US Stock Pre-Market Report - January 21, 2026

NextFin News - Wednesday, January 21, 2026

Pre‑market tone: futures are slightly softer as geopolitical risks and upcoming policy/data releases weigh on markets.

Pre‑Market Performance

• U.S. index futures
  • Nasdaq‑100 futures (NQ): 25,088, −41.25 points (−0.16%).
  • S&P 500 futures (ES): 6,825.8, −3.75 points (−0.05%).
  • Dow Jones futures (YM): 48,578, −88 points (−0.18%).
• Europe
  • FTSE 100: 10,114.95 (−0.12%).
  • CAC 40: 8,027.61 (−0.43%).
  • DAX: 24,407.95 (−1.19%).
• Commodities & FX
  • Brent crude ~ $64.04/bbl; WTI ~ $59.65/bbl — both softer ahead of key policy and geopolitical headlines.
  • Gold ~ $4,800/oz (+~2%), extending record highs on safe‑haven flows.
  • U.S. Dollar Index (DXY) ~99.1, near recent lows. investing.com

Macroeconomic Policy and Data

• Inflation — CPI (December 2025): Headline CPI +0.3% m/m, +2.7% y/y (vs. ~2.6%–2.7% consensus); Core CPI +0.2% m/m, +2.6% y/y (a new cycle low). Market read‑through: disinflation is progressing but remains above target, reinforcing a cautious policy stance. bls.gov
• Consumer spending — Retail Sales: November retail sales +0.6% m/m after a revised −0.1% in October, signaling resilient holiday demand into year‑end. apnews.com
• Fed policy: The FOMC reduced the target range to 3.50%–3.75% at the December 10, 2025 meeting; next meeting is set for January 27–28, 2026. Markets will parse guidance for the pace of any 2026 adjustments. federalreserve.gov
• PCE price data / GDP schedule: BEA will publish combined October–November Personal Income & Outlays (incl. PCE) on January 22; December PCE and the Q4 2025 GDP advance estimate are rescheduled to February 20 due to the adjusted post‑shutdown calendar. Latest available core PCE showed +2.8% y/y in September. bea.gov
• Producer Prices: December PPI slated for release January 30 (8:30 a.m. ET), later than usual. bls.gov

Market impact: Softer energy, a weaker dollar and record‑high gold reflect heightened geopolitical risk and safe‑haven demand. The CPI/PCE profile keeps a data‑dependent Fed in focus into next week’s meeting; any upside surprises in core inflation would challenge easing hopes, while firmer retail momentum supports near‑term growth expectations.

Hot News

• Davos spotlight: Tariff threats and Greenland dispute steer risk sentiment — Ahead of today’s address, global markets remain cautious after tariff threats on several European nations over the U.S. push regarding Greenland; futures steadied and gold set fresh records. washingtonpost.com
• Europe’s leaders push back at WEF — Senior officials including France’s President and EU representatives called for maintaining rule‑of‑law norms and urged restraint as tensions rise, underscoring the policy uncertainty weighing on risk assets. m.economictimes.com
• Oil outlook tilts lower on supply — Surveys and bank research flag a likely 2026 surplus with Brent/WTI averages around the low‑$60s/$50s, reinforcing pressure on energy equities despite intermittent geopolitical risk premia. investing.com
• European equities mixed pre‑speech — Major bourses hovered near flat to modestly lower as traders awaited new policy signals from Davos. investing.com

U.S. Stock Focus

• Netflix (NFLX) — Q4 tops estimates; stock slips on 2026 margin/Warner deal overhang. Revenue rose to $12.05B and EPS hit $0.56, but management paused buybacks and guided 2026 operating margin below some expectations amid its all‑cash bid for Warner Bros. Discovery.
• United Airlines (UAL) — Beats on Q4; raises 2026 EPS view to $12–$14. Premium seating and loyalty revenue drove an earnings beat; shares ticked higher pre‑market on upbeat guidance and record operating revenue.
• Johnson & Johnson (JNJ) — Q4 revenue +9.1% y/y; 2026 sales guided to ~$100.5B. Strong oncology/immunology growth offset a Stelara drop post‑patent expiry; shares eased pre‑market despite headline beats.
• Nvidia (NVDA) — Shares extend pullback as “AI honeymoon” narrative cools; the policy debate around U.S. AI‑chip exports to China re‑intensifies after think‑tank critiques of the latest rule framework.
• Tesla (TSLA) — FSD shifting to subscription‑only at $99/month, retiring the one‑time purchase option; the change recalibrates long‑term monetization assumptions ahead of late‑January earnings.
• Alphabet (GOOGL) — Briefly tops $4T market value as AI strategy and a multi‑year Gemini tie‑up with Apple bolster sentiment; investors weigh capex intensity versus cloud growth.
• Intel (INTC) — Earnings due Thursday after the close; options imply a sizable move, and recent upgrades have lifted shares into the print.
• Boeing (BA) — Q4 deliveries update shows continued recovery after a stronger 2025; regulatory oversight remains a watch‑item as production scales.

Notes on Markets

• Safe‑haven demand and tariff uncertainty remain dominant cross‑currents; record gold, a softer dollar and lower oil frame the pre‑market tone.
• Macro calendar: BEA income/outlays (Oct–Nov) on Jan 22, PPI on Jan 30, and the FOMC meeting on Jan 27–28 are near‑term focal points for traders. bea.gov

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