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On the first trading day of the year, US stocks saw a significant surge, wiping out losses from the previous session and nearing recent record highs. This uptick was fueled by positive advancements in the AI sector that helped alleviate concerns about high valuations. The Nasdaq 100 climbed by more than 1%, the S&P 500 increased by over 0.5%, and the Dow also registered gains. Companies involved in AI and its infrastructure experienced a boost, notably following the successful debut of Shanghai Biren shares in Hong Kong, and Baidu's announcement of filing an IPO for its chip division. Major companies like Nvidia, Alphabet, and Broadcom each rose by more than 2%. Furthermore, US President Trump postponed tariffs on certain furniture products, causing RH and Wayfair to rise by over 2% and suggesting a more cautious approach to trade barriers by the White House this year. Additionally, Tesla saw a 1% increase despite falling short of global delivery expectations in the fourth quarter. Overall, broader sectors benefited from the prevailing optimism about strong growth and the possibility of lower interest rates from the Federal Reserve this year.
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