U.S. stock index futures opened lower on Monday as investors braced for a packed calendar of corporate earnings and a closely watched Federal Reserve policy decision. In premarket trading, the precious metals complex grabbed attention: gold vaulted to a record above $5,000 an ounce, while silver was also trading at all-time highs, helping lift shares of gold miners listed in the United States.
Among miners, Gold Fields climbed 4.4% in early trading. Harmony Gold and Sibanye Stillwater each rose by more than 3%. The rally in metals came amid a backdrop of persistent uncertainty that has kept equities on edge even as they attempt to regain footing after last weeks declines.
Stocks had recovered some ground after an earlier easing of tariff rhetoric directed at the European Union over a dispute tied to Greenland, but all three major U.S. indexes still ended last week in negative territory. Over the weekend, the U.S. president renewed trade tensions, this time targeting Canada, and said he would impose a 100% tariff on Ottawa if Canada proceeded with a trade deal with China.
At 05:24 a.m. ET, futures showed the Dow E-minis down 44 points, or 0.09%. S&P 500 E-minis were lower by 13.75 points, or 0.2%, and Nasdaq 100 E-minis were down 97 points, or 0.38%.
Corporate calendar shifts into high gear
The coming days bring a heavy slate of earnings, with 102 S&P 500 companies scheduled to report. Market attention is particularly focused on four members of the so-called "Magnificent 7" - Apple, Microsoft, Meta and Tesla - which are due to announce results. Their reports will be a central test for a market that has been priced for continued robust earnings growth.
Investors will be watching closely for signs that corporate spending on artificial intelligence is beginning to produce tangible returns. With some firms in the technology and semiconductor sectors carrying elevated valuations, market participants are likely to scrutinize forward guidance as much as headline beats. The article noted that even small disappointments could prompt a reassessment of the durability of the AI-led rally.
Intel experienced a sharp selloff on Friday, marking its steepest decline in nearly 18 months after the company forecast quarterly profit and revenue below estimates, underscoring the sensitivity of tech names to guidance and forecasts.
Federal Reserve meeting and political risks
The U.S. central bank begins a two-day meeting on Tuesday, with most investors anticipating that officials will keep interest rates on hold. Market participants will be parsing any commentary for clues about the outlook for policy and for potential indications about the White Houses pick to replace Federal Reserve Chair Jerome Powell. The piece notes recent political pressure on Powell and that the president has suggested a decision on a nominee could come soon.
Political risks extend beyond the Fed. The risk of a partial U.S. government shutdown is a live concern ahead of the January 30 funding deadline. Senate Democratic leadership has signaled opposition to legislation that includes funding for the Department of Homeland Security, which oversees Immigration and Customs Enforcement, adding another layer of uncertainty for markets.
Other market movers
Among individual stock movements cited, Baker Hughes rose 3.3% after reporting fourth-quarter results that beat estimates. The article highlights that earnings surprises and guidance will be central to market direction this week.