Economy January 23, 2026

US Stock Futures Decline as Intel Shares Fall Amidst Persistent Geopolitical Concerns

Market Indices Poised for Weekly Losses with Rising Safe-Haven Asset Demand

By Avery Klein
US Stock Futures Decline as Intel Shares Fall Amidst Persistent Geopolitical Concerns

U.S. stock futures showed declines on Friday, signaling a likely continuation of the downward trend for the S&P 500 and Nasdaq for a second straight week. Intel's stock experienced a significant drop following its forecast of lower-than-expected quarterly revenue and profit, impacted by supply challenges for its AI data center server chips. Meanwhile, geopolitical uncertainties and a cautious market outlook have fueled gains in gold and silver prices, reflecting persistent risk aversion among investors.

Key Points

  • Intel’s stock fell sharply after issuing below-market quarterly revenue and profit guidance due to challenges in meeting demand for server chips used in AI data centers, despite a significant share price increase earlier this year.
  • Continued geopolitical tensions, particularly related to tariff threats and disputes involving the U.S. and European allies over Greenland, have contributed to cautious investor sentiment and impacted market performance.
  • Investor interest in safe-haven assets such as gold and silver has increased, with prices reaching record highs, reflecting uncertainty in equity markets and geopolitical risks.

U.S. stock futures experienced a downturn on Friday morning, indicating that the S&P 500 and Nasdaq are on track to suffer weekly declines for the second consecutive week. The drop has been influenced notably by a sharp fall in Intel’s shares after the chipmaker announced quarterly revenue and profit projections that fell short of analyst expectations.

Intel's shares plunged 13.6% in premarket trading as the company revealed difficulties in meeting elevated demand for its server chips used in artificial intelligence data centers—an area that has fueled the firm's recent stock surge of approximately 50% since the beginning of the year.

The broader market sentiment remains unsettled due to ongoing geopolitical tensions. Earlier in the week, President Donald Trump’s threats to impose tariffs on European allies, linked to negotiations over Greenland, caused a sharp selloff. Although the president subsequently retracted these threats and dismissed any plans of forcefully acquiring Greenland, the damage to market confidence appears to persist.

By 5:57 a.m. Eastern Time, futures on the S&P 500 E-mini contracts had dropped 16.25 points, or 0.23%, while Nasdaq 100 E-minis decreased by 91 points, or 0.35%. Dow E-minis were also lower by 117 points or 0.24%. In the wake of these declines, traditional safe-haven gold prices climbed to record levels, illustrating investor preference for lower-risk assets amid prevailing uncertainty.

Looking ahead, a batch of earnings results from major technology companies—including Apple, Tesla, and Microsoft, collectively known as the ‘Magnificent Seven’—are anticipated next week. Given these firms’ significant influence on the major stock indexes, their financial outlooks will be closely monitored to assess the sustainability of the growth narratives that have so far justified their elevated valuations.

The equity market has shown strength beyond these tech giants, driven in part by solid U.S. economic data and expectations that the Federal Reserve may cut interest rates during the year. This optimism has pushed indices such as the small-cap Russell 2000 and the Dow Jones Transportation Average to record highs as of Thursday.

Investors continue to await important economic indicators, including the S&P Global's business activity surveys for January and the University of Michigan’s consumer sentiment report, both due later today. The Federal Reserve is broadly expected to maintain the benchmark federal funds rate between 3.5% and 3.75% following its policy meeting scheduled for next week. President Trump, who has criticized Federal Reserve Chair Jerome Powell for perceived delays in reducing interest rates, has also announced he will soon reveal his nominee for the next Fed chair.

Elsewhere in the market, Intuitive Surgical shares increased 3.7% after posting quarterly profit and revenue figures that outperformed Wall Street forecasts, driven by growing demand for their minimally invasive surgical robots.

Additionally, prices of silver surged past previous records, nearing $100 per ounce for the first time. This rise benefited U.S.-listed silver mining companies, with Hecla Mining and Coeur Mining shares climbing 2% and 0.7%, respectively.

Risks

  • Ongoing geopolitical uncertainties, especially involving U.S.-Europe relations and trade disputes, may continue to weigh on stock market confidence and performance, particularly impacting multinational companies and sectors sensitive to trade policies.
  • Supply constraints in the semiconductor sector, as evidenced by Intel’s difficulties fulfilling demand for AI-related server chips, could hinder growth prospects and negatively impact technology sector stocks.
  • Economic data releases and Federal Reserve policy decisions remain key uncertainties; potential interest rate changes or continued economic softness could influence market direction and investor risk appetite.

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