Stock market today: Tech leads stocks higher as Nvidia surges to record high

Published On Jan 6, 2025, 4:31 PM

On January 6, 2025, U.S. stocks experienced an upward trend, largely fueled by gains in semiconductor stocks such as Nvidia and Micron due to Foxconn's strong sales forecast. The tech-heavy Nasdaq led the gains, rising by 1.2%. Investors are anticipating upcoming job data release later in the week, while Nvidia's CEO is set to present at the CES tech conference, stoking excitement about the company's AI chip developments. Meanwhile, the dollar weakened amidst evolving tariff plans under President-elect Trump and the resignation of Canadian Prime Minister Trudeau, which might recalibrate U.S.-Canada trade relations. Disney announced a merger of its Hulu + Live TV with FuboTV, notable for a 250% surge in Fubo's stock. Bitcoin also crossed the $100,000 mark, further illustrating a positive market sentiment.

Stock Forecasts

NVDA

Positive

Nvidia's recent performance, alongside Foxconn's strong revenue forecast, suggests a bullish outlook for the semiconductors sector, particularly as AI demand increases. With upcoming product launches and positive earnings revisions, Nvidia seems poised for continued growth.

MU

Positive

Micron's significant rise due to positive market sentiment in the semiconductor space indicates a growing confidence in memory chip demand. As the chip market expands further, it could provide additional upside opportunities for Micron.

FUBO

Positive

FuboTV's merger with Hulu + Live TV positions it strategically in the streaming market, potentially paving the way for increased subscriber growth and revenues, thus optimizing its financial performance.

SPY

Positive

Given the anticipated positive shifts in trade relations and the stabilization of tariffs under the new administration, overall market sentiment could remain strong as economic policies adapt, but careful monitoring is required as federal policies might cause volatility.

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President-elect Donald Trump denied a report about his transition team developing a tariff plan that would be more restrained than his campaign proposals.

SPY
LIT

Rapidly changing signals on Donald Trump's plans for tariffs caused a lot of market whiplash Monday.

Disney and FuboTV on Monday announced a planned merging of Hulu Live + TV and Fubo. Disney will have a 70% ownership stake in Fubo when the deal closes.