US Session: U.S. Stock Futures Expected to Open Higher Ahead of Fed Decision and Earnings Reports

Here are five key things investors should know at the start of the trading day:

1. Minneapolis
Minneapolis, Minnesota – January 2026.
Amid below-freezing temperatures, protesters marched through downtown Minneapolis on Friday, January 23, 2026, holding signs against ongoing immigration enforcement operations in the Twin Cities area, known as Operation Metro Surge.

Tensions escalated sharply over the weekend after a federal immigration agent shot and killed Alex Pretti, a 37-year-old healthcare worker and U.S. citizen. This marks the second fatality caused by federal agents in the city since the White House sent thousands of ICE personnel to the state, despite objections from local authorities.

Key details:

• Homeland Security Secretary Kristi Noem stated the agent fired “defensive shots” after Pretti “offered violent resistance” while being disarmed.
• Videos reviewed by CNBC show a significantly different sequence of events. In none of the footage does Pretti, a legally permitted firearm owner, point a weapon. In one video, an agent takes the weapon from him before any shots are fired.
• Minnesota Governor Tim Walz called on President Trump to “end the operation” and “withdraw the thousands of violent, untrained personnel” from the state.
• Local company leaders, including Target’s future CEO Michael Fiddelke, 3M CEO William Brown, and UnitedHealth CEO Stephen Hemsley, urged “immediate de-escalation.”
• Public outrage raises the risk of a partial federal government shutdown, as Democrats in Congress threaten to block funding for the Department of Homeland Security.

2. Apple in the Spotlight
Tech giants in the so-called “Magnificent Seven” – Meta, Microsoft, Tesla, and Apple – will release quarterly earnings this week.

Apple, in particular, is on track to lose its position as TSMC’s largest client to Nvidia, highlighting how artificial intelligence is reshaping the tech hierarchy.

Investors will also monitor earnings outside the tech sector, including General Motors and Starbucks, along with Wednesday’s Federal Reserve interest rate decision.

After two consecutive weeks of declines in the S&P 500, futures were mostly unchanged, while gold surged to a new record above $5,100 per ounce.

3. Winter Storms
A severe winter storm brought extreme cold and heavy snowfall across much of the U.S., with over 20 states declaring a state of emergency.

Major airlines canceled thousands of flights and waived change and cancellation fees. Natural gas prices jumped, hundreds of thousands of households in southern states lost power, and electricity prices spiked, particularly in Virginia, home to the world’s largest concentration of data centers.

4. Trade Relations
Canadian Prime Minister Mark Carney stated that Canada has “no intention” of signing a free trade agreement with China, a day after President Trump threatened 100% tariffs on Canadian exports if such a deal were concluded.

Carney emphasized that Canada is committed to the United States-Mexico-Canada Agreement (USMCA) and will not negotiate with China without notifying its partners.

5. Automotive Industry Challenges
U.S. automakers enter 2026 after years of instability marked by supply chain issues, tariffs, and fluctuating demand for electric vehicles.

The industry now faces lower consumer purchasing power and cooling demand. Some companies are preparing for a “new” U.S. auto industry – smaller, more expensive, and less predictable.

As Hyundai North America CEO Randy Parker summarized:
“We have to plan for the worst and hope for the best.”

Market Overview
U.S. stock futures were mostly flat on Monday as traders monitored political developments and prepared for a busy week of corporate earnings and the Federal Reserve meeting.

S&P 500 futures rose 0.1%, Nasdaq-100 futures fell 0.1%, and Dow Jones Industrial Average futures added 45 points, or 0.1%.

Over the weekend, President Trump threatened 100% tariffs on goods imported from Canada if the country signs a trade deal with China. In response, Canadian Prime Minister Mark Carney stated that Ottawa has “no intention” of pursuing a free trade agreement with Beijing.

Market observers noted that while few believe the tariffs will actually be implemented, the repeated use of import duties as a leverage tool gradually undermines investor sentiment.

Investors also monitored Washington, where public outrage over the second fatal shooting of a U.S. citizen by federal immigration agents in Minnesota raised concerns about a potential partial government shutdown. Some Senate Democrats indicated they would not support a $1.2 trillion funding package if it included DHS funding. However, a source familiar with Republican Senate leadership noted that DHS funding would remain intact.

Gold prices surged on Monday as investors sought safety amid rising political and fiscal risks, reaching a new all-time high above $5,100 per ounce.

Earnings Season and Fed Focus
Wall Street’s attention this week will also be on corporate earnings, with over 90 S&P 500 companies scheduled to report, including Apple, Meta Platforms, and Microsoft. So far, the earnings season has been strong, with 76% of companies exceeding expectations.

However, some stocks declined despite better-than-expected results, including Intel and Netflix.

After a losing week marked by heightened geopolitical tensions, the S&P 500 posted a 0.4% decline for the week – the second consecutive week of losses – even though President Trump announced a “framework” agreement regarding Greenland.

The Federal Reserve will announce its first policy decision of the year on Wednesday. While the central bank is expected to keep the benchmark interest rate unchanged, markets will look for indications of when a rate-cut cycle might begin.