NEW YORK, January 2, 2026, 10:48 ET
- U.S. stocks opened 2026 higher, with technology shares leading early gains.
- Baidu jumped about 13% after its AI chip unit filed confidentially for a Hong Kong listing.
- Tesla slipped after reporting a year-on-year drop in quarterly deliveries and a miss versus expectations.
The S&P 500 and Nasdaq opened 2026 on firmer footing on Friday, led by a rebound in technology shares. At 10:13 a.m. ET, the Dow was down 0.01%, the S&P 500 was up 0.38% and the Nasdaq Composite gained 0.75%.
The first session of the year is an early test of whether last year’s momentum in big tech can carry into January after a late-December wobble. Traders are also looking for signs that policy-driven swings — from tariffs to incentives — will keep shaping market leadership.
Moves in a handful of high-profile names underscored the themes investors are tracking right now: artificial intelligence spending, demand for electric vehicles after incentives faded, and the risk that tariff decisions ripple into consumer-facing companies.
Baidu shares rose 12.9% in U.S. trading, making it one of the day’s early standout gainers after the company flagged plans tied to its AI chip business.
The surge followed Baidu’s disclosure that its AI chip unit, Kunlunxin, confidentially filed a listing application with the Hong Kong stock exchange on Jan. 1, a step toward a spin-off and separate listing. A spin-off is when a parent separates a business into its own publicly traded company, even if the parent keeps control.
Chip stocks also pushed the tech-heavy tape higher. ASML was up 8.7% and Micron gained 8.1%, after Investors Business Daily flagged both among the strongest early performers in the Nasdaq 100.
Tesla fell 0.7% after the automaker said it delivered 418,227 vehicles in the fourth quarter and produced 434,358. Vehicle deliveries — cars handed over to customers — are a closely watched proxy for demand, even though they are not the same as revenue or profit.
The result missed expectations, with Investors Business Daily citing a 422,850-vehicle forecast and noting quarterly deliveries fell 15.6% from a year earlier.
“I think the market remains focused on the robotaxi business, where Tesla is testing its Cybercab in Austin,” said Seth Goldstein, a senior equity research analyst at Morningstar. He pointed to Tesla’s tougher competitive backdrop — including China’s BYD and traditional rivals such as Volkswagen and BMW — after the U.S. $7,500 federal EV tax credit expired in September. Reuters
China-linked EV names also drew attention after delivery updates. Nio rose 1.9% after it said it delivered a record 48,135 vehicles in December, up 54.6% from a year earlier, and logged full-year 2025 deliveries of 326,028 vehicles.
Home-furnishings retailers jumped after the White House said President Donald Trump signed a proclamation delaying planned tariff increases on upholstered furniture, kitchen cabinets and vanities for another year, keeping the current 25% rate in place for now. Tariffs are taxes on imported goods, typically paid by importers and often passed through to consumers. RH rose 6.0% and Wayfair gained 4.5%.
