US Pre-Market – Tuesday, January 20, 2026
Indexes Plunge Sharply
Wall Street opens in negative territory this Tuesday amid rising tensions between the United States and Greenland. Futures are falling significantly:
- S&P 500: -1.6%
- Nasdaq 100: -1.8%
- Dow Jones: -1.5%
Bond yields are climbing, with the US 10-year (US10Y) flirting with 4.3%, the highest since August.
"The market has reacted, but there's clearly room for bigger moves if the rhetoric intensifies," warns Jim Reid (Deutsche Bank).
Donald Trump will speak tomorrow in Davos, a potentially key speech for the markets.
Geopolitical Tensions and Economic Implications
Possible new tariffs threaten to increase US inflation and weaken the dollar's status as a reserve currency, according to Paul Donovan (UBS).
Trump is also threatening to tax champagne and Bordeaux wine if Emmanuel Macron refuses to sit on the Board of Peace for Gaza. Markets remain unfazed for now.
M&A: GSK Acquires RAPT Therapeutics
RAPT Therapeutics (RAPT): +64% in pre-market
➤ GSK will acquire the biotech for $2.2 billion, or $58/share in cash.
➤ The deal includes the anti-IgE antibody ozureprubart, in phase IIb for food allergies.
➤ Closing expected in Q1 2026 (excluding China).
Biotech: ImmunityBio Reassures FDA
ImmunityBio (IBRX): +2%
The FDA does not require additional trials for the submission of ANKTIVA + BCG.
36-month data show a 96% disease-specific survival rate.
➤ Submission expected within 30 days.
Biggest Decliners
Logitech (LOGI) -6%, NetApp (NTAP) -4%, CDW (CDW) -2%
➤ Morgan Stanley downgrades all three stocks.
➤ Alert on a lasting downturn in hardware, linked to an unprecedented slowdown in IT spending (excluding COVID).
NVIDIA (NVDA): -3%
➤ Chinese customs block shipments of H200 chips.
➤ More than 1 million orders at stake. Beijing is awaiting greater regulatory clarity.PowerBank Corp (SUUN): -4.4%
➤ Signed lease for a 5 MW solar + battery project in New York.
➤ Eligible for NYSERDA incentives.
Novavax + Pfizer: Matrix-M Adjuvant Agreement
Novavax (NVAX): +5%
➤ Pfizer obtains a non-exclusive license to use the Matrix-M adjuvant in two therapeutic areas.
➤ Initial payment of $30M, up to $500M in milestones, plus royalties.
➤ Pfizer takes over development and commercialization.
Things to watch today:
Highly anticipated Donald Trump speech in Davos (Wednesday).
Bond market reaction to rising tensions.
Appetite for US assets as a key indicator of geopolitical risk.
