Markets steady ahead of the Fed and Big Tech earnings as gold tops $5,000 and storms snarl travel

U.S. stock futures were hovering near flat on Monday, January 26, 2026, with traders largely waiting for two major catalysts: a Federal Reserve policy decision later this week and a packed slate of earnings from major technology companies. With the biggest headlines still ahead, early market moves were subdued, and investors appeared focused on risk management rather than chasing momentum.

A key driver of the day’s tone was the renewed rush into safe havens. Gold futures pushed above the $5,000-per-ounce mark for the first time and kept climbing in early trading, reflecting elevated geopolitical and macro uncertainty. Alongside gold’s surge, yields on U.S. Treasuries edged lower, another sign that investors were prioritizing safety and liquidity as they assess the outlook for rates and growth.

Weather also became a dominant real-world market factor. A harsh winter storm that swept across a wide stretch of the United States disrupted air travel at scale, with more than 20,000 flights canceled from Saturday through Monday morning. Major airports in the Northeast corridor were among the hardest hit, and airlines faced another day of operational strain as delays continued to ripple through schedules.

Trade tensions added another layer of uncertainty. President Donald Trump escalated his rhetoric toward Canada over a recent Canada–China agreement, floating the idea of new tariffs that could materially affect cross-border commerce. Markets have been sensitive to tariff headlines in recent weeks, and the prospect of additional measures reinforced the defensive tilt showing up in metals and bonds.

One notable pocket of strength came from the rare-earths and industrial-policy theme. Shares of USA Rare Earths surged after the company announced plans involving proposed federal funding and a large loan, in addition to private financing. The news fed into a broader narrative of governments trying to shore up supply chains for strategic materials and manufacturing capacity.

What investors are watching next

• The Federal Reserve’s interest-rate decision and forward guidance later this week.
• Earnings results and outlooks from major technology companies that can swing market sentiment.
• Ongoing winter-storm disruptions, which could affect airlines, logistics, and near-term economic activity.
• Fresh trade and tariff developments, particularly related to Canada and China.