5 Things to Watch on
January 23, 2026

Markets are down in premarket trading after back-to-back gains driven by easing geopolitical tensions. Semiconductors are mixed, with Nvidia (NVDA) and Advanced Micro Devices (AMD) higher on reports of Jensen Huang planning to visit China, while Intel (INTC) is sharply lower after issuing a weak outlook. The recent rally followed President Trump walking back tariff threats on Europe and signaling a framework deal with NATO over Greenland, which helped calm risk sentiment.

Despite the rebound in equities, caution remains. Gold is holding near record highs, signaling persistent demand for safety amid geopolitical uncertainty, U.S. fiscal concerns, and political pressure on the Fed. Weekly performance reflects the fragile tone, with the Dow roughly flat, while the S&P 500 and Nasdaq remain on track for a second straight weekly decline.

Intel (INTC) is down more than -13.0% in premarket trading after solid Q4 results were eclipsed by a cautious first-quarter outlook. Management warned that near-term pressures, including tight server CPU supply, will weigh on performance before conditions improve later in the year. While demand and AI adoption remain supportive of the x86 ecosystem, softer profitability expectations and execution risks drove investor concern around Intel's near-term trajectory.

First Citizens BancShares (FCNCA) is down over -1.0% in premarket trading despite delivering a strong Q4, beating expectations on solid loan growth led by Global Fund Banking and improving credit quality. Management highlighted resilient capital and liquidity, stepped up capital returns through a $900M buyback, and announced plans to acquire 138 BMO branches in 2H26 to expand its U.S. footprint.

Intuitive Surgical (ISRG) is up more than +2.0% in premarket trading following Q4 earnings, as management struck an upbeat tone on 2025. Broad-based growth in da Vinci procedures and rising system utilization drove momentum, alongside strong adoption of the latest platform. New clinical clearances extend the growth runway, with leadership reiterating that minimally invasive surgery remains early-stage, supporting confidence in long-term expansion.

TikTok announced a new U.S. joint venture to keep operating domestically after years of political scrutiny. Despite near-ban risks, it was the second-most-downloaded app in the U.S. in 2025, while ByteDance's CapCut ranked fourth. TikTok also grew its U.S. business, with revenue up +26.2% YoY to $13.9B, highlighting the platform's resilience and continued user engagement.