Precious Metals Rebound Calms Risk Appetite as Asia Surges; Tech Earnings Dominate Earnings Calendar

Pre-Market Snapshot: Metals Rally Fuels Risk-On Sentiment

S&P 500 futures moved up 0.3%, while those on the tech-heavy Nasdaq 100 climbed roughly 0.7%, signaling a cautious risk-on tone as markets digest overnight volatility in precious metals and cryptocurrencies. Dow Jones Industrial Average futures were little changed, after the blue-chip benchmark led gains on Monday with a 500-point advance.

The pre-market strength follows a dramatic recovery in commodities that had plummeted last week. Gold and silver prices rebounded, with spot gold up about 6% to $4,938.6 per ounce and spot silver rising nearly 10% to $86.96 per ounce, suggesting investors are stepping back from the panic selling that gripped markets Friday.

Asian Markets Provide Tailwind; South Korea Surges 5.1%

Asian stocks bounced back from their worst selloff in more than two months as a rebound in gold and silver helped calm markets, with the MSCI Asia Pacific Index jumping 2.4%, the best day since the recovery from 'Liberation Day' in April last year. Stocks in South Korea surged 5.1% after plummeting on Monday, providing momentum for US index futures ahead of the cash open.

Palantir Crushes Earnings; Teradyne Soars on Guidance

Palantir stock surged around 12% in premarket trading after its late Monday earnings report, as US commercial and government revenue drove better-than-expected earnings in the fourth quarter. Robotics stock Teradyne surged 23% after issuing strong guidance for the current quarter, signaling that despite AI spending uncertainty, select infrastructure plays are delivering results.

The earnings wins contrast sharply with Nvidia, which slid by nearly 3% amid news that OpenAI is dragging out the close of a $100 billion deal due to dissatisfaction with Nvidia chips and is seeking alternative hardware.

Government Shutdown Clouds Economic Calendar

A critical headwind: The Employment Situation release for January 2026 will not be released as scheduled on Friday, February 6, 2026, and will be rescheduled upon the resumption of government funding. The shutdown will also delay the release of Job Openings and Labor Turnover data for December, which was scheduled for Tuesday, and metro area employment data for December that was due out Wednesday.

This removes a major catalyst from the week, leaving investors focused on earnings momentum instead.

117 Companies Report Today; Tech and Consumer in Spotlight

Investors turn to a busy earnings slate later Tuesday, with results due from AMD, PepsiCo, Pfizer, PayPal, and Chipotle, among others. Technology and growth stocks led Monday's move, with Apple jumping more than 3%, AMD climbing nearly 5%, and Micron surging over 5%, setting a bullish tone for today's earnings cascade.

Bottom Line

The pre-market picture suggests a market finding its footing after last week's chaos. With the jobs report postponed and precious metals stabilizing, attention pivots to earnings quality—particularly whether tech companies can demonstrate sustainable profit growth amid AI spending debates. Palantir and Teradyne's strength hints that select infrastructure plays may outperform mega-cap chipmakers this quarter.