Markets brace for Fed decision and Big Tech earnings as gold hits new records

U.S. investors started the week with a familiar mix of catalysts and anxiety: a Federal Reserve policy decision ahead, major technology earnings on deck, and headlines ranging from tariffs to a deepening winter storm. Futures were muted early Monday, but the backdrop remained volatile after a choppy start to 2026 for risk assets.

Gold prices were the standout, extending a powerful rally as traders looked for protection against policy uncertainty and geopolitical risk. With markets parsing Washington’s trade posture and the Fed’s next move, the flight to perceived safety continued to pressure the dollar and keep attention on inflation expectations and real yields.

The economic calendar is heavy, and the earnings slate is even heavier. Investors are waiting to see whether Big Tech will keep spending aggressively on AI infrastructure and data centers, or whether budget discipline and slower returns will temper expectations. That question matters not only for the largest software and internet platforms, but also for the hardware and semiconductor ecosystem that supplies them.

Weather has been an immediate, tangible driver. A widespread winter storm disrupted transportation and commerce across large parts of the U.S., leading to extensive flight cancellations and operational knock-on effects. With logistics stressed, markets are also watching how energy and commodity flows respond during the cold snap.

Trade policy remains another source of risk. Fresh tariff threats added to uncertainty for companies that depend on cross-border supply chains, while investors attempted to map how any escalation could filter into consumer prices, corporate margins, and global growth.

By the end of the week, markets will have a clearer picture of the Fed’s stance, the health of the most influential technology balance sheets, and whether this surge in defensive positioning—visible in metals—was a short-term hedge or the start of a longer shift in sentiment.