US 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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