New York, January 23, 2026, 06:59 (EST) — Premarket
- U.S. stock futures dipped in early trading after Intel tumbled on a disappointing forecast.
- Flash PMI figures and the Michigan sentiment index take center stage on the U.S. economic calendar.
- Traders are eyeing the Fed’s January 27-28 meeting, alongside a packed schedule of megacap earnings this week.
U.S. stock index futures edged lower in early premarket trade Friday, led by a steep drop in Intel shares following a disappointing outlook. Investors are also bracing for important U.S. economic data set to come out later this morning. At 5:57 a.m. ET, S&P 500 E-minis slipped 0.23%, Nasdaq 100 E-minis lost 0.35%, and Dow E-minis fell 0.24%. Intel plunged 13.6% in premarket action, while Intuitive Surgical gained 3.7% after surpassing quarterly estimates. 1
After a rocky start to the week sparked by President Donald Trump’s tariff threats against European allies and his surprising bid for Greenland, markets are cautious. Stocks, bonds, and the dollar all took a hit simultaneously. The S&P 500 and Nasdaq are both on track for a second week of losses, with anticipation building around next week’s Fed meeting and earnings reports from Apple, Microsoft, Meta, and Tesla. The market is trading above 22 times forward earnings. Franklin Templeton strategist Chris Galipeau pointed to earnings as the key factor. “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. 2
Friday kicks off with S&P Global’s flash PMI reports at 9:45 a.m. ET. Forecasts put the services PMI at 52.9 and manufacturing at 51.9, both above the 50 mark that indicates growth. Then at 10:00 a.m. ET, the University of Michigan releases its consumer sentiment index, expected to come in at 54.0. 3
At 10:00 a.m. ET, the Conference Board will release its leading economic index for November. Analysts polled by Investing.com expect a 0.2% drop, following the 0.3% fall seen last month. 4
Intel acknowledged it underestimated demand for server central processors used alongside Nvidia’s AI graphics chips, despite running its factories at full tilt. The company, which has been losing ground in the PC market to AMD and Arm, projected first-quarter revenue between $11.7 billion and $12.7 billion, with adjusted EPS near break-even—both figures falling short of LSEG consensus. “I’m disappointed that we are not able to fully meet the demand,” CEO Lip-Bu Tan told analysts. CFO David Zinsner added, “They were all a little bit caught off guard.” 5
Thursday saw the Dow climb 0.63%, the S&P 500 add 0.55%, and the Nasdaq jump 0.91% as investors returned to riskier assets following Trump’s retreat from tariff threats and strong U.S. economic data. Procter & Gamble surged 2.6% after its earnings report, while Abbott tumbled 10% on a disappointing outlook. “You do not know whether it is Christmas morning or Friday the 13th,” said Gregg Abella, CEO at Investment Partners Asset Management. 6
Equities face pressure if this morning’s data overshoots forecasts, stirring up “higher-for-longer” rate fears and putting tech multiples—already tight—under strain. Any fresh shock on trade policy or Greenland could push investors back into havens, which have quietly stayed in demand despite the recent rally.
The Fed’s upcoming policy meeting is set for January 27-28, with a statement and press conference expected Wednesday afternoon. 7
Traders will zero in on the 9:45 a.m. flash PMI readings and the 10:00 a.m. Michigan sentiment and leading index releases for hints on growth and inflation as the weekend approaches.
