentiment can shift on just one headline. A fresh tariff threat, another earnings miss like Intel’s, or a Fed signal opposing rate cuts could push investors to pull money from stocks already valued for steady growth.
U.S. markets kick off trading on Monday with Intel and other chip stocks under the spotlight after Friday’s selloff. Investors are eyeing the Fed’s rate statement due at 2 p.m. EST on Jan. 28, with Chair Powell’s press conference to follow at 2:30 p.m. 6
