U.S. stock futures fell on Monday after a dramatic sell-off by investors in gold and silver, and technology led the decline as concerns about artificial intelligence trading swirled and Federal Reserve uncertainty deepened.
Nasdaq 100 futures (NQ=F) fell 0.6%, while those on the S&P 500 (ES=F) fell about 0.3%. Contracts on the Dow Jones Industrial Average (YM=F), which includes fewer tech names, were just below the flat line. All three indexes pared steeper overnight losses that followed a sharp reversal on Wall Street on Friday.
Wall Street heads into a new month digesting new uncertainty surrounding Nvidia ( NVDA ) and the broader AI trade. CEO Jensen Huang played down the chipmaker’s commitment to invest $100 billion in OpenAI ( OPAI.PVT ) after The Wall Street Journal reported the plan was on hold.
Big Tech led the market moves in early 2026, with gains leading companies in opposing directions. Quarterly reports from Amazon ( AMZN ), Alphabet ( GOOG ) and Advanced Micro Devices ( AMD ) are on the scene this week amid a flurry of corporate earnings, with Disney ( DIS ) and Palantir ( PLTR ) also reporting on Monday.
Stocks are under pressure as precious metals continue a rollercoaster ride that has seen them unleash much of their strongest rally to 2026 in recent days. Gold (GC=F) and silver (SI=F) returned to gains early Monday after a dip in Asian hours following a Friday sellout that saw silver post its biggest one-day decline.
Over the weekend, bitcoin (BTC-USD) dipped below $80,000 for the first time since April, extending losses after a volatile end to last week. The cryptocurrency last traded below $78,000 per token. At the same time, the dollar (DX-Y.NYB) gained against major peers, rising the most against currencies sensitive to commodity prices.
Investors are also wondering what’s next after President Trump chose Kevin Warsh as his nominee to head the Federal Reserve. The move is seen as a reinvigoration of efforts to reduce the Fed’s $6.6 trillion balance sheet, even as it opened the door to interest rate speculation. Most retailers are still pricing in two rate cuts by the end of the year.
On the macro front, January’s updates on manufacturing activity, due later in the month, will begin to set the stage for Friday’s monthly jobs report. Economists expect payrolls to have added 65,000 jobs in January and the unemployment rate to hold at 4.4 percent.
LIVE 12 updates
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Disney’s parks business shines as CEO search narrows
Yahoo Finance’s Brooke DiPalma reports:
Read more here.
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The strategy and other crypto-related actions follow bitcoin down
Strategy (MSTR) and other crypto stocks sank on Monday morning following bitcoin’s recent rout, which pushed the price of the world’s largest cryptocurrency below $78,000.
Shares of Strategy, which pioneered the bitcoin treasury model, fell more than 7% to $138 a share. Over the past year, the stock has fallen 55%.
Brokerages and exchanges related to the crypto ecosystem also fell. Robinhood (HOOD) fell 3%, while Coinbase (COIN) fell 4%. Bitcoin miner Marathon Digital (MARA) is down 5%.
Ether (ETH-USD) and other digital tokens also fell as pressure on the crypto space increased following the announcement of President Trump’s Fed pick.
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Goldman: US earnings outlook looks healthy
Strategists at Goldman Sachs said Monday that the earnings outlook for U.S. companies looked strong, allaying concerns. Strategist Ben Snider said more than half of the earnings release beat analysts’ expectations, beating the historical average of 40 percent.
Bloomberg News reports:
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Good morning. Here’s what’s happening today.
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Oracle to raise up to $50 billion in 2026 for cloud creation
From Bloomberg:
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Oil falls as Iran risks easing after Trump comments
From Bloomberg:
Oil fell as geopolitical risk premiums faded after US President Donald Trump said Washington was talking to Iran, while a broader sell-off in commodities exacerbated the slide.
Brent (BZ=F) fell more than 5% at one point and was trading near $66 a barrel, while U.S. crude futures (CL=F) also fell. Trump played down threats from Iran’s supreme leader, Ayatollah Ali Khamenei, of a regional war over the weekend, reiterating that he hoped they would reach an agreement.
The Islamic Republic’s foreign ministry said it hoped diplomatic efforts would avert a war. The Tasnim news agency said talks between the US and Iran are likely in the coming days.
“The move down looks more like a positioning reset than a fundamental change,” said Haris Khurshid, chief investment officer at Karobaar Capital LP. “Without a new supply shock, oil returns a risk premium as the market recalibrates after pricing in a near-term disruption that just didn’t materialize.”
Read more here.
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January jobs data, Alphabet and Amazon earnings, more Warsh fallout: What to watch this week
Yahoo Finance’s Jake Conley lays out the potential catalysts as markets enter the week poised for more turbulence.
He reports:
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Nvidia shares fall as Huang warns it is committed to investing heavily in OpenAI
Nvidia’s ( NVDA ) proposed $100 billion investment in OpenAI ( OPAI.PVT ) was “never a commitment,” its CEO Jensen Huang said after a Wall Street Journal report that the mega-deal had been put on hold.
Shares of the AI chipmaker fell nearly 2 percent before the bell on Monday.
Bloomberg reports:
Read more here.
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Pre-Market Trend Tickers: Estee Lauder, GameStop and Newmont
Estée Lauder (HE) the stock rose 6% before the bell on Monday. The cosmetics and beauty company said it has partnered with SalonCentric to distribute its products in more than 850 stores across the US.
GameStop (GME) Shares continued to rise on Monday after climbing 4% on Friday on news that CEO Ryan Cohen is looking to expand the company through acquisitions.
Newmont (NOT) stocks fell more than 3 percent during after-hours Monday. Shares in the gold miner fell after gold fell 2% below $5,000.
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Dollar gains as sliding gold and silver hurt commodity currencies
Bloomberg reports:
The dollar (DX-Y.NYB) strengthened again on Monday, advancing the most against commodity-sensitive currencies as lower gold (GC=F) and silver (SIL=F) rippled through markets.
The greenback rallied the most against currencies from Australia, New Zealand and Norway in early London trade as gold extended losses after its biggest drop in more than a decade on Friday. Silver fell as much as 16% on Monday after its biggest intraday loss on Friday.
… The dollar’s roughly 1 percent rise over Friday and Monday comes after the world’s reserve currency fell in the second half of January.
The rally may have caught some investors off guard, given that shorting the greenback was one of the most popular macro trades last month. Until late last week, US threats to Greenland and President Donald Trump’s apparent acceptance of the currency sale only fueled the debate surrounding the greenback’s long-term decline.
Read more here.
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Bitcoin extends losses to the $73,000 support level
Yahoo Finance’s Ines Ferré reports:
Read more here.
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Gold and silver continue to fall after record lows
Bloomberg reports:
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