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16h ago

Stocks Open 2026 With Rotation to Cyclicals as Chipmakers Rally

A stronger dollar kept the Federal Reserve outlook in focus for the week ahead.

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A trader works on the floor of the New York Stock Exchange (NYSE) in New York, US, on Friday, Jan. 2, 2026. The S&P 500 Index retreated from early Friday gains as worries about stretched valuations offset optimism about next week’s massive CES conference and signs President Donald Trump was easing up on tariff policies.
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Overview

  • On Jan. 2, the S&P 500 rose 0.19% and the Dow gained 0.66% while the Nasdaq dipped 0.03% as the new year’s first session closed mixed.
  • Cyclical and industrial shares outperformed mega-cap tech, and semiconductor stocks jumped on AI demand optimism, with Sandisk up 16%, ASML up 9% and Intel up 7%.
  • Greg Abel began his tenure as Berkshire Hathaway CEO as investors marked the end of Warren Buffett’s six-decade run; Class A shares fell 1.4% on his first day.
  • Tesla shares slipped 3% after a deliveries shortfall, and BYD was cited as the new top seller of electric vehicles globally.
  • Policy signals featured SEBI’s proposal for phased higher net worth requirements for merchant bankers in India and President Donald Trump’s block of HieFo’s $3 million Emcore asset deal on national-security grounds.