Markets brace for Fed week as gold breaks $5,000 and winter storm snarls travel
U.S. stock futures hovered near flat ahead of a heavy week of major earnings and a Federal Reserve rate decision. Investors also tracked record-setting moves in precious metals, widespread flight cancellations from a major winter storm, renewed tariff threats aimed at Canada, and a sharp rally in USA Rare Earths after it disclosed new government-backed funding plans.
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What investors were watching Monday
Heading into Monday, January 26, 2026, U.S. stock futures were little changed as traders positioned for a dense calendar: a slate of big-company earnings reports, including from large technology names, plus an interest-rate decision from the Federal Reserve later in the week. After a stretch of record highs earlier this month, recent sessions have been choppier amid new geopolitical and trade uncertainty.
Gold extended a powerful run and pushed above $5,000 an ounce for the first time, with investors leaning on perceived safe-haven assets in a market shaped by shifting policy signals and global tensions. Silver also jumped sharply, adding to the sense that parts of the market were hedging for turbulence rather than chasing risk.
Winter storm disruption adds to volatility
A severe winter storm that moved across wide portions of the United States hammered air travel over the weekend into Monday morning. Flight cancellations piled up, especially affecting major East Coast hubs, and delays spread as airports and crews struggled with snow and ice conditions. The disruptions spilled into premarket trading, weighing on several airline stocks as investors anticipated near-term operational and revenue impacts.
Tariff talk returns and rare-earth shares surge
Markets also reacted to renewed trade threats, after President Donald Trump criticized a Canada–China trade agreement and said he was considering imposing new tariffs as high as 100% on Canadian imports. Canadian officials publicly argued the deal was consistent with existing U.S.-Canada trade frameworks, but the episode nonetheless revived uncertainty about cross-border supply chains and pricing pressures.
In corporate news, USA Rare Earths jumped after announcing plans tied to new federal support and additional financing intended to accelerate domestic rare-earth production. The company outlined a package that includes proposed government funding and loan support, plus private capital, reflecting broader U.S. efforts to strengthen supply chains for strategically important minerals and advanced manufacturing.