[Market Summary]
On January 9 (local time), major New York indices reached new all-time highs as investors parsed a mixed December jobs report.
Dow Jones: 49,504.07 (+237.96 pts, +0.48%) ★ Record High
S&P 500: 6,966.28 (+44.82 pts, +0.65%) ★ Record High
Nasdaq: 23,671.35 (+191.33 pts, +0.81%)
Labor Market & Economy: Non-farm payrolls increased by 50,000, missing the consensus of 73,000, while the unemployment rate unexpectedly dropped to 4.4%. Fed Chair Powell previously noted that current rate levels (3.50–3.75%) are in a "good place" to observe economic shifts. Meanwhile, the Atlanta Fed's GDPNow model projects robust 5% growth for Q4, aided by improved trade deficits.
Commodities & Geopolitics:
Gold: Reclaimed the $4,500 level, closing at $4,500.90 (+0.9%).
Silver: Surged 3.5% to $79.56.
Crude Oil: WTI rose 2.35% to $59.12 and Brent rose 2.18% to $63.34 due to anti-government protests in Iran and Russia's use of the "Oreshnik" hypersonic missile in Ukraine.
[Major IB Investment Opinions]
Nvidia (NVDA): Mizuho raised its target from $245 to $275 (Outperform), naming it the top pick for 2026.
CrowdStrike (CRWD): Berenberg upgraded from Neutral to Buy, citing the recent 9% dip as a prime entry opportunity.
Adobe (ADBE): BMO Capital downgraded from Outperform to Market Perform ($375 target) due to increased competition from freelancers and students using alternative tools.
Carvana (CVNA): Morgan Stanley maintained Buy, raising its bull-case target to $750 following its robotaxi and M&A expansion.
Altria (MO): UBS upgraded from Neutral to Buy, noting that cigarette volume declines are stabilizing.
Mattel (MAT): Goldman Sachs downgraded from Buy to Neutral ($21 target), citing risks from tariffs and balanced risk/reward.
[Featured Stocks & Deep Dive]
■ Big Tech & AI Infrastructure
Amazon (AMZN): Rumors of layoffs affecting 1,000–2,500 U.S. employees (out of 1.1M) as part of 2026 efficiency goals. No official WARN notice has been filed yet.
Meta Platforms (META): Announced massive nuclear power deals to secure energy for AI.
Vistra (VST): 20-year deal for 2.6GW from nuclear plants in Ohio and PA.
Oklo (OKLO): Partnership for a 1.2GW "Advanced Nuclear Technology" campus in Ohio.
TerraPower: Funding for up to 8 natrium reactors providing 2.8GW of carbon-free baseload energy.
Intel (INTC): President Trump praised Intel on Truth Social for its sub-2nm CPU manufacturing in the U.S., emphasizing the return of advanced chipmaking.
TSMC (TSM): December revenue hit ~$10.6B (+20% YoY), confirming robust AI chip demand from Nvidia and Apple.
■ Healthcare & Biotech
Revolution Medicines (RVMD): Merck (MRK) is reportedly considering a $28–$32 billion acquisition. RVMD's RAS-mutated cancer pipeline is a major target for big pharma facing patent cliffs.
Sanofi (SNY): Received FDA Priority Review for Tzield (Type 1 Diabetes) to expand its indication to children as young as 1 year old.
AbbVie (ABBV): Officially denied rumors of a Revolution Medicines acquisition.
■ Industrials & Energy
SLB (SLB): Positioned as the top beneficiary of potential Venezuelan oil investment. As the world’s largest oilfield service provider with 80% international revenue, SLB remains operational in Venezuela.
Waste Management (WM): UBS upgraded to Buy ($260 target) on expectations of a 2.5x increase in capital returns through resumed share buybacks.
Bloom Energy (BE): Secured a $2.65B deal with AEP for solid oxide fuel cells, boosting its commercial credibility for AI data centers.
Generac (GNRC): Baird upgraded to Outperform ($199 target), citing strategic expansion into large-scale diesel generators (2.25–3.25MW) for data centers.
GE Vernova (GEV): Baird downgraded to Neutral ($649 target) due to short-term oversupply concerns in the power sector.
■ Mobility & Consumer
Southwest Airlines (LUV): JP Morgan upgraded from Underweight to Overweight ($60 target), projecting 2026 EPS of $5.00, far above consensus.
General Motors (GM): Recognized a $7.1B special charge in Q4 due to China restructuring and EV investment pullbacks.
Marriott (MAR): BMO upgraded to Outperform ($370 target), citing superior RevPAR growth and credit card program upside.
Zillow (ZG): Mizuho downgraded to Neutral ($70 target) due to structural risks regarding listing access and NAR policy changes.
Stellantis (STLA): Shares fell after announcing the halt of major PHEV models (Wrangler, Grand Cherokee) in North America starting with 2026 models.
■ Specialized Tech & Others
Qualcomm (QCOM): Mizuho downgraded to Neutral ($175 target) on fears that Apple’s in-house modem will create a structural revenue drag post-2026.
Rigetti Computing (RGTI): Delayed the launch of its 108-qubit "Cepheus" system to late Q1 2026 for further chip optimization.
Credo Technology (CRDO): Needham named it a top pick, citing the power efficiency of its AEC (Active Electrical Cables) over optical cables.
Real Estate (OPEN, RKT, DHI, LEN): Surged as Trump directed large-scale mortgage bond purchases, pushing 30-year rates down to 5.99%.
Defense (NOC, LHX, ITA): Continued rally as Trump proposed a $1.5 trillion defense budget, a 50% increase over this year.
[After-Hours Watchlist]
On Holding (ONON): Fell 3% after Williams Trading downgraded to Hold ($47 target), citing slowing wholesale demand in the U.S. and Europe.
Walmart (WMT): Its fintech app OnePay reached a $4B valuation, up 60% from 2024, as it integrates crypto and BNPL services.
Bark (BARK): Surged 28% following a $0.90 per share cash buyout offer from a group led by CEO Matt Meeker (a 45% premium).
