Jan 26 (Reuters) - U.S. stock index futures slipped on Monday, as investors braced for a heavyweight slate of earnings reports and a Federal Reserve rate decision.
Gold vaulted to a record above $5,000
an ounce, boosting U.S.-listed shares of gold miners in premarket trade. Gold Fields was up 4.4%, while Harmony Gold and Sibanye Stillwater gained over 3% each.
With silver also trading at all-time highs, uncertainty is still setting the tone even as equities try to find their footing.
Stocks clawed back some losses last week after Trump dialed down tariff threats against the European Union over the Greenland dispute, but all the three major indexes still finished the week lower.
Over the weekend, Trump took fresh aim on 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 05:24 a.m. ET, Dow E-minis were down 44 points, or 0.09%, S&P 500 E-minis were down 13.75 points, or 0.2%, and Nasdaq 100 E-minis were down 97 points, or 0.38%.
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, Microsoft, Meta and Tesla - are due to post results, setting up a key test for a market still priced for strong earnings growth.
A central question is whether companies are starting to show measurable payoffs from their AI spending. With some companies in the tech and semiconductor sectors trading at high valuations, investors are likely to scrutinize guidance over headline beats, and even a modest stumble could spark a rethink about how long the AI trade can continue.
Intel had 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.
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 fresh backlash 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 investors' minds ahead of a January 30 funding deadline. This comes after Chuck Schumer, a top Democrat in the U.S. Senate, 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 rose 3.3% after beating fourth-quarter earnings estimates.
(Reporting by Pranav Kashyap in Bengaluru; Editing by Krishna Chandra Eluri)
