New York, 23 January 2026 – U.S. stock futures slipped on Friday, signalling mounting caution among investors as major equity benchmarks appear set for a second consecutive week of declines, with lingering geopolitical tensions and disappointing corporate forecasts dampening risk appetite.
Futures for the S&P 500, Nasdaq and Dow Jones were all modestly lower in early trading, reflecting market unease ahead of next week’s Federal Reserve policy decision and key earnings reports from heavyweight tech firms.
A standout mover in pre-market activity was Intel Corporation, whose stock plunged sharply after the chipmaker issued a disappointing revenue and profit forecast for the first quarter of 2026. Investors were particularly spooked by indications that Intel continues to struggle with supply-chain constraints for server chips widely used in artificial intelligence data centres, undermining confidence in its near-term growth trajectory.
Despite an overall rally in Intel’s shares earlier this year, the latest guidance sent the stock tumbling about 12–13 per cent in pre-market trading, wiping billions from its market value as traders reassessed demand and production outlooks.
Geopolitical Risks and Safe-Haven Flows
Beyond corporate news, broader risk sentiment was also tested by geopolitical uncertainty, which has repeatedly roiled global markets in recent sessions. Earlier this week, sharp losses followed threats of U.S. tariffs on European allies related to disputes over Greenland-focused policy proposals, before those threats were later softened. That volatility underscored how ongoing diplomatic tensions can quickly shift market expectations and fuel safe-haven demand.
The risk-off mood was evident in commodity markets, where gold prices hit record highs as investors sought refuge amid uncertainty over policy direction and global geopolitical developments.
Broader Market Backdrop
Investors are now bracing for a busy week ahead, with earnings reports from major technology companies such as Apple, Microsoft and Tesla on the horizon, results that could significantly influence sentiment given their disproportionate weighting in key indices.
Meanwhile, U.S. markets have shown signs of strain amid the tug-of-war between optimism around potential interest rate cuts and caution prompted by geopolitical risks and disappointing vendor forecasts. Economic data releases, including business activity surveys and consumer sentiment figures, are also on analysts’ radar as traders seek fresh clues on monetary policy and the health of the U.S. economy.
What This Means for Investors
The confluence of factors, corporate earnings uncertainty, geopolitical tension and central bank expectations, suggests markets may remain volatile in the near term. Traders and portfolio managers are likely to continue weighing risk assets against safe-haven alternatives, while monitoring the upcoming earnings cycle and policy signals for directional cues.
