Friday, January 23, 2026

Week Ends in Stalemate as Big Tech Battle Looms

Wall Street closed the book on a tense week with the S&P 500 finishing Friday's session almost completely flat. This dead-calm result, however, was a smokescreen for a fierce rotational battle under the surface, where a catastrophic plunge in one legacy tech giant was just barely offset by strength in the new guard of AI leaders.

The week's narrative was solidified by the fallout from Intel's (INTC) disastrous earnings forecast, which sent the stock plummeting and cast a pall over the entire semiconductor industry. Yet, a market-wide sell-off was averted thanks to the resilience of names like Microsoft (MSFT), which rallied on continued optimism for its cloud business. The underlying power shift was best illustrated by reports that Nvidia (NVDA) has now officially overtaken Apple (AAPL) as the largest customer of chip foundry TSM, a tectonic change driven by the AI gold rush.

With trading concluded, all eyes now pivot to a make-or-break week ahead. A gauntlet of earnings from nearly every major tech titan, coupled with a policy decision from the Federal Reserve, will set the market's definitive tone for the next month.

In late-breaking news, the crypto sector received a boost as the SEC reportedly agreed to dismiss its case against Winklevoss-owned Gemini over its crypto lending program.

Wall Street Braces For Earnings Gauntlet After Tense Week

The market closed out the week with a deceptively calm, flat finish for the S&P 500. This stalemate, however, masked a fierce rotation under the surface, where a catastrophic plunge in chipmaker Intel (INTC) following its bleak forecast was offset by resilience in other tech leaders. The session solidified the week's theme: a highly selective market punishing laggards while rewarding perceived winners of the AI boom.

Investors' attention now pivots entirely to next week's make-or-break slate of events. The market will face a gauntlet of earnings reports from tech titans including Microsoft (MSFT), Apple (AAPL), and Meta (META), which will serve as the ultimate test for the recent rally. A policy decision from the Federal Reserve will add another layer of macro uncertainty.

Beyond the tech battlefield, corporate activity continues. Food giant Smithfield Foods announced its acquisition of iconic hot dog chain Nathan's Famous (NATH), while GE Aerospace (GE) reported a booming backlog, signaling strength in the industrial economy. However, signs of caution persist, with Alphabet (GOOGL) CEO Sundar Pichai disclosing the sale of over $10 million in stock, a detail traders will note heading into the company's earnings report.

All Eyes on Mag 7 Earnings, Fed After Tense Week

As the trading week concludes, the market's focus is pivoting sharply to a monumental slate of upcoming catalysts. While Friday's session ended in a deceptive stalemate, with the S&P 500 closing flat, it masked a brutal rotation under the surface. This sets a tense stage for a week that will be defined by earnings from the market's most influential companies and a critical policy update from the Federal Reserve.

The main event will be the earnings gauntlet from the "Magnificent Seven." Reports are due from titans including Microsoft (MSFT), Meta (META), Apple (AAPL), and Tesla (TSLA). Expectations are incredibly high, with new analysis suggesting that profits for the elite group are forecast to surge over 20% to $181 billion. These results will be the ultimate test of whether the AI-fueled rally has legs.

Beyond the earnings spotlight, corporate narratives are actively unfolding. A battle is heating up in the $883 billion grocery market, where Amazon (AMZN) is reportedly making a significant push to challenge the long-held dominance of Walmart (WMT). Meanwhile, M&A activity continues, highlighted by the acquisition of the iconic 110-year-old hot dog chain Nathan's Famous (NATH) by Smithfield Foods.

Divergent Tech Sets Stage for Earnings Gauntlet

As the dust settles on a flat week for the S&P 500, the after-hours focus shifts to a tectonic power shift in the technology sector and the major tests that lie ahead. While Friday's session ended in a stalemate, it was defined by a brutal rotation under the surface, punishing legacy chipmaker Intel (INTC) for its dismal outlook while rewarding the AI vanguard.

The most telling development was news that Nvidia (NVDA) has officially supplanted Apple (AAPL) as the largest customer for foundry giant Taiwan Semiconductor (TSM). This isn't just a line item; it's a clear signal that the AI infrastructure buildout is now the single most powerful driver of the global semiconductor supply chain, eclipsing the consumer electronics cycle that dominated for over a decade.

However, the road ahead is not without obstacles, even for the market's leaders. Late-breaking news revealed that U.S. safety regulators have opened a probe into Waymo robotaxis, a direct headwind for parent company Alphabet (GOOGL). This adds another layer of idiosyncratic risk ahead of a week where investors will get crucial earnings reports from nearly every major tech titan, all while parsing commentary from next week's Federal Reserve meeting.

Wall Street Ends Week in the Red; Nvidia Dethrones Apple at TSMC

While the S&P 500 finished Friday's session completely flat, the dead-calm close wasn't enough to prevent the second consecutive weekly loss for Wall Street. The session was a microcosm of the current market: a fierce battle under the surface where weakness in some legacy tech names was offset by strength in the leaders of the AI boom.

The day's biggest loser was undoubtedly Intel (INTC), which plunged following its disastrous earnings forecast. However, a far more significant, tectonic shift was reported after the bell. Nvidia (NVDA) has officially overtaken Apple (AAPL) as the largest customer for chip foundry giant Taiwan Semiconductor (TSM). This development is a powerful illustration of how the generative AI gold rush is reshaping the entire global technology supply chain, prioritizing GPU production over consumer electronics.

Investors now turn their attention to a critical week ahead, with earnings season kicking into high gear. Results are due from a gauntlet of Big Tech names, including Microsoft (MSFT), Apple (AAPL), Meta (META), and Tesla (TSLA), which will set the tone for the market's next major move.

Individual Movers Shine After Flat Close

With the broad market finishing the week in a stalemate, the after-hours session is highlighting the day's key theme: a highly selective, stock-picker's market. While the S&P 500 closed unchanged, specific company news is driving significant moves in late trading.

Building on its strength during the main session, Microsoft (MSFT) is getting a boost from a fresh Morgan Stanley note suggesting its Azure cloud business is poised for a revenue beat. This reinforces the narrative that investors are rewarding perceived leaders in AI and cloud, especially in contrast to the day's biggest loser, Intel (INTC). An emerging storyline is how competitors like AMD are seen as better positioned to navigate the current environment.

Elsewhere, the biotech space has a major after-hours winner. Shares of Sarepta Therapeutics (SRPT) are soaring on news of an upcoming presentation of positive 3-year data for its ELEVIDYS gene therapy, reminding traders that powerful catalysts can emerge at any time, independent of the broader market's indecisive churn.

Market Ends Week Unchanged in Fierce Tech Battle

The S&P 500 closed the week exactly where it started, finishing a volatile session completely flat. This go-nowhere result for the broad market, however, conceals a fierce tug-of-war under the surface, where massive losses in some technology titans were perfectly offset by strength in others.

The primary drag on sentiment was chipmaker Intel (INTC), which plunged after delivering a dismal forecast that cast a pall over the semiconductor industry. Adding to the pressure, reports of thousands more corporate job cuts at Amazon (AMZN) and a cascade of negative headlines hitting Tesla (TSLA) weighed heavily on mega-cap sentiment throughout the afternoon.

Acting as a powerful counterweight, shares of Microsoft (MSFT) rallied strongly, buoyed by positive analyst commentary on the company's AI-driven growth in its Azure cloud division. This strength was crucial in preventing a broader tech-led sell-off and ultimately allowed the market to fight back to a breakeven close, ending the day as a stalemate between the bulls and bears.

Markets Go Nowhere as Silver Soars, Tesla Sinks

The S&P 500 is locked in a tight, flat trading range in the afternoon session, a deceptive calm that masks significant turmoil under the surface. While the broad market struggles for direction, capital is clearly rotating, with aggressive buying in some corners being directly offset by heavy selling in others.

The most dramatic move is a reported speculative frenzy in precious metals, with news outlets flagging a massive surge in silver (XAG/USD). The move, which has also lifted silver-related ETFs like SLV, points to a pocket of intense risk-on appetite, potentially as an inflation hedge or a targeted speculative play.

This is providing a powerful counterweight to renewed weakness in mega-cap tech. The pressure on Tesla (TSLA) has intensified significantly, with the stock falling on multiple reports that it is discontinuing its Autopilot feature in North America. The news was amplified by a public critique from noted short-seller Jim Chanos, who slammed the company's autonomous insurance model. This divergence between a commodity surge and targeted tech selling explains the market's overall indecisive churn heading into the final hour of trading.

Mega-Cap Tug-of-War Leaves Market Flat

The S&P 500 is struggling to find a lane in afternoon trading, churning near the flatline as a fierce battle among its largest technology components prevents any clear market direction. While the major indices are showing little net change, the price action under the surface is anything but quiet, with significant gains in some titans being directly offset by sharp declines in others.

The day's primary loser is now clearly Tesla (TSLA), which is under siege from multiple angles. The stock is facing intense pressure following reports scrutinizing the true autonomy of its Robotaxi pilot, a strategic shift away from its basic Autopilot feature, and a very public rebuke from prominent short-seller Jim Chanos over its self-driving insurance model. Adding to the negative sentiment in big tech, Meta (META) is also trading lower on news that Beijing is intensifying its scrutiny of a key acquisition.

Acting as a powerful counterweight, Microsoft (MSFT) is a standout leader, buoyed by positive analyst commentary citing strong growth prospects for its Azure cloud division, fueled by its AI data center expansion. This stark divergence—where the market sells one mega-cap to buy another—is creating a stock-picker's environment and leaving the broader market adrift in choppy waters.

Tech Titans Diverge, Leaving Broad Market Adrift

The market is locked in a tug-of-war midday, with the S&P 500 churning near the flatline as investors grapple with a flurry of conflicting signals from mega-cap technology. The session's narrative remains one of stark divergence: weakness in the Dow is being offset by resilience in the Nasdaq, which is managing to hold its ground despite the ongoing plunge in chipmaker Intel (INTC).

The complexity is best illustrated by Amazon (AMZN). The stock is under pressure following multiple reports that it plans to slash thousands more corporate jobs, extending a broader theme of cost-cutting also seen at Citigroup (C). However, this is being partially counteracted by positive analyst commentary highlighting momentum in Amazon's grocery business. This split—cutting costs in some areas while investing in growth elsewhere—is a microcosm of the broader market mood.

Providing key support for the bulls, Microsoft (MSFT) is trading higher on optimism around its Azure growth fueled by AI data centers. In the consumer space, Starbucks (SBUX) is also a bright spot, rallying on a fresh analyst upgrade. The result is a highly selective, two-sided market where broad index moves are masking significant battles under the surface.

Markets Chop as Consumer Data Clashes with Amazon Warning

The S&P 500 is struggling to find direction midday, trading near the flatline as investors digest a slate of conflicting headlines. A fresh report showing an unexpected improvement in US consumer sentiment for January is providing a key source of support, suggesting the economic backdrop remains resilient enough to absorb some sector-specific weakness.

However, that optimism is being challenged by a significant warning from a market heavyweight. Amazon (AMZN) CEO Andy Jassy explicitly stated that U.S. tariffs are beginning to force price increases on consumers. This is a direct hit on the inflation narrative, raising concerns that sticky price pressures could complicate the Federal Reserve's policy path and weigh on corporate margins.

This new consumer-focused headwind comes on top of the day's dominant story: the ongoing plunge in Intel (INTC) shares. The chipmaker's stock is down double-digits following its bleak forecast, creating a persistent drag on the Nasdaq and forcing investors to become highly selective within the technology sector.

S&P 500 Battles Back to Flatline Despite Tech Headwinds

Markets are demonstrating surprising resilience, clawing back initial losses to trade near the flatline. The session began with a significant drag from the technology sector, as shares of Intel (INTC) are plunging more than 10% following a dire quarterly forecast that has cast a pall over the entire semiconductor industry.

Adding to the pressure on big tech, new reports indicate Amazon (AMZN) is planning to cut 14,000 corporate jobs, signaling that cost-cutting measures among mega-caps are not yet finished. Despite these high-profile headwinds, a broader market sell-off has failed to gain traction. Strength in other sectors is providing a crucial offset, with energy stocks getting a boost from a massive earnings beat by oilfield services giant SLB. Positive analyst ratings on names like Alphabet (GOOGL) are also helping to stabilize sentiment, creating a highly selective, two-sided market.

Markets Churn as Intel's Drag, PMI Miss Fail to Spark Sell-Off

Markets are struggling for a clear direction in the first hour of trading, attempting to stabilize near the flatline after an initial dip. The session began under the heavy cloud of Intel's (INTC) dismal earnings forecast, which continues to hammer the stock and weigh on the broader semiconductor space.

Adding to the cautious sentiment, the latest Services PMI data came in slightly below expectations. While not a dramatic miss, it adds a macro headwind to a market already grappling with tech-specific weakness. Despite these negative catalysts, a broad-based sell-off has failed to materialize, suggesting a resilient buyer base is absorbing the early pressure.

The divergence within the chip sector remains the day's key theme. While INTC plummets, shares of Nvidia (NVDA) are trading higher, buoyed by reports of new AI chip orders from China. This split highlights a market that is punishing perceived laggards while still rewarding leaders, creating a choppy, stock-picker's environment rather than a one-way trade.

Futures Point Lower as Intel's Warning Hits Tech

U.S. markets are poised for a lower open as a sharp, pre-market plunge in tech weighs on sentiment. The primary catalyst is the continued fallout from Intel's (INTC) dismal forecast, which has dragged down Nasdaq futures and cast a pall over the semiconductor industry. The move is forcing a re-evaluation of the entire chip space, with investors now questioning the breadth of the AI-driven rally.

However, the selling is not indiscriminate. Creating a key divergence, chip leader Nvidia (NVDA) is trading higher, buoyed by reports of renewed AI chip sales to China. This split suggests investors are becoming highly selective, punishing companies with perceived execution issues while rewarding market leaders.

Beyond tech, single-stock stories are driving significant pre-market volatility. Shares of Bausch Health (BHC) are collapsing after the company announced its late-stage trials for a key liver cirrhosis drug failed. In contrast, oilfield services giant SLB is rising after beating profit estimates and announcing a $4 billion plan for shareholder returns. Meanwhile, Tesla (TSLA) is also under pressure amid multiple negative reports concerning its software strategy and marketing practices.

Chip Stocks Diverge as Nvidia Rises, Intel Plunges

The pre-market session is dominated by a sharp divergence within the critical semiconductor sector, creating a tense setup for the opening bell. While futures are indicating a weaker start, the underlying story is a tug-of-war between two of the industry's titans. The primary drag on sentiment remains Intel (INTC), which continues to trade sharply lower following its dismal forecast.

However, providing a powerful counter-narrative, Nvidia (NVDA) is catching a strong bid on reports that China has approved orders for its advanced H200 AI chips from major tech firms like Alibaba (BABA). This development suggests that despite U.S. export controls, Nvidia is finding a way to service its crucial Chinese market, offsetting some of the sector-wide gloom sparked by Intel.

Beyond the chip space, the mood is one of caution. Fresh reports indicate that banking giant Citigroup (C) is planning another round of layoffs, a sign that corporate cost-cutting measures are ongoing. This follows a broader theme of concern, with Wall Street increasingly raising alarms about rising risks within the massive private credit market.

Intel's Gloom Weighs on Futures Despite Retail Support

U.S. equity futures are pointing to a weaker open, as the shockwaves from Intel's (INTC) bleak forecast continue to ripple through the market. The chipmaker's stock is indicating a double-digit percentage drop at the open, creating a significant headwind for the Nasdaq and raising broader questions about a slowdown in the semiconductor industry.

However, the institutional pessimism is being met by a familiar force: the retail investor. A new report highlights that individual investors have been aggressively buying recent market dips, pouring billions into equities. This persistent 'buy-the-dip' mentality could provide a critical floor of support if the tech-led selling accelerates after the opening bell.

Elsewhere, pre-market activity is mixed. MercadoLibre (MELI) is seeing buying interest after a positive analyst note, while shares of Meta (META) are under pressure following news of a UK regulatory probe into its WhatsApp information handling.

Futures Flat as Strong Euro Data Clashes With Intel's Plunge

The pre-market session is defined by a tug-of-war between specific tech sector weakness and broader international economic strength. The primary drag on sentiment remains Intel (INTC), which is indicating a sharp drop of over 12% after the chipmaker reported a net loss and delivered bleak forward guidance, deepening concerns about a semiconductor slowdown.

However, providing a significant counterweight is a batch of surprisingly strong economic data out of Europe. Business activity in the UK and Germany accelerated more than expected, suggesting a resilient economic backdrop that is helping to contain a wider sell-off in U.S. futures. The narrative is further complicated by a Bank of England official who reiterated concerns about inflation, reminding markets that the fight for price stability isn't over.

This creates a complex setup for the U.S. open, where traders will have to decide whether the gloom from a single mega-cap chipmaker is enough to outweigh signs of global economic health.

Intel's Plunge, Bond Sale Signal Pre-Market Caution

The cautious tone for the upcoming U.S. session is intensifying, anchored by a brutal pre-market reaction to Intel's (INTC) earnings. Shares are indicating a drop of over 12% after the chipmaker delivered a dire forecast, deepening concerns about a slowdown that may be spreading across the semiconductor industry.

Adding to the tech sector's woes, reports are circulating that Amazon (AMZN) is preparing for a second major wave of job cuts. This news from a mega-cap leader suggests corporate belt-tightening is far from over. A significant new macro development is also rattling nerves: a report revealing that one of the world's largest pension funds quietly sold a massive $10 billion tranche of its U.S. bond holdings, a move that raises questions about institutional sentiment toward U.S. debt.

However, the pre-market isn't entirely negative. Novo Nordisk (NVO) is a standout gainer following news that prescriptions for its Wegovy weight-loss drug are surging. In a potential flight-to-safety trade, analysts are also highlighting defensive names, with JPMorgan upgrading consumer staple giant Procter & Gamble (PG) to Overweight.

UK Data, Ericsson Earnings Counter Chip Gloom

A more optimistic picture is emerging from Europe this morning, providing a notable counterweight to the semiconductor concerns dominating U.S. pre-market sentiment. A surprise rise in UK retail sales has bolstered confidence in European consumer resilience, suggesting underlying economic strength that could temper broader recessionary fears.

Adding to the positive tone, Swedish telecom giant Ericsson (ERIC) delivered a significant profit beat and announced a new $1.7 billion share buyback. This strong report from a major European tech player directly challenges the narrative of a sector-wide slowdown that was sparked by Intel's (INTC) weak guidance.

The theme of corporate confidence extends to Asia, where Chinese tech firm Xiaomi (1810.HK) announced its own substantial buyback program. The key question for traders is whether this international strength can provide a floor for U.S. markets when they open, or if the specific headwinds facing chipmakers will prove too heavy to overcome.

Analysts Rerank Key Sectors Ahead of U.S. Open

Wall Street analysts are making their moves well before the opening bell, issuing a flurry of ratings changes that paint a picture of sector-specific concerns and opportunities. JPMorgan is taking a more cautious stance, downgrading miner Southern Copper (SCCO) to Underweight on valuation concerns and also cutting its rating on Korea Electric Power (KEPCO). This suggests analysts are getting more selective after recent market runs.

In contrast, there are pockets of perceived value. Oppenheimer raised its price target on industrial firm ESAB, citing a positive growth outlook. Meanwhile, drugmaker Sanofi (SNY) is catching a bid in pre-market thought after announcing promising results from a late-phase study of its eczema treatment.

The tech narrative also continues to evolve. Following earlier reports of sales headwinds in China, a new focus is on Nvidia's (NVDA) expanding ambitions in the autonomous vehicle space, a move seen as a direct challenge to Tesla (TSLA). Elsewhere, the digital asset market is showing signs of fatigue, with Bitcoin (BTC) continuing its slide amid reports of weakening appetite.

Chip Concerns Mount as Nvidia CEO Heads to China

The semiconductor sector is facing intensifying scrutiny in the pre-market hours, with a significant development from the industry's undisputed leader. Reports indicate that Nvidia (NVDA) CEO Jensen Huang is planning a visit to China, a trip prompted by stalling sales of its AI chips in the crucial market. This news adds considerable weight to the concerns ignited by Intel's (INTC) weak forecast yesterday, suggesting the headwinds may be sector-wide rather than company-specific.

The cautious tone is being echoed in Asian markets. Taiwan's stock market, a bellwether for the global electronics supply chain, closed significantly lower. However, the macro picture presents a more complex narrative. Stronger-than-expected private sector growth data out of both Japan and India points to pockets of resilience in the global economy. This creates a potential divergence that will be key for the upcoming U.S. session: will the high-profile weakness in big-cap tech be enough to pull the broader market down, or can underlying economic strength provide a floor?

Media Shakeup Intensifies as Warner Shareholders Reportedly Back Netflix Bid

Overnight newsflow has been dominated by a major potential consolidation in the media sector. Reports indicate that shareholders of Warner Bros Discovery (WBD) are in favor of a takeover offer from streaming giant Netflix (NFLX). The development puts intense pressure on competing suitors and could dramatically reshape the entertainment landscape.

Adding to the intrigue, Netflix has reportedly cast doubt on a potential rival bid for Paramount (PARA), signaling an aggressive posture in this high-stakes battle. Investors will be closely watching these names for any official announcements, as M&A activity often provides a jolt to an otherwise quiet market.

In other corporate news, social media giant TikTok has reportedly formed a U.S. joint venture, a strategic move aimed at averting a potential ban and securing its critical U.S. operations. Meanwhile, the IPO market showed signs of life as construction tech firm EquipmentShare priced its offering, raising approximately $747 million.

BOJ Signals Confidence as U.S. Futures Brace for Tech Test

Overnight trading provided a mixed picture for investors ahead of the U.S. open, with a notable policy update from Asia. The Bank of Japan held its benchmark interest rate steady as expected, but significantly upgraded its forecasts for both economic growth and inflation. This is a subtle but clear signal of confidence from the central bank, which could have ripple effects across global currency and bond markets.

The focus for U.S. markets, however, remains squarely on the technology sector. Traders are still digesting yesterday's after-hours warning from chip giant Intel (INTC), which is expected to weigh heavily on semiconductors and the broader Nasdaq at the opening bell.

In other single-stock news, Tesla (TSLA) is in focus after CEO Elon Musk reiterated that prices for its Full Self-Driving (FSD) software would continue to rise as capabilities improve, a familiar talking point for bulls of the company.