US STOCKS-US stock index futures slip with big tech results, Fed decision on radar

By Pranav Kashyap and Twesha Dikshit

Jan 26 (Reuters) - U.S. stock index futures slipped on Monday, as investors braced for a heavyweight slate of corporate earnings and a Federal Reserve rate decision later this week.

Gold vaulted to a record high above $5,000 an ounce, boosting U.S.-listed shares of gold miners in premarket trade. Gold Fields GFI.N was up 5%, while Harmony Gold HMY.N and Sibanye Stillwater SBSW.K gained over 3% each.

With silver also trading at all-time highs, uncertainty lingered even as equities tried to find their footing.

Shares of USA Rare Earth USAR.O jumped 36% premarket after reports the U.S. administration was taking a 10% stake in the miner as part of a $1.6 billion debt-and-equity investment package.

Other miners also gained, with United States Antimony UAMY.K rising 9.7%, while MP Materials MP.N and Critical Metals CRML.O adding 4% each.

Stocks clawed back some losses last week after Trump dialed down tariff threats against the European Union over the Greenland dispute, but all three major indexes still finished the week lower.

Over the weekend, Trump took aim at Canada - Washington's closest trading partner - and said he would impose a 100% tariff on Ottawa if it follows through on a trade deal with China.

At 06:57 a.m. ET, Dow E-minis YMcv1 were down 0.08%, S&P 500 E-minis EScv1 were down 0.15%, and Nasdaq 100 E-minis NQcv1 were down 0.29%.

MAG 7: THE NEXT STRESS TEST

Earnings shift to a higher gear this week, with 102 companies of the S&P 500 scheduled to report. Four members of the "Magnificent 7" - Apple AAPL.O, Microsoft MSFT.O, Meta META.O and Tesla TSLA.O - are set to post results, setting up a key test for a market still priced for strong earnings growth.

Overall company earnings in the fourth quarter are expected to grow 9.2% from the previous year, according to LSEG data on Friday.

Investors will look for signs of companies showing measurable payoffs from their AI spending. With concerns over high valuations in the tech space, guidance will be especially important and even a modest stumble could spark a rethink about the AI trade.

Intel INTC.O shares were down 1.6%, following a sharp selloff on Friday, its steepest drop in nearly 18 months after it forecast quarterly profit and revenue below estimates.

FEDERAL RESERVE RATE DECISION

The U.S. central bank begins its two-day meeting on Tuesday, with investors broadly expecting officials to hold rates steady.

"Recent data combined with the tone set back in December at the last meeting of 2025 have led markets to expect no rate change this month," said John Velis, Americas macro strategist at BNY.

"Rate expectations through the end of 2026 see less than two cuts total, reflecting a constructive view on the economy and general lack of concern over inflation."

Investors are on guard for any potential hints on who Trump would pick as his nominee to replace Chair Jerome Powell, given the backdrop of a Department of Justice probe on him this month. Trump had recently said a decision on the nominee could come soon.

The risk of a partial U.S. government shutdown is also on the horizon ahead of a January 30 funding deadline after Senate minority leader Chuck Schumer said his party would oppose legislation that includes funding for the Department of Homeland Security, which oversees Immigration and Customs Enforcement.

Among other stock moves, Baker Hughes BKR.N rose 2.5% after beating fourth-quarter earnings estimates.