Market Momentum Builds as Chip Stocks Soar
The US stock market kicked off the first full week of 2025 on a high note, with chip names leading the charge. The S&P 500 rose about 0.5%, while the Dow Jones Industrial Average fell slightly, and the tech-heavy Nasdaq Composite surged 1.2%. The rally was fueled by a record revenue and strong sales forecast from Foxconn, a server partner of Nvidia, which boosted optimism for AI-fueled growth.
Nvidia Leads the Pack
Shares of Nvidia climbed more than 3% to a record high, with CEO Jensen Huang set to deliver a keynote address at the Consumer Electronics Show (CES) later on Monday. Investors are eagerly awaiting updates on the rollout of the company’s Blackwell chips, which are expected to drive a massive new cycle of demand.
Chip Stocks Across the Board See Gains
The PHLX Semiconductor Index rose more than 3%, with memory chipmaker Micron jumping 11%, Broadcom rising almost 3%, and Qualcomm ticking up close to 2%. The gains were seen across the board, with AMD climbing more than 2%.
Disney and FuboTV Announce Major Media Deal
In a significant media deal, Disney announced it will combine its Hulu + Live TV business with sports streamer FuboTV. Disney will control 70% of Fubo, with shareholders of the sports streamer owning the remaining 30%. The combined business will operate under the Fubo publicly traded company name.
Bitcoin Surges Past $100,000
Bitcoin joined the market rally, quickly gaining steam to reach more than $101,000 per token. This marked the first time the leading cryptocurrency has topped $100,000 since December 19.
Canadian Dollar Strengthens as Trudeau Resigns
The Canadian dollar strengthened against its US counterpart after Canadian Prime Minister Justin Trudeau formally announced his resignation. The move is expected to have implications for the country’s trade relationship with the US during the second Trump administration.
Fed Watch: Top Banking Regulator to Step Down
Michael Barr, the Federal Reserve’s top banking regulator, announced he will step down from his position in February. The move comes as President-elect Donald Trump’s team is exploring dramatic changes to the way US banks are regulated.
Economic Calendar
The week ahead will be marked by key economic releases, including the December nonfarm-payrolls report on Friday. The focus will also be on the Consumer Electronics Show (CES), where investors will be listening for signs of demand for AI chips.
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