Pre-Bell｜S&P, Nasdaq Futures Slide to One-Month Lows; Mega-Caps Drop With Nvidia, Tesla Down over 2%; Silver and Gold ETFs Rally; AppLovin Sinks 9%

01 Stock Market

As of Jan 20, U.S. stock index futures are under pressure, with Dow futures falling 1.26%, Nasdaq 100 futures falling 1.85%, and S&P 500 futures falling 1.49%. The backdrop points to risk-off positioning ahead of the open, with tariff tensions and safe-haven flows weighing most on growth and cyclical exposure. Tech-led weakness in futures suggests broad de-risking across momentum segments, while defensives and commodity-linked assets see relative support.

Notable Stock Movers: mega-cap tech and EV leaders declined, while precious-metals funds advanced. TSLA down 2.63% at $425.98; NVDA down 2.52% at $181.54; AAPL down 1.22% at $252.40; MSFT down 1.71% at $452.01; GOOG down 2.89% at $320.80; AMZN down 2.93% at $232.11; META down 2.58% at $604.26; AMD down 2.54% at $225.93. Precious-metals proxies rallied: AGQ up 13.26% at $275.41; SLV up 6.58% at $86.35, reflecting strong safe-haven demand.

Liquidity shifted toward sector ETFs and inverse exposure, with semis and ADRs in focus amid idiosyncratic headlines. SOXL down 7.16% at $56.40; QQQ down 1.93% at $609.25; SQQQ up 5.71% at $70.38. Chip names saw pressure: MU down 2.00% at $355.48, while regulatory news weighed on Chinese e-commerce: PDD down 3.63% at $102.88. Select app economy names were volatile: APP down 8.91% at $518.10, tracking compliance headlines and broader software weakness.

02 Other Markets

• 10-year U.S. Treasury yield rose 1.65%, to 4.30%.

• U.S. Dollar Index fell 0.6260% to 98.42.

• WTI crude oil futures rose 0.42% to 59.59 USD/barrel; COMEX gold futures rose 3.09% to 4737.60 USD/ounce.

03 Key News

1. GSK agreed to acquire RAPT Therapeutics in a $2.2 billion deal, adding a promising food-allergy therapy to its pipeline. The transaction grants GSK global rights (excluding certain Greater China regions) to ozureprubart and underscores its focus on respiratory and immunology assets. RAPT shares were seen up about 19.9%, while GSK shares were down roughly 1%, reflecting differing investor expectations around the asset’s potential and deal economics.

2. China’s regulators broadened their probe into PDD Holdings, conducting extensive on-site checks that could disrupt operations. Investigators from agencies including the State Administration for Market Regulation and State Taxation Administration are reviewing issues such as alleged fraudulent deliveries and taxation. Pre-market pressure reflected the scrutiny: PDD down 3.63% at $102.88, as staff reportedly brace for further inspections and project delays.

3. The New York Stock Exchange plans a venue to trade tokenized stocks and ETFs around the clock, pending regulatory approval. The initiative aims to leverage existing Intercontinental Exchange matching technology alongside private blockchain networks to enable real-time, 24/7 trading of tokenized securities. The move signals mainstream infrastructure momentum for digital assets and could expand liquidity access for investors.

4. Bermuda announced plans to build a fully on-chain national economy with support from Coinbase and Circle. The effort contemplates digital asset infrastructure for government services, local banks, insurers, and consumers, positioning the island as a testbed for end-to-end blockchain integration. The partnership highlights potential for regulated, interoperable systems across payments, data, and public administration.

5. BitMine Immersion staked a multi-billion-dollar tranche of Ethereum, intensifying the supply crunch across exchanges. The latest allocation underscores accelerating institutional accumulation strategies and the use of staking to enhance long-term exposure. With exchange balances thinning, staking activity can tighten tradable float and influence price dynamics during risk-on and risk-off cycles.

6. Capitalwatch published allegations that AppLovin faces compliance risks tied to money flows and data handling, prompting renewed scrutiny. The report detailed claims of illicit fund laundering and a shadow team in mainland China managing sensitive U.S. user data, alongside references to a previously reported SEC probe. Pre-market trading reflected headline risk: APP down 8.91% at $518.10, as investors weighed potential legal and regulatory exposure.

7. Micron said the global memory chip shortage has intensified, driven by demand for high-end semiconductors used in AI infrastructure. Company leadership described the situation as “unprecedented” and suggested tightness could persist, implying continued pricing support and supply prioritization for key customers. Pre-market sentiment was cautious: MU down 2.00% at $355.48, as the market balanced demand strength against broader risk-off conditions.

8. The European Union considered retaliatory measures following U.S. tariff threats related to Greenland, raising risks for trans-Atlantic trade. Options under discussion reportedly include levies on high-profile U.S. goods and tightened access for American multinationals to European contracts. Potential escalation could affect exporters and U.S. tech firms with significant European revenue exposure.

9. Shionogi moved to increase its stake in GSK’s majority-owned ViiV Healthcare after Pfizer’s exit, while GSK receives a special dividend. ViiV plans to cancel the departing shareholder’s stake, and GSK retains its controlling interest as long-acting HIV treatments advance. Investor reaction to GSK’s broader strategic moves was cautious, with shares down about 1%.

10. POP MART executed a HK$251 million share buyback, its first repurchase since early 2024, aiming to support valuation and shareholder returns. The buyback signaled confidence in cash flows and long-term brand positioning across “new consumption” themes. Shares climbed about 10% following the move, reflecting investor support for capital allocation discipline.

Sources: Reuters, Dow Jones and Tiger Newspress, public market data

Disclaimer: For informational purposes only; not investment advice.