Markets Brace for Fed Decision, Tech Earnings Amid Dollar Weakness, Metals Rally

The upcoming week features a key Federal Reserve meeting and major tech earnings, capping a week where major indexes posted losses, the dollar weakened, and safe-haven metals surged. The S&P 500 fell 0.4% for the week ended January 24, while gold broke above $4,900/oz and the euro gained nearly 2% against the dollar. Investors expect the Fed to hold rates steady on January 28. Earnings from Microsoft (MSFT), Meta (META), Tesla (TSLA), and Apple (AAPL) will be scrutinized for AI spending plans, projected to reach into the tens of billions. Concurrently, the dollar's decline has fueled a broad metals rally, with silver surpassing $100/oz and Goldman Sachs raising its gold price target to $5,400.