5 Things to Watch on
January 21, 2026

Markets are down slightly in premarket trading as investors await President Trump's speech at Davos, looking for clarity on which policy threats may turn into action. Treasury yields eased after the prior session's spike, with attention still on U.S.-Europe tensions over Greenland and renewed tariff threats that have fueled recent volatility. Policy uncertainty around trade, Fed independence, and foreign demand for U.S. assets continues to cap risk appetite.

Gold surged to fresh record highs above $4,800, extending a powerful rally as investors sought safety amid tariff risks and geopolitical escalation. Analysts remain bullish, citing falling real rates, central bank diversification away from the dollar, and rising private investment demand, with some forecasts now calling for gold above $5,000 this year. The strength in gold underscores a broader flight to safety as markets reassess global trade and political risks.

Johnson & Johnson (JNJ) is down more than -2.0% in premarket trading after the market focused on earnings that only met expectations, even as revenue topped forecasts. While Pharma and MedTech both exceeded sales estimates and management highlighted pipeline momentum, EPS failed to deliver an upside surprise. Ongoing pressure from declining legacy drugs such as Stelara also weighed on sentiment, reinforcing a cautious market reaction despite an upbeat long-term outlook.

Netflix (NFLX) is down more than -7.0% in premarket trading despite a solid Q4, as investor focus shifted from steady execution to strategic ambition. Earnings modestly exceeded expectations, but the spotlight was on NFLX's revised bid for Warner Bros. Discovery (WBD) amid competing interest. Management framed the move as a content and platform upgrade, emphasizing deeper libraries and flexibility. Engagement remained healthy, though gains were driven more by flagship franchises than broader licensed content.

Interactive Brokers (IBKR) is down over -1.0% in premarket trading after ending 2025 with record account growth and rising client assets, driven by strong global trading activity and platform enhancements. Management highlighted continued client outperformance and sustained profitability with industry-leading margins. Looking ahead, IBKR plans further international expansion and technology investment, while monitoring regulatory developments and rate sensitivity.

Kraft Heinz (KHC) is down over -6.0% in premarket trading after disclosing that its largest shareholder, Berkshire Hathaway (BRK), may divest nearly its entire stake following a planned spinoff. The prospect of BRK exiting has weighed on investor sentiment, overshadowing KHC's ongoing plan to separate its global sauces business from its North American grocery unit by second half of 2026. The move adds pressure to a stock already facing skepticism around growth and profitability.