On January 2, Wall Street kicked off the trading year strong, bolstered by recent gains from the “Mag 7” stocks. Apple has started offering small discounts on phones in China, though it’s seen as overvalued at 34 times 2025 earnings. The CSI 300 index in China dropped 2.9%, its worst decline since 2016, due to weak manufacturing data and tariff concerns. Meanwhile, mortgage demand plummeted 22%, and bond yields fell after a turbulent year. Elsewhere, Craig’s downgrade of GE Healthcare and Piper Sandler’s downgrade of Biogen highlight ongoing challenges, while Eli Lilly continues to perform well in the market.
