Before the U.S. stock market opened on Wednesday, January 28, core anomalies were concentrated in the surge of tech/chip/storage stocks, the plunge of healthcare stocks, gold hitting a record high, and the divergence of the three major futures indices. Combined with the Fed's decision and earnings reports from major companies, volatility expectations were high.

I. Market and Futures Anomalies

- Nasdaq futures rose 0.84%, S&P 500 futures rose 0.22%, and Dow futures fell 0.06%, with the divergence between tech and healthcare sectors continuing.

- The U.S. dollar weakened + gold broke through $5,310/oz, with safe-haven funds flowing into gold ETFs and mining stocks.

II. Sector and Stock Movements (Pre-Market)

Sector Stock Movement Range Core Reason

Chips/Equipment ASML Up 5%-6% Record quarterly earnings, AI demand confidence boosted [__LINK_ICON]

Storage Seagate Up 10%+ Q2 profit/revenue exceeded expectations

Storage Western Digital/Micron Up 8%/5%+ Industry demand recovery, Seagate-led

Tech Intel/Nvidia Up 1%-6%+ AI and chip cycle resonance

Consumer Starbucks Up 6%-7% Earnings outlook positive, China recovery expectations

China Stocks New Oriental/Bilibili Up 5%/4%+ Sentiment recovery, capital inflows

Healthcare UnitedHealth Continued decline (fell nearly 20% the day before) First revenue warning in 30 years, dragging down the Dow

Precious Metals Gold Fields/Harmony Gold Up 3%+ Gold price hits record high, safe-haven demand rises

III. Key Drivers and Risks

1. Chip stocks collectively strengthened: ASML and Seagate earnings exceeded expectations, AI-related demand supported, storage sector led gains.

2. Healthcare sector risk spread: UnitedHealth's warning triggered a chain reaction, pressuring the Dow.

3. Macro disturbances: Trump's comments affected the dollar and policy expectations, with markets cautious before the Fed's decision and potential amplified volatility afterward.

4. Earnings focus: Microsoft, Meta, and Tesla reported after the close, with potential turbulence before the decision and heightened volatility after the decision and earnings overlap.