Pre-Bell | U.S. Stocks Drop; Rare Earth Stocks Shine With USAR up 37%; Silver, Gold ETFs and Stocks Jump

01 Stock Market

As of Jan 26, U.S. stock index futures dropped, with Dow Jones futures fell 0.03%, S&P 500 futures fell 0.18%, and Nasdaq 100 futures fell 0.34%. The mild drift reflects cautious positioning amid policy and geopolitical headlines. Tech-heavy benchmarks underperformed, while commodity-linked themes stayed firm as precious metals strength filtered into related equities. The futures softness suggests investors are balancing risk ahead of potential rate guidance and China-related semiconductor updates.

Notable Stock Movers: rare earths and precious metals plays rallied while megacap tech traded mixed. USAR up 36.86% at $33.90; MP up 5.35% at $73.30; UUUU up 5.41% at $26.88. Precious metals proxies rose: SLV up 6.25% at $98.72; AGQ up 11.92% at $357.99; GLD up 2.19% at $468.03. In tech, AAPL up 0.57% at $249.46; META up 0.60% at $662.72; MSFT fell 0.22% at $464.94; NVDA fell 0.84% at $186.09; TSLA fell 0.92% at $444.91; INTC fell 1.69% at $44.31.

The pre-bell leadership tilted toward critical minerals and metals after U.S. policy support headlines, while semiconductors were cautious amid China sales uncertainty. The combination of a strong gold/silver tape and policy tailwinds buoyed miners and rare earth names, whereas AI chip exposure faced headline risk. Broadly, megacaps showed modest dispersion with selective strength in AAPL and META and declines across NVDA, MSFT, and INTC.

02 Other Markets

• 10-year U.S. Treasury yield fell 0.79%, to 4.21%.

• U.S. Dollar Index fell 0.36% to 97.11.

• WTI crude oil futures rose 0.33% to 61.27 USD/barrel; COMEX gold futures rose 2.20% to 5089.40 USD/ounce.

03 Key News

1. The U.S. administration took a 10% stake in USA Rare Earth (USAR) via a $1.6 billion debt-and-equity package, supporting a domestic mine and magnet facility. Washington will receive shares and warrants reportedly priced near $17.17 per share. USA Rare Earth is developing a Texas mine with a magnet facility expected to launch this year, reinforcing U.S. supply chains in critical minerals.

2. Merck (MRK) ended acquisition talks with Revolution Medicines (RVMD), pressuring RVMD shares in recent trading. Discussions reportedly cooled over valuation, though a restart or alternate bidder remains possible. A deal would have added late-stage oncology candidate daraxonrasib to Merck’s pipeline, but price remains a key gating factor.

3. Nvidia (NVDA) CEO Jensen Huang visited Shanghai amid scrutiny, as NVDA awaits Beijing’s decision on sales of H200 AI chips to Chinese customers. Chinese customs reportedly restricted H200 entry pending guidance. The chip has become a major U.S.–China flashpoint, with demand strong but regulatory clarity still evolving.

4. Chinese authorities reportedly allowed select firms to buy Nvidia chips while encouraging purchases of domestic alternatives, reshaping NVDA’s China outlook. Investors view China revenue as a volatile “optional” exposure given revocation risk. The stance underscores Beijing’s push for technological independence amid global supply-chain realignment.

5. Coinbase began discussions on potential equity investment and cooperation with Coinone, signaling South Korea expansion. Coinone’s major shareholder is exploring stake divestment as consolidation accelerates. Senior Coinbase executives held meetings in Seoul to evaluate strategic tie-ups and local market entry.

6. An Ethereum whale reactivated and moved 50,000 ETH to Gemini, adding potential exchange supply after years of dormancy. On-chain records show the address originally withdrew 135,000 ETH in past cycles and retains 85,000 ETH. The move highlights shifting liquidity conditions and large-holder behavior in the crypto market.

7. Foundry USA curtailed operations during a severe U.S. winter storm, with hashrate dropping about 60%, lengthening Bitcoin block times. Major miners voluntarily reduced load to stabilize power grids, lifting average block intervals toward 12 minutes. The episode illustrates weather sensitivity in North American mining infrastructure.

8. U.S. Bitcoin spot ETFs saw a $103.57 million net outflow, reflecting cautious fund flows in the crypto complex. Combined net asset value stood near $115.88 billion, with an ETF net asset ratio around 6.48% versus total Bitcoin market value. Flows remain a key gauge of institutional and retail participation.

9. Singapore committed over S$1 billion to a National AI R&D Plan, boosting public AI research capacity over the next five years. The initiative supports the country’s broader NAIS 2.0 goals, focusing on core AI capabilities and infrastructure. The plan aims to attract talent and catalyze applied research across priority sectors.

10. The Straits Trading Company agreed to divest a freehold logistics facility in Incheon for ₩432 billion, recycling capital from matured assets. Net proceeds of approximately ₩95.4 billion are expected after loans and expenses. The transaction aligns with portfolio optimization and redeployment into higher-priority opportunities.

Sources: Reuters, Dow Jones, Tiger Newspress, public market data
Disclaimer: For informational purposes only; not investment advice.