US stocks rise with energy, software, and chips fueling gains
The S&P 500, Nasdaq 100, and Russell 2000 all advanced to kick off the week.
Both software and semis gained close to 2%, making tech the second-best-performing S&P 500 ETF. Energy held the top spot, helped along by a solid rise in the price of crude oil. Financials were the main fly in the ointment from a sector perspective.
T-Mobile was a big winner from the Big Game, as the carrier highlighted a linkup with Starlink to boost coverage in so-called “dead zones.”
Steel companies Nucor, Steel Dynamics, and US Steel all had strong gains after President Trump said he’d impose 25% tariffs on imported steel and aluminum. Tesla sank, as these levies would curb the potential for a more affordable EV.
Alibaba’s hot run continued, with the stock soaring as hedge fund manager David Tepper revealed that he’d boosted his stake in the e-commerce giant to over $1 billion as of the end of 2024.
The American eater may have let McDonald’s down a little, but the rest of the world continues to love it. The company’s fourth-quarter results were buoyed by strong international sales.
GameStop surged nearly double digits as traders seemed to read a lot into CEO Ryan Cohen tweeting a picture of himself with Strategy’s Michael Saylor.
Lyft announced plans to roll out self-driving robotaxis next year starting in Dallas, sending shares higher.
Palantir jumped amid reports that its strong connections with the Department of Defense have helped smooth the runway for the firm’s revenue growth.
