Stock Market News Today: Dow Plunges While Tech Stocks Rally—Here’s What Investors Need to Know

U.S. stock futures slipped early Friday, January 23 2026, trimming a two-day relief rally and signaling another volatile session for Wall Street. As of 5:57 a.m. ET, Dow Jones Industrial Average futures were down 0.24%, S&P 500 futures fell 0.23%, and Nasdaq 100 futures lost 0.35%. Intel was the morning’s biggest mover, plunging about 13% in pre-market trading after the chipmaker forecast first-quarter revenue between $11.7 billion and $12.7 billion—well short of analyst expectations—while guiding to breakeven adjusted earnings per share. The sell-off threatens to erase a portion of Intel’s roughly 50% year-to-date surge and weighs on semiconductor sentiment ahead of next week’s earnings from Microsoft, Apple, and Tesla. Geopolitical headlines continue to shape risk appetite. Investors remain cautious after this week’s tariff scare involving President Donald Trump and several European allies, as well as ongoing uncertainty surrounding a proposed “Greenland framework” deal. Although the White House has backed off immediate tariff threats, renewed tensions kept safe-haven bids for gold alive, driving the metal to a fresh record near $5,000 per ounce. Thursday’s session saw breadth expand: the small-cap Russell 2000 and Dow Jones Transportation Average both closed at all-time highs, validating the bull market under classic Dow Theory. Yet the S&P 500 and Nasdaq Composite remain on track for a second consecutive weekly decline, underscoring the market’s fragile momentum. Macro catalysts loom large: • Economic data: S&P Global’s January PMI flash and the University of Michigan consumer-sentiment survey are due later today. • Federal Reserve: Policymakers meet next week and are widely expected to keep the target range at 3.50%–3.75%, while traders look for clues on a potential spring rate cut cycle. • Earnings calendar: In addition to Big Tech, Magnificent Seven constituents Alphabet, Meta Platforms, and Nvidia will report over the coming fortnight, representing roughly 30% of S&P 500 market capitalization. Overseas, the Stoxx Europe 600 dipped 0.2% in early London trading, while Asian markets ended mixed as investors digested U.S. earnings and currency moves. In commodities, West Texas Intermediate crude hovered near $82 a barrel, and silver flirted with the $100 milestone on record precious-metal inflows. Key levels to watch today are 6,900 on S&P 500 futures and 25,500 on Nasdaq 100 futures; closes below those marks would confirm the first back-to-back weekly loss for U.S. equities since October. Traders should also monitor Treasury yields, which remained muted overnight, with the 10-year note anchored around 3.82%. Stocks to watch: • Intel (INTC) – guidance miss sparks sector-wide downdraft • Intuitive Surgical (ISRG) – up 3% pre-market on strong robotic-surgery demand • Capital One (COF) – slips after $5.15 billion Brex acquisition • Gold miners (NEM, AEM) – extend gains on record bullion prices With earnings risk escalating and policy uncertainty lingering, today’s tape could determine whether the January pullback deepens or sets the stage for another momentum-driven rebound into the Federal Reserve meeting.