Mid-Morning Look

Friday, January 02, 2026

U.S. stocks were higher overnight to kick off 2026, looking to snap its 4-day losing streak heading into the weekend…but have seen a pullback off highs the last 30 minutes and now down on day for the S&P 500 as markets whippy early. US markets were closed on Thursday due to New Year’s Day holiday. New Year, same leaders as the Technology sector (XLK) rises as much 1.6% early led behind Mag 7 names NVDA, GOOGL, AAPL before paring gains to +0.5% and semiconductors (SOX rises over+4%), while software tumbles. The 10-year Treasury yield ticked up to 4.17%, while oil prices dipped under $57 a barrel and crypto look to rebound as Bitcoin moved up to around $89,500 after falling over 6% in 2025. Massive jumps early in chip stocks with ASML, MU, INTC, NVDA and others off to strong start. Corporate news quiet after the holiday, but electric vehicle names are active on monthly production/delivery data (TSLA, RIVN, NIO), casinos softer on monthly Macau data, and furniture retailers (RH, W) seeing strength on tariff delays. Strong moves early for many of the 2025 winners so far with semis, optical, space, uranium and metals soaring along with China and solar names. Overall, risk sentiment improved after multiple sessions in the final days of a roller-coaster 2025 ended in the red. In the lone piece of US economic data, U.S. S&P Global December final manufacturing PMI at 51.8 vs. est. 51.7.

• IREN +4%; as Data Center plays such as CLSK, CIFR, WULF, saw early gains after lagging last month; the Bitcoin miner names had turned attention to AI data center plays in 2025.
• IRWD +44%; after saying it expects 2026 annual revenue to be in the range of $450M-$470M vs analysts’ estimates of $319.4M while maintains 2025 revenue forecast to be in the range of $290M-$310M vs. et. $307M.
• RH +5%; along with bounces in Wayfair (W) and others after President Donald Trump delayed tariff increases on upholstered furniture, kitchen cabinets and vanities.
• SOC +18%; after the company receives an emergency special permit go ahead from PHMSA to restart its Santa Ynez pipeline system segment.
• VRT +7%; was upgraded to overweight from equal weight at Barclay’s and raised tgt to $200 from $181, saying its shares currently offer a good entry point following recent volatility.

• NOW -4%; as software names a big drag in tech early with more than -3% declines for CRM, HUBS .
• OTLK -61%; shares tumbled after saying it received notice that the FDA wouldn’t approve its biologics license application for ONS-5010/Lytenava, which is designed to treat wet age-related macular degeneration. Outlook said the FDA was requesting more confirmatory evidence of the drug’s efficacy