New York, Jan 26, 2026, 05:58 a.m. ET — Premarket
U.S. stock index futures dipped slightly early Monday as investors awaited the Federal Reserve’s policy announcement and a packed schedule of major tech earnings. S&P 500 futures slipped roughly 0.1%. These futures trade ahead of the market open and offer a glimpse at where stocks might open.
This week, roughly 20% of the S&P 500 will report earnings, including heavyweights Apple, Microsoft, Meta Platforms, and Tesla. The consensus is that the Fed will hold interest rates steady on Wednesday. Attention has shifted, though, to how comfortable officials seem with the pace of rate cuts markets expect later this year. “It’s been a little bit of a short but steep roller-coaster ride,” said Yung-Yu Ma, chief investment strategist at PNC Financial Services Group. Reuters
The market starts the week with scant tolerance for fuzzy AI spending promises. Without clear signs of revenue and margin gains, the trade can reverse sharply.
Friday saw the Dow drop 0.58% to 49,098.71. The S&P 500 held steady at 6,915.61, while the Nasdaq ticked up 0.28% to 23,501.24. Intel plunged 17% after missing revenue and profit forecasts. All three major indexes wrapped the week in the red.
USA Rare Earth surged up to 62% in premarket trading following reports that the Trump administration plans to take a 10% stake through a $1.6 billion debt-and-equity deal. Shares of MP Materials, Lithium Americas, and Trilogy Metals, all U.S.-listed, also climbed, Reuters reported.
Gold miners edged higher as bullion prices hit new highs, boosting the sector’s cash-flow prospects. Newmont jumped 4.4% in premarket trading, while U.S.-listed Barrick Mining shares climbed 3.8%. Several other miners also saw gains.
Gold’s surge has rattled risk assets, pushing spot prices above $5,100 an ounce. Analysts link the jump to tariff concerns, a weaker dollar, and jitters ahead of the Fed meeting. Ole Hansen, Saxo Bank’s head of commodity strategy, highlighted U.S. policy uncertainty as a major factor.
Oil remained in focus as winter storms hit U.S. production. Brent climbed 0.4% to $66.11 a barrel, while WTI added 0.3% to $61.26. Analysts pointed to outages from the storms and rising geopolitical risks from U.S.-Iran tensions.
Politics is making a return to the market’s radar. Following a shooting in Minnesota, Democratic senators announced opposition to a Department of Homeland Security funding bill, raising the chances of a partial government shutdown before week’s end, the Associated Press reported.
The risk is clear: a sudden spike in tariff tensions, an unexpected pivot from the Fed, or fresh turbulence in Washington’s funding negotiations could shake confidence—especially now, when valuations offer almost no cushion. Weak megacap earnings forecasts could then push markets further down.
The Fed’s next big hurdle comes at its Jan. 27–28 meeting. The policy decision drops Wednesday, followed by a press conference at 2:30 p.m. ET.
