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postUS stock futures pulled back on Monday after a dramatic sell-off in gold and silver unnerved investors, with tech leading the way lower as AI trade worries swirled and Federal Reserve uncertainty deepened.
Nasdaq 100 futures (NQ=F) dropped 0.9%, while those on the S&P 500 (ES=F) fell 0.6%. Contracts on the Dow Jones Industrial Average (YM=F), which includes fewer tech names, slid roughly 0.2%. All three indexes pared steeper overnight losses that followed a sharp reversal on Wall Street on Friday.
Stocks remain under pressure as precious metals continue a rollercoaster ride that has seen them unwind much of 2026’s most rip-roaring rally in recent days. Gold briefly fell as much as 10% on Monday, while silver (SI=F) sank over 15%, having tumbled roughly 30% in its biggest single-day drop on record in a Friday wipeout. Both were paring losses at last check.
Over the weekend, bitcoin (BTC-USD) sank below the $80,000 mark for the first time since April, extending losses after a volatile end to last week. The cryptocurrency was last trading at around $77,000 per token. At the same time, the dollar (DX-Y.NYB) gained against major peers, rising most against currencies sensitive to commodity prices.
Wall Street is heading into a new month digesting fresh uncertainty around Nvidia (NVDA) and the broader artificial intelligence trade. CEO Jensen Huang played down the chipmaker’s pledge to invest $100 billion in OpenAI (OPAI.PVT) after The Wall Street Journal reported the plan was on ice. Big Tech has led market moves throughout the start of 2026 with earnings leading companies in oppositional directions.
Investors are also wondering what comes next after President Trump chose Kevin Warsh as his nominee to lead the Federal Reserve. That move is seen as reviving efforts to reduce the Fed’s $6.6 trillion balance sheet, even as it opened the door to speculation on the path of interest rates. Most traders are still pricing in two rate cuts by the end of the year.
The week ahead brings a wave of corporate earnings, with more than 100 S&P 500 (^GSPC) companies set to report results. Disney (DIS) and Palantir (PLTR) are the highlights on Monday’s docket, with high-profile reports from Amazon (AMZN), Alphabet (GOOG), and Advanced Micro Devices (AMD) due this week.
On the macro front, January updates on manufacturing activity due later Monday will start to set the stage for Friday’s all-important monthly jobs report. Economists expect payrolls to have added 65,000 jobs in January, and the unemployment rate to hold at 4.4%.
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Oracle to raise up to $50 billion in 2026 for cloud buildup
From Bloomberg:
Oracle (ORCL) plans to raise $45 billion to $50 billion this year through a combination of debt and equity sales to build additional cloud infrastructure capacity, reflecting the scale of financing needed to feed AI’s growth.
Oracle is raising money to build additional capacity to meet the contracted demand from the company’s largest cloud customers, including Advanced Micro Devices (AMD), Meta Platforms (META), Nvidia (NVDA), OpenAI (OPAI.PVT), TikTok and xAI (XAAI.PVT), the company said in a statement Sunday.
The announcement coincides with persistent fears about whether massive artificial intelligence-linked investments by tech companies such as Oracle will pay off. The company’s shares have fallen around 50% from its record price on Sept. 10, wiping out roughly $460 billion in market value.
Read more here.
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Oil plunges as Iran risks ease after Trump comments
From Bloomberg:
Oil plunged as geopolitical risk premiums faded after US President Donald Trump said Washington is talking with Iran, while a broader commodities sell-off exacerbated the slide.
Brent (BZ=F) plummeted more than 5% at one point and was trading near $66 a barrel, while US crude futures (CL=F) also nosedived. Trump downplayed Iran supreme leader Ayatollah Ali Khamenei’s threats of a regional war over the weekend, reiterating he’s hopeful they’ll make a deal.
The Islamic Republic’s foreign ministry said it hopes diplomatic efforts will avert a war. The Tasnim news agency said talks between the US and Iran are likely in the coming days.
“The move lower looks more like a positioning reset than a fundamental shift,” said Haris Khurshid, chief investment officer at Karobaar Capital LP. “With no new supply shock, oil is giving back some risk premium as the market recalibrates after pricing in near-term disruption that just didn’t materialize.”
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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 ahead as markets enter the week braced for more turbulence.
He reports:
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Nvidia stock falls as Huang caveats pledge to invest big 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 megadeal has been put on ice.
Shares in the AI chipmaker fell nearly 2% before the bell on Monday.
Bloomberg reports:
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Premarket trending tickers: Estee Lauder, GameStop and Newmont
Estée Lauder (EL) stock rose 6% before the bell on Monday. The cosmetics and beauty company said it has entered into a partnership with SalonCentric to distribute its products across more than 850 US stores.
GameStop (GME) stocks continued to rise on Monday after climbing 4% on Friday, following the news that CEO Ryan Cohen wants to expand the company through acquisitions.
Newmont (NEM) stock fell more than 3% during premarket hours on Monday. The gold mining company’s shares edged lower after gold fell 2% below $5,000.
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Dollar gains as gold, silver slide hurts commodity currencies
Bloomberg reports:
The dollar (DX-Y.NYB) strengthened again Monday, advancing the most against currencies sensitive to commodity prices, as a plunge in gold (GC=F) and silver (SIL=F) rippled across markets.
The greenback rallied the most against the currencies of Australia, New Zealand and Norway in early London trading, as gold extended losses after its biggest plunge in more than a decade on Friday. Silver sank as much as 16% Monday after its intraday loss on Friday was the steepest on record.
… The dollar’s gain of about 1% over Friday and Monday comes after the world’s reserve currency slumped in the second half of January.
The bounceback may have caught some investors off guard, given shorting the greenback was one of the most popular macro trades last month. Until the end of last week, US threats against Greenland and President Donald Trump’s apparent embrace of the currency’s selloff had only fueled debate around the greenback’s long-term decline.
Read more here.
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Bitcoin extends losses heading to $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 drop
Bloomberg reports:
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