5 Things to Watch on
January 20, 2026

Markets are down more than -1.5% in premarket trading as renewed geopolitical tensions rattled risk sentiment, led by an escalating standoff between the U.S. and Greenland, alongside fresh tariff threats from President Trump. For instance, Trump threatened steep tariffs on French wine and champagne, adding to concerns that aggressive rhetoric could spill into broader economic fallout. Yields moved higher correspondingly, with the 10-year Treasury pushing to its highest level since August, as investors weighed inflation risks tied to trade actions.

Separately, Treasury Secretary Scott Bessent said the president is close to nominating the next Fed chair, narrowing the field to four candidates, keeping Fed leadership and independence firmly in focus as markets reassess U.S. policy risk.

Nvidia (NVDA) is down more than -2.0% in premarket trading after reports that Chinese customs officials blocked shipments of its H200 AI chips, disrupting supplier production plans. The setback comes amid regulatory uncertainty in China, where authorities have urged local tech firms to pause advanced chip orders while new procurement rules are drafted. Although some NVDA processors were recently cleared for sale, lingering security concerns continue to complicate access to the Chinese market.

Netflix (NFLX) revised its agreement for Warner Bros. Discovery (WBD) assets to an all-cash bid, offering $27.75 per share for HBO Max and the Warner Bros. film studio. WBD's board unanimously approved the amended deal, backing it over Paramount Skydance's hostile bid. The change could accelerate a shareholder vote and simplifies approval amid the takeover battle. WBD also filed a preliminary proxy, with its cable networks set to be spun off if the deal closes.

Bristol Myers Squibb (BMY) announced a collaboration with Microsoft (MSFT) to expand early detection of lung cancer using AI-powered radiology tools. The partnership will deploy FDA-cleared algorithms through MSFT's Precision Imaging Network, which analyzes X-ray and CT scans. A key goal is to broaden access to early screening across rural and underserved healthcare settings. The companies said the effort aims to improve outcomes by catching disease earlier and reducing diagnostic gaps.

3M (MMM) is down more than -4.0% in premarket trading after reporting Q4 earnings despite confident commentary from management, with the market appearing unconvinced by the tone of progress. CEO William Brown framed 2025 as a reset year, highlighting operational discipline, improving margins, and renewed focus on innovation. Despite confidence in 2026 momentum and long-term goals, investors appeared to want clearer proof that execution will drive lasting share gains.