US Pre-Market – Friday, January 30, 2026

Markets Down

US index futures are falling this morning as investors digest another wave of corporate earnings. The decline is intensifying:

Inflation: December's producer price index came in above expectations, rekindling concerns about inflation.
Monetary Policy: Donald Trump announced his intention to appoint Kevin Warsh as Fed Chair. Known for his tough stance on monetary policy in the 2010s, Warsh could now take a more opportunistic approach, betting on a disinflationary cycle linked to productivity, according to economist Dario Perkins.
Bonds yields: Yields are rising across the curve:
- 10-year: +3.2 bps to 4.27%
- 30-year: +4.6 bps to 4.90%
- 2-year: +0.7 bps to 3.57%

SanDisk (SNDK) +20%: Explosive results thanks to data center demand (+64% Q/Q). Q3 guidance well above consensus. Partnership extension with Kioxia until 2034.
Deckers Outdoor (DECK) +13%: Record UGG and HOKA sales. Upward revision to annual forecasts above consensus.
SoFi Technologies (SOFI) +7.6%: Strong growth in loans and members. Guidance for 2026 above expectations.
Tesla (TSLA) +3%: Rumors of a merger with SpaceX or integration with xAI, tied to orbital data center projects powered by Starlink.
Verizon (VZ) +2%: Solid results with growth in postpaid subscribers. Robust 2026 forecasts.

KLA Corp (KLAC) -11%: Solid results but disappointing free cash flow and market caution despite strong guidance.
Newmont (NEM) -8.6% and Freeport-McMoRan (FCX) -6.3%: Pressure on the mining sector.
Schneider National (SNDR) -15%: Lower results and 2026 guidance well below consensus.

Apple (AAPL) -0.25%: Solid results driven by record iPhone sales. JPMorgan maintains its Overweight rating and raises the price target to $325.
Record product margins confirmed for the upcoming quarters.

Market reaction to the prospect of a monetary policy shift under Kevin Warsh.
Continuation of major earnings reports.
Bond yield trends and inflationary pressures.