Friday, January 9, 2026
DJIA
49,504
+238 (+0.48%)
S&P 500
6,966
+45 (+0.65%)
NASDAQ
23,671
+191 (+0.81%)
Stocks hit new all-time highs to cap strong first week of 2026 as jobs report keeps Fed on hold
U.S. stock markets surged to record highs Friday, capping a strong first full week of 2026, with the S&P 500 rising 0.65% to 6,966, the Nasdaq jumping 0.81% to 23,671, and the Dow gaining 0.48% to 49,504. For the week, the S&P 500 climbed 1.0%, the Dow soared 2.3%, and the Nasdaq advanced 1.9%. The December jobs report showed just 50,000 jobs added (below expectations), but this weak report helped stocks by reducing pressure on the Fed to keep rates high.
The week featured major rotation away from mega-cap tech toward broader leadership. Defense stocks surged on Trump’s plan to boost defense spending 50% to $1.5 trillion. Homebuilders rallied 7-8% after Trump announced plans to buy mortgage bonds. Small-cap stocks hit records, with the Russell 2000 outperforming dramatically, signaling healthy market breadth beyond big tech.
Market outlook: The first week delivered new records with broadening leadership. Ahead: (1) Fed holds rates at Jan. 28-29 meeting (97% probability), (2) Supreme Court could rule on Trump tariff legality, (3) Earnings season begins next week with big banks. Strategists predict a fourth straight year of gains, though valuations are stretched. The rotation into small caps, defense, and homebuilders suggests investors are hedging big-tech concentration risk.
WEEKLY PERFORMANCE
| Index | Close | Week Chg | %Chg |
|---|---|---|---|
| Dow Industrials | 49,504 | +1,122 | +2.32% |
| S&P 500 | 6,966 | +67 | +0.97% |
| Nasdaq Comp | 23,671 | +436 | +1.88% |
| Russell 2000 | 2,638 | +73 | +2.85% |
TREASURY YIELDS
| Maturity | Yield | Prev Week |
|---|---|---|
| 2-Year | 3.52% | 3.47% |
| 10-Year | 4.18% | 4.17% |
| 30-Year | 4.84% | 4.85% |
COMMODITIES
| Commodity | Price | Week Change |
|---|---|---|
| Gold (spot, oz) | $4,375 | +1.3% |
| Silver (spot, oz) | $80.10 | +5.4% |
| WTI Crude (bbl) | $59.40 | +5.4% |
WEEKLY MOVERS
| Stock | Week % Change |
|---|---|
| Intel (INTC) | +12.0% |
| Lennar (LEN) | +8.9% |
| Micron (MU) | +7.0% |
| Nvidia (NVDA) | -2.0% |
| Broadcom (AVGO) | -1.0% |
WEEK AHEAD
- Inflation data: December CPI on Wednesday—any acceleration could reduce chances of Fed rate cuts in 2026.
- Earnings season begins: Major banks (JPMorgan, BofA, Citi) report Friday, Jan. 17, setting tone for corporate health.
- Supreme Court tariff ruling: Decision could come this week on legality of Trump’s tariffs, impacting trade policy.
- Fed speakers: Several officials scheduled to speak, offering clues on January meeting and 2026 rate outlook.
TERM OF THE WEEK
Market Breadth: A measure of how many stocks are participating in a market rally versus just a handful of big names. Good market breadth means gains are “broad” across many stocks, sectors, and sizes (large-cap, mid-cap, small-cap). Poor market breadth means only a few stocks (like the “Magnificent 7” tech giants) are driving indexes higher while most stocks struggle. This week showed excellent market breadth—small-cap stocks (Russell 2000) surged 2.85% and hit new all-time highs, outpacing the S&P 500. Defense, homebuilders, industrials, and regional banks all rallied even as some big tech names like Nvidia fell. Healthy market breadth is bullish because it suggests the rally has strong foundations and isn’t dependent on just a few companies continuing to perform.
