Markets
markets
Luke Kawa

US stocks sink after Trump says he’s considering a “massive increase” of tariffs on Chinese imports

More tariffs might be back on the menu.

US stocks reversed lower after US President Donald Trump said in a Truth Social post that he is considering a “massive increase” on tariffs of Chinese imports.

Trump said he’s mulling higher levies as well as “many other countermeasures” because of “the hostile ‘order’ that they have just put out” restricting the export of rare earth metals. He also seemingly canceled his upcoming meeting with Chinese President Xi Jinping in South Korea in two weeks, saying “now there seems to be no reason to do so.”

The SPDR S&P 500 ETF, Invesco QQQ Trust, and iShares Russell 2000 ETF all gave up early gains to fall more than 1%. A basket of stocks compiled by Goldman Sachs of US companies that have significant revenue exposure to China is off more than 2%.

Wafer fab equipment stocks Lam Research, Applied Materials, and KLA Corp, which all count China as their top market, are underperforming, as is iPhone seller Apple.

Chip stocks Advanced Micro Devices, Intel, Broadcom, and Nvidia are all getting hit on the news, as rare earths are needed components for semiconductor production. For Tesla, it’s a similar story given its footprint in China and the importance of rare earths for EVs.

There’s also a lot of plain old dumping of recent winners.

Super Micro Computer, Coinbase, and Robinhood Markets are among the biggest laggards since Trump’s post as investors cut risk.

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions.)

The rare earth curbs are far from the only recent example of China stepping up its defense of domestic industry and resources. Qualcomm is the subject of an antitrust investigation, stringent checks of semiconductor shipments are reportedly in place as officials look to keep Nvidia’s chips from entering the country, and separate reporting indicates that US ships will be charged an escalating fee for docking at Chinese ports.

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Tasha Matsumoto
1/9/26
S&P 500 climbs to a new record high after mixed jobs report

Employers added fewer jobs than expected last month, but the unemployment rate ticked down.

CHICAGO, ILLINOIS - JANUARY 02: Isaac Okoro #35 of the Chicago Bulls dunks the ball during the second half against the Orlando Magic at the United Center on January 2, 2026 in Chicago, Illinois.
markets
Matt Phillips

Sandisk rides Wall Street price target hikes toward new record

Sandisk leapt Friday, riding a resurgent wave of AI-related market exuberance as well as two price target hikes from Wall Street analysts.

Goldman Sachs lifted its target for the stock to $320 from $280, while keeping a “buy” rating on the stock. Mizhuho lifted its target to a Street high of $410 from its previous target of $250, while maintaining an “outperform” rating on the shares.

Long considered a maker of commodity data storage products, Sandisk was spun off by Western Digital in an IPO in February.

When it dawned on the market sometime in the fall that the AI boom would mean an explosion in demand for data storage, Sandisk shares went parabolic.

Its more than 350% run-up between the ends of August and December led to Sandisk’s inclusion in the S&P 500. And its 560% gain for the year made it the index’s top performer.

markets
Luke Kawa

It looks like the stock market was expecting some tariff relief

The S&P 500 briefly dipped into negative territory and tariff-sensitive stocks swung from big gains to big losses after the Supreme Court declined to give a ruling on tariffs imposed by President Donald Trump under the IEEPA.

A basket of “Trump Tariff Losers” stocks compiled by UBS, which includes Under Armour, American Eagle, Yeti, Mattel, and Deckers Outdoor, was up as much as 1.5% in early trading before falling as much as 1.7% after news of the lack of news surfaced.

The good news is that for the market as a whole (and even this group in particular), the pain seems to have been short-lived, with both bouncing back to erase losses.

It’s a decent little snapshot or case study to show that, yes, as prediction markets imply, the stock market is pricing in tariff relief.

markets
J. Edward Moreno

Amazon pharmacy to begin offering home delivery for Novo Nordisk’s Wegovy pill

Amazon Pharmacy announced Friday that it will offer Novo Nordisk’s recently approved weight-loss pill Wegovy, the newest frontier in the drugmaker’s push toward direct-to-consumer options.

Amazon said it will offer delivery for the pill through insurance and cash-pay options. Novo’s cash-pay price for the pill is $149 a month — less than half of what its injectables cost through the same channel.

Novo has partnered with big-box stores like Costco and Walmart as well as several big telehealth companies, including Ro, Weight Watchers, and LifeMD, to distribute the pill. This comes as the Danish pharma giant is trying to regain ground after Eli Lilly surpassed it in market share, in large part because of its early emphasis on direct-to-consumer channels.

The Food and Drug Administration approved Novo’s weight-loss pill in December, making it the first approved weight-loss pill to go to market. It has the same active ingredient, semaglutide, as its injectable products, Ozempic and Wegovy. Lilly’s oral version, orforglipron, is expected to come to market later this year.

markets
Matt Phillips

Intel gains after a favorable post from Trump

Intel continued its strong 2026 start by rising early Friday, following a favorable online post from President Trump, whose administration partially nationalized the ailing American chip giant in August.

In a Truth Social post Thursday afternoon, he praised CEO Lip-Bu Tan, boasted about the amount of money the government’s 10% investment in the company has made, and said, “Our Country is determined to bring leading edge Chip Manufacturing back to America, and that is exactly what is happening!!!”

Even after adjusting for the Trumpian tendency toward hyperbole, that last comment will be intriguing to Intel watchers. The company’s search to make deals with external customers willing to use its next-generation contract chip manufacturing business, crucial to the future of Intel’s ailing foundry business, will likely be a key driver of the stock price this year.

It’s not nuts to think that having the US government as a shareholder and the president as an active cheerleader — especially one who’s not shy about putting pressure on private sector companies to get what he wants — could be helpful in corralling reticent foundry customers.

Intel is up roughly 16% year to date and has more than doubled over the last year.

Intel stock rises after Trump touts 'very successful' CEO, applauds government's investment

Intel stock rises after Trump touts 'very successful' CEO, applauds government's investment

Even after adjusting for the Trumpian tendency toward hyperbole, that last comment will be intriguing to Intel watchers. The company’s search to make deals with external customers willing to use its next-generation contract chip manufacturing business, crucial to the future of Intel’s ailing foundry business, will likely be a key driver of the stock price this year.

It’s not nuts to think that having the US government as a shareholder and the president as an active cheerleader — especially one who’s not shy about putting pressure on private sector companies to get what he wants — could be helpful in corralling reticent foundry customers.

Intel is up roughly 16% year to date and has more than doubled over the last year.

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