On January 7, Wall Street was poised for a muted opening following two consecutive days of gains for the S&P 500 and Nasdaq, largely driven by tech stocks, especially semiconductor names. Nvidia’s stock rose nearly 3.5% after CEO Jensen Huang’s key address at CES, where he highlighted groundbreaking advancements in AI, including a new foundation model called Cosmos, and a game-changing AI video game chip.
Nvidia also announced a partnership with Toyota for self-driving technology, boosting Toyota’s shares by 2% and propelling Aurora Innovation’s stock up over 35%. Micron, benefiting from Nvidia’s sourcing of G7 memory for AI GPUs, saw its shares climb more than 10%.
In other notable moves, Getty Images and Shutterstock agreed on a merger, leading to jumps in their stock prices, while Meta Platforms announced a shift from third-party fact-checking to a community notes model. MoffettNathanson downgraded Apple, citing negative news influencing its stock. Conversely, Barclays and Bernstein raised price targets for Starbucks and TJX, respectively, due to positive growth outlooks. Bank of America downgraded Tesla but increased its price target, highlighting a market plateau for the stock.
