Markets steady ahead of Fed decision as gold breaks $5,000 and winter storm snarls travel

A busy week for markets

U.S. index futures pointed to a muted open on Monday, January 26, 2026, with investors bracing for several potential market-moving catalysts in the same week. Traders are watching for heavyweight earnings from major technology companies, as well as the Federal Reserve’s upcoming interest-rate decision. After a strong run earlier in the year, markets have been more sensitive to geopolitics and policy headlines, and the near-term tone has shifted toward caution.

Bond yields eased slightly in early trading, a sign of demand for safety as uncertainty persists. Crypto prices were also volatile over the weekend, reflecting a broader “risk-on/risk-off” tug-of-war as investors weigh growth optimism against policy and geopolitical risk.

Gold sets a new psychological milestone

Gold futures pushed through $5,000 per ounce for the first time and extended gains into Monday morning. The move underscores the strength of safe-haven flows amid a mix of global tensions, tariff talk, and questions about the U.S. fiscal outlook. Analysts cited a wide range of possible scenarios from further upside if uncertainty persists to a pullback later in 2026 if tensions ease and real yields stabilize.

Silver also climbed sharply, amplifying the message that investors are paying up for perceived safety and hard-asset protection. The surge in precious metals has become one of the clearest market narratives of January.

Storm disruption adds to the uncertainty

A harsh winter storm continued to disrupt U.S. travel, with large numbers of flight cancellations and delays stretching from Saturday through Monday morning. Airports serving New York City, Boston, and Washington, D.C. were among the most affected as heavy snow and difficult operating conditions rolled through major Northeast corridors. Airline shares slipped in premarket trading as carriers faced operational strain and potential revenue impacts from the prolonged disruptions.

Tariffs and rare-earth industrial policy in focus

Trade tensions re-entered the spotlight after President Trump threatened new tariffs on Canada following news of a Canada-China trade agreement. Separately, shares of USA Rare Earths surged after the company announced new federal funding support, a reminder that critical-minerals supply chains remain a strategic priority in Washington amid efforts to expand domestic capacity.

• Investors are watching the Fed decision and big-tech earnings as near-term catalysts.
• Gold crossed $5,000 per ounce, highlighting elevated demand for safe havens.
• A major winter storm caused extensive U.S. flight cancellations and delays.
• Trade-policy headlines and industrial funding announcements are influencing sentiment.