Stock market today: Dow, S&P 500, Nasdaq futures sink after gold sell-off as AI doubts creep in

Market Overview - US stock futures experienced a significant decline, with Nasdaq 100 futures dropping 1%, S&P 500 futures falling approximately 0.7%, and Dow Jones Industrial Average futures sliding 0.3% [1] - Precious metals, particularly gold and silver, faced intense selling pressure, with gold briefly falling by 10% and silver sinking over 15%, marking a 30% drop in its biggest single-day decline on record [2] Cryptocurrency Market - Bitcoin fell below the $80,000 mark for the first time since April, trading just below $77,000 per token [3] - The dollar strengthened against major currencies, particularly those linked to commodity prices, as a result of the decline in precious metals [3][10] Federal Reserve and Interest Rates - The nomination of Kevin Warsh to lead the Federal Reserve has raised speculation regarding future interest rate movements, with traders anticipating two rate cuts by the end of the year [4] Corporate Earnings and Economic Data - Over 100 S&P 500 companies are set to report earnings this week, including major firms like Amazon, Alphabet, Disney, Palantir, and Advanced Micro Devices [6] - The upcoming January jobs report is expected to show an addition of 65,000 jobs, with the unemployment rate projected to remain at 4.4% [6] Nvidia and AI Sector - Nvidia's stock fell nearly 2% after CEO Jensen Huang clarified that the proposed $100 billion investment in OpenAI was not a firm commitment [7] - The broader artificial intelligence trade is facing uncertainty, impacting investor sentiment towards Nvidia and other tech stocks [5] Individual Stock Movements - Estée Lauder's stock rose by 6% following a partnership announcement with SalonCentric for product distribution [8] - GameStop's stock continued to rise, driven by CEO Ryan Cohen's plans for expansion through acquisitions [9] - Newmont's stock fell over 3% as gold prices dropped below $5,000 [9]