Wednesday evening brought a dose of market anxiety, with U.S. stock futures sliding after the Federal Reserve opted to keep interest rates unchanged at its January FOMC meeting. Big Tech earnings kicked off with decidedly mixed results, and geopolitical tensions added an extra layer of uncertainty.

S&P 500 Futures dropped 0.26%, or 18 points, to 6,989.00. Nasdaq Futures fell 0.22%, or 55.75 points, to 26,098.50. Dow Futures led the decline, down 142 points or 0.29%, trading at 49,025.00.

Tech Earnings Paint a Split Picture

The tech earnings cycle got off to a bumpy start. Microsoft Corp. (MSFT) shares tumbled 6% after hours despite beating consensus estimates, a reminder that expectations can be a tough master. Meanwhile, Meta Platforms Inc. (META) rallied on strong fourth-quarter results, creating a tale of two tech giants that left investors scratching their heads about what Thursday might bring.

Gold Goes Supernova

Here's the real story of the day: precious metals went absolutely wild. Gold spot prices set a new all-time record by blasting past $5,500 per ounce, notching its biggest single-day rally against the U.S. dollar. This happened even as the Federal Reserve kept rates unchanged, which would typically dampen gold's appeal. Spot silver joined the party, touching a fresh all-time high above $117 per ounce, with year-to-date gains exceeding 60%. When safe-haven assets move like this, markets are clearly nervous about something.

Geopolitical Tensions Heat Up

Speaking of nervous, President Donald Trump ramped up pressure on Iran, urging its leaders to "quickly 'come to the table' and negotiate a fair and equitable deal" over the country's nuclear program. He warned that the "next attack will be far worse" if Iran refuses to engage. The escalating Middle East tensions added fuel to already jittery markets and likely contributed to gold's record-breaking run.

Commodities and Currency Moves

Crude oil prices crept higher, with WTI March futures trading at $63.57 per barrel, up 0.52%. The commodity has rallied an impressive 7.26% this week. Natural gas March futures climbed 0.94% to $3.748 per MMBtu.

The U.S. Dollar Index (DXY) extended its slide, down 0.04% to 96.287, after Trump essentially shrugged off the greenback's descent to four-year lows, signaling he's comfortable with currency weakness.

Asian Markets Show Resilience

Asian markets opened Thursday with a more optimistic tone. Japan's Nikkei 225 rose 0.17%, or 90 points, to 53,449.08, with engineering, mining, and automotive stocks leading gains.

What's Ahead for Thursday

Investors face a packed Thursday slate. Earnings reports from Apple Inc. (AAPL), Visa Inc. (V), Mastercard Inc. (MA), and Lockheed Martin Corp. (LMT) will command attention after Wednesday's mixed tech results.

On the economic front, markets will digest the Producer Price Index reports, followed by speeches from St. Louis Fed President Alberto Musalem and Fed Vice Chair for Supervision Michelle Bowman. With gold at record highs and futures in the red, investors are clearly looking for clarity on where things go from here.