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US Stock Market Closes Mixed, Tech Stocks Rebound Boosts Market; President-Elect Trump Denies Scaling Back Tariff Scope
The three major US stock indices closed mixed, with tech stocks rebounding, which helped lift the market. US President-elect Trump denied that he would scale back the application of tariffs.
Foxconn’s quarterly revenue exceeded expectations, reaching a historic high, and a series of favorable developments from the Consumer Electronics Show (CES) further supported the market, making chip stocks one of the biggest winners of the day.
Sam Stovall, Chief Investment Strategist at CFRA Research, pointed out that the market is currently optimistic about tech stocks, but given high valuations, the outlook for interest rates, potential earnings adjustments, and the new president taking office, US stock market volatility is expected to increase this year.
Michael Green, Portfolio Manager at Simplify Asset Management, commented, “It seems like we’re back to where we were last year, with the stock market’s gains mostly concentrated in large-cap tech stocks.” He also noted that funds from 401(k) retirement plans are helping to push the market higher.
Federal Reserve Governor Christopher Waller stated that given the strong labor market and continued inflationary pressures, policymakers can act more cautiously on interest rate cuts.
A report from The Washington Post on Monday also boosted market sentiment, indicating that Trump’s tariff policies would not be as broad as initially feared, covering only key imported goods. However, Trump later denied this.
During the shortened trading week, investors remained focused on the Fed’s interest rate policy outlook and maintained a cautious stance on its potential impact. The New York Stock Exchange will be closed on Thursday in observance of the passing of former President Jimmy Carter.
Traders are preparing for the non-farm payroll report due on Friday, which is expected to show that employers slowed hiring at the end of the year, but the labor market remains healthy despite cooling. This data is unlikely to change the Fed’s current stance, which is to slow the pace of rate cuts in the context of a robust economy and gradually falling inflation.
Market Dynamics
At the close, the Dow Jones Industrial Average fell 25.57 points, or 0.06%, to 42,706.56; the Nasdaq gained 243.30 points, or 1.24%, to 19,864.98; and the S&P 500 rose 32.91 points, or 0.55%, to 5,975.38.
Most US sector ETFs closed higher, with the semiconductor ETF up 3.32%, the global tech index ETF rising 1.79%, the tech sector ETF gaining 1.27%, and the financial sector ETF falling 0.31%.
Of the 11 sectors in the S&P 500, 7 closed lower. The communication services and information technology sectors rose 2.13% and 1.44%, respectively, while the financial sector dropped 0.42%, the healthcare sector remained flat, and the real estate sector fell 1.4%.
Performance of Popular Stocks
Large-cap tech stocks saw broad gains: Nvidia rose 3.4%, Meta gained 4.2%, Google (Class A) was up 2.65%, Amazon increased 1.53%, Microsoft climbed 1.06%, Apple rose 0.67%, and Tesla gained 0.15%.
Chip stocks surged, with Micron Technology up 10.45%, Advanced Micro Devices (AMD) rising more than 3.3%, ASML ADR increasing 7.58%, STMicroelectronics ADR rising 7.33%, and Advanced Micro Devices (AMD) up more than 3.3%.
Bank stocks rose collectively, with Morgan Stanley up over 2%, Citigroup rising 2.5%, and Bank of America gaining 1.32%. Federal Reserve Vice Chairman Michael Barr announced on Monday that he would step down early. Barr had sought to impose strict regulations on the largest US banks.
The Nasdaq Golden Dragon China Index closed down 1.16%, with most popular Chinese ADRs falling. Tencent ADR dropped nearly 8%, Miniso fell more than 12%, Kingsoft Cloud dropped more than 5%, Li Auto fell over 3%, while iQIYI and NIO both gained more than 1%, and Pinduoduo rose more than 2%.
Company News
Qualcomm Launches New AI Chip for PCs Starting at $600
On Monday, at the Consumer Electronics Show (CES) in Las Vegas, Qualcomm unveiled its new Snapdragon X AI chip designed to provide powerful computing capabilities for personal computers (PCs), enabling them to run the latest AI software and offer an affordable AI-powered PC experience. The Snapdragon X is built using a 4nm process, features Qualcomm’s Oryon CPU with 8 cores, and offers a maximum clock speed of 3GHz. It provides strong computational power for next-generation PCs. PC manufacturers such as Acer, ASUS, Dell Technologies, and Lenovo will adopt this AI chip, and PCs with Snapdragon X are expected to start at $600, with the products expected to be available in early 2025.
MicroStrategy Buys More Bitcoin, Bringing Total Holdings to $44.3 Billion
MicroStrategy Inc. purchased $101 million worth of Bitcoin, continuing its strategy to buy more cryptocurrencies using perpetual preferred stock, common stock, and debt. The Virginia-based enterprise software company has now bought Bitcoin for nine consecutive weeks. Co-founder and Chairman Michael Saylor is pushing forward with his strategy of holding Bitcoin. The company now holds approximately $44.3 billion worth of Bitcoin. According to US SEC filings, MicroStrategy bought 1,070 Bitcoin at an average price of around $94,000 each on December 30 and 31. The company also stated that it plans to raise up to $2 billion in the first quarter through the issuance of one or more rounds of perpetual preferred stock. This issuance is part of a larger $42 billion capital-raising plan through public stock offerings and convertible bonds by 2027.
Intel’s First 18A Process Chip Unveiled: Panther Lake Processor Confirmed for Release in Second Half of 2025
During Intel’s CES 2025 keynote on January 6, interim co-CEO Michelle Johnston announced that the company’s first 18A process chip, the Intel Panther Lake processor, will be released in the second half of 2025. Johnston also showed a sample of the Panther Lake chip, stating that it was already in testing and that she was very satisfied with the 18A process. Johnston revealed that Intel’s 18A process will be launched “later this year.” She added that “Intel will continue to enhance its AI PC product lineup in 2025 and beyond, offering customers leading-edge Intel 18A product samples and mass production of Panther Lake processors in the second half of 2025.”
AMD Launches Ryzen 9 9950X3D and 9900X3D Processors
During CES 2025, AMD held a press conference to officially launch two flagship Ryzen 9000 Series X3D processors: the 16-core, 32-thread Ryzen 9 9950X3D and the 12-core, 24-thread Ryzen 9 9900X3D. Both processors feature the Zen 5 architecture and AMD’s X3D technology, with 128MB of L3 cache, and are targeted to be the most powerful CPUs for gaming and creative workloads.
$Micron Technology (MU.US)$ $NVIDIA (NVDA.US)$ $Bitcoin (BTC.CC)$
Foxconn’s quarterly revenue exceeded expectations, reaching a historic high, and a series of favorable developments from the Consumer Electronics Show (CES) further supported the market, making chip stocks one of the biggest winners of the day.
Sam Stovall, Chief Investment Strategist at CFRA Research, pointed out that the market is currently optimistic about tech stocks, but given high valuations, the outlook for interest rates, potential earnings adjustments, and the new president taking office, US stock market volatility is expected to increase this year.
Michael Green, Portfolio Manager at Simplify Asset Management, commented, “It seems like we’re back to where we were last year, with the stock market’s gains mostly concentrated in large-cap tech stocks.” He also noted that funds from 401(k) retirement plans are helping to push the market higher.
Federal Reserve Governor Christopher Waller stated that given the strong labor market and continued inflationary pressures, policymakers can act more cautiously on interest rate cuts.
A report from The Washington Post on Monday also boosted market sentiment, indicating that Trump’s tariff policies would not be as broad as initially feared, covering only key imported goods. However, Trump later denied this.
During the shortened trading week, investors remained focused on the Fed’s interest rate policy outlook and maintained a cautious stance on its potential impact. The New York Stock Exchange will be closed on Thursday in observance of the passing of former President Jimmy Carter.
Traders are preparing for the non-farm payroll report due on Friday, which is expected to show that employers slowed hiring at the end of the year, but the labor market remains healthy despite cooling. This data is unlikely to change the Fed’s current stance, which is to slow the pace of rate cuts in the context of a robust economy and gradually falling inflation.
Market Dynamics
At the close, the Dow Jones Industrial Average fell 25.57 points, or 0.06%, to 42,706.56; the Nasdaq gained 243.30 points, or 1.24%, to 19,864.98; and the S&P 500 rose 32.91 points, or 0.55%, to 5,975.38.
Most US sector ETFs closed higher, with the semiconductor ETF up 3.32%, the global tech index ETF rising 1.79%, the tech sector ETF gaining 1.27%, and the financial sector ETF falling 0.31%.
Of the 11 sectors in the S&P 500, 7 closed lower. The communication services and information technology sectors rose 2.13% and 1.44%, respectively, while the financial sector dropped 0.42%, the healthcare sector remained flat, and the real estate sector fell 1.4%.
Performance of Popular Stocks
Large-cap tech stocks saw broad gains: Nvidia rose 3.4%, Meta gained 4.2%, Google (Class A) was up 2.65%, Amazon increased 1.53%, Microsoft climbed 1.06%, Apple rose 0.67%, and Tesla gained 0.15%.
Chip stocks surged, with Micron Technology up 10.45%, Advanced Micro Devices (AMD) rising more than 3.3%, ASML ADR increasing 7.58%, STMicroelectronics ADR rising 7.33%, and Advanced Micro Devices (AMD) up more than 3.3%.
Bank stocks rose collectively, with Morgan Stanley up over 2%, Citigroup rising 2.5%, and Bank of America gaining 1.32%. Federal Reserve Vice Chairman Michael Barr announced on Monday that he would step down early. Barr had sought to impose strict regulations on the largest US banks.
The Nasdaq Golden Dragon China Index closed down 1.16%, with most popular Chinese ADRs falling. Tencent ADR dropped nearly 8%, Miniso fell more than 12%, Kingsoft Cloud dropped more than 5%, Li Auto fell over 3%, while iQIYI and NIO both gained more than 1%, and Pinduoduo rose more than 2%.
Company News
Qualcomm Launches New AI Chip for PCs Starting at $600
On Monday, at the Consumer Electronics Show (CES) in Las Vegas, Qualcomm unveiled its new Snapdragon X AI chip designed to provide powerful computing capabilities for personal computers (PCs), enabling them to run the latest AI software and offer an affordable AI-powered PC experience. The Snapdragon X is built using a 4nm process, features Qualcomm’s Oryon CPU with 8 cores, and offers a maximum clock speed of 3GHz. It provides strong computational power for next-generation PCs. PC manufacturers such as Acer, ASUS, Dell Technologies, and Lenovo will adopt this AI chip, and PCs with Snapdragon X are expected to start at $600, with the products expected to be available in early 2025.
MicroStrategy Buys More Bitcoin, Bringing Total Holdings to $44.3 Billion
MicroStrategy Inc. purchased $101 million worth of Bitcoin, continuing its strategy to buy more cryptocurrencies using perpetual preferred stock, common stock, and debt. The Virginia-based enterprise software company has now bought Bitcoin for nine consecutive weeks. Co-founder and Chairman Michael Saylor is pushing forward with his strategy of holding Bitcoin. The company now holds approximately $44.3 billion worth of Bitcoin. According to US SEC filings, MicroStrategy bought 1,070 Bitcoin at an average price of around $94,000 each on December 30 and 31. The company also stated that it plans to raise up to $2 billion in the first quarter through the issuance of one or more rounds of perpetual preferred stock. This issuance is part of a larger $42 billion capital-raising plan through public stock offerings and convertible bonds by 2027.
Intel’s First 18A Process Chip Unveiled: Panther Lake Processor Confirmed for Release in Second Half of 2025
During Intel’s CES 2025 keynote on January 6, interim co-CEO Michelle Johnston announced that the company’s first 18A process chip, the Intel Panther Lake processor, will be released in the second half of 2025. Johnston also showed a sample of the Panther Lake chip, stating that it was already in testing and that she was very satisfied with the 18A process. Johnston revealed that Intel’s 18A process will be launched “later this year.” She added that “Intel will continue to enhance its AI PC product lineup in 2025 and beyond, offering customers leading-edge Intel 18A product samples and mass production of Panther Lake processors in the second half of 2025.”
AMD Launches Ryzen 9 9950X3D and 9900X3D Processors
During CES 2025, AMD held a press conference to officially launch two flagship Ryzen 9000 Series X3D processors: the 16-core, 32-thread Ryzen 9 9950X3D and the 12-core, 24-thread Ryzen 9 9900X3D. Both processors feature the Zen 5 architecture and AMD’s X3D technology, with 128MB of L3 cache, and are targeted to be the most powerful CPUs for gaming and creative workloads.
$Micron Technology (MU.US)$ $NVIDIA (NVDA.US)$ $Bitcoin (BTC.CC)$
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