Markets brace for Fed week as gold breaks $5,000 and storm chaos snarls travel

Investors began Monday, January 26, 2026, with a familiar mix of market catalysts and political risk: a packed earnings calendar, a looming Federal Reserve rate decision, and renewed trade threats from the White House. Stock futures were close to flat in early trading, reflecting a cautious posture after recent volatility and two weeks of declines for major indexes. ([investopedia.com](https://www.investopedia.com/5-things-to-know-before-the-stock-market-opens-january-26-2026-11892259))

The clearest signal of uncertainty was in commodities. Gold futures extended a record run and rose above $5,000 per ounce—an unprecedented milestone that highlights how quickly investors can rotate into perceived safe havens when economic and geopolitical headlines accelerate. Silver also surged to fresh highs, reinforcing the sense that markets are paying up for protection against tail risks. ([investopedia.com](https://www.investopedia.com/5-things-to-know-before-the-stock-market-opens-january-26-2026-11892259))

Travel and logistics were also under strain after a harsh winter storm battered a wide swath of the United States. Flight tracking data cited by Investopedia showed more than 20,000 flight cancellations from Saturday through Monday morning, with major East Coast hubs—New York City, Boston, and Washington, D.C.—particularly impacted as heavy snow fell across the region. For airlines, the disruption adds another near-term pressure point as investors weigh demand and cost trends. ([investopedia.com](https://www.investopedia.com/5-things-to-know-before-the-stock-market-opens-january-26-2026-11892259))

On the policy front, President Donald Trump threatened Canada with a new 100% tariff on imports after criticizing a recent Canada–China agreement to lower some tariffs and allow the import of up to 49,000 Chinese electric vehicles into Canada. Canadian Prime Minister Mark Carney said the arrangement complies with existing U.S.-Canada trade commitments and rejected a broader free-trade pact with China. ([investopedia.com](https://www.investopedia.com/5-things-to-know-before-the-stock-market-opens-january-26-2026-11892259))

Finally, a notable single-stock mover underscored Washington’s continued interest in strategic supply chains. USA Rare Earth shares jumped after the company announced new federal funding arrangements, including proposed funding and a large loan tied to domestic industrial policy efforts. The news added to a broader theme: investors are increasingly pricing markets not just on rates and earnings, but also on government decisions about trade, resources, and national-security-linked manufacturing. ([investopedia.com](https://www.investopedia.com/5-things-to-know-before-the-stock-market-opens-january-26-2026-11892259))