Nasdaq 100 and S&P500: US Indices Eye Records as Jobs Miss Supports Rate Cut Bets

• Intel surged 9.78% to lead Nasdaq-100 gains after CEO Lip-Bu Tan had a 'great meeting' with President Trump, while chip stocks broadly rallied with Lam Research up 8.15% and ASML up 6.55%.
• Utilities led sector performance with a 1.64% gain at mid-session, followed by Materials (1.57%) and Consumer Staples (1.09%), while 10 of 11 S&P 500 sectors traded higher.
• The U.S. Supreme Court delayed ruling on Trump's sweeping tariffs, with investors anticipating heightened volatility across financial sectors once a decision is announced.

Market Summary: US Indices Near Records on Weak Jobs Data

Key Market Movements:

The Nasdaq 100 and S&P 500 advanced toward record highs on January 9, 2026, following weaker-than-expected jobs data that reinforced Federal Reserve rate cut expectations. The S&P 500 achieved a new record high, gaining 0.69%, while the Nasdaq Composite approached its record of 24,019.99.

Jobs Report Details:

December nonfarm payrolls increased by only 50,000, missing the consensus forecast of 60,000. Despite the miss, markets interpreted the mixed signals positively—data weak enough to support future rate cuts but not severe enough to indicate economic deterioration. Markets are pricing in approximately 54 basis points of Fed easing in 2026, though a pause is expected at the January meeting in 20 days.

Sector Performance:

Ten of eleven S&P 500 sectors posted gains at mid-session. Utilities led with +1.64%, followed by Materials (+1.57%) and Consumer Staples (+1.09%). Healthcare (-0.01%) and Financials (-0.05%) lagged.

Individual Stock Highlights:

• Intel surged 9.78% after CEO Lip-Bu Tan met with President Trump
• Semiconductor stocks rallied: Lam Research (+8.15%), ASML (+6.55%), Applied Materials (+6.34%)
• Utilities outperformed: Constellation Energy (+4.00%), Entergy (+2.00%) following positive TD Cowen coverage
• Decliners included: Strategy (-4.00%), DoorDash (-3.95%)

Technical Outlook:

Both indices remain in strong uptrends supported by their 50-day moving averages, though momentum appears to be slowing. The S&P 500's uptrend line sits at 6,895.50, while profit-taking is emerging at new highs.