New York, Jan 18, 2026, 12:38 EST — Market closed.
- Shares of the Magnificent Seven closed mixed on Friday—Apple and Alphabet slipped, while Microsoft and Amazon edged up.
- Late-week reports and filings have turned the spotlight on Nvidia’s supply chain for the China-bound H200 and Google’s antitrust remedies in the U.S.
- Traders return Tuesday facing early earnings reports and a packed policy calendar, with a U.S. Supreme Court hearing set for midweek.
Big Tech stocks kick off a holiday-shortened week rattled by Nvidia, following news that parts suppliers stopped production related to its H200 AI chip shipments to China.
The “Magnificent Seven” — Apple, Microsoft, Alphabet, Amazon, Meta, Nvidia, and Tesla — continue to drive major U.S. indexes. When they falter, it often ripples through risk appetite and the wider “AI trade,” Wall Street’s term for bets linked to AI investment and chip demand.
U.S. markets were closed Monday for the Martin Luther King Jr. holiday, leaving investors with fewer days to adjust ahead of a packed week filled with earnings reports and court-related news. “It is literally an imperative that earnings actually carry the news cycle,” said Art Hogan, chief market strategist at B Riley Wealth. Reuters
U.S. stocks ended Friday almost unchanged ahead of the long weekend. The Nasdaq slipped 0.06%, and the S&P 500 also dipped 0.06%. Traders juggled concerns over the upcoming earnings season and ongoing policy noise. Anthony Saglimbene, chief market strategist at Ameriprise Financial, noted the S&P 500 was “within spitting distance of 7,000.” Bruce Zaro, managing director at Granite Wealth Management, pointed out that mid-January “tends to be pretty choppy,” especially with monthly options expiration adding to volatility. Reuters
Apple finished Friday at $255.53, slipping roughly 1.1%. Alphabet dropped nearly 0.9% to $330. Nvidia closed at $186.23, down about 0.5%. On the upside, Microsoft gained around 0.7%, ending at $459.86, and Amazon inched up approximately 0.4% to $239.12. Meta dipped slightly, about 0.1%, to $620.25, while Tesla slipped 0.2% to $437.50.
The Nvidia story revolved around China. According to the Financial Times, suppliers of parts for Nvidia’s H200 halted production after Chinese customs blocked shipments of the newly approved processors from entering the country. Reuters, which cited sources, said it couldn’t immediately verify the report. Those sources also noted that authorities haven’t made clear if this is a formal ban or just a temporary hold.
Alphabet’s Google is pushing back against court demands. The company has asked a U.S. judge to hold off on an order requiring it to share data with competitors while it appeals a ruling that branded its online search dominance illegal, according to court filings. Google said it’s ready to follow other restrictions but wants to avoid “turning over its data” during the appeal process. Antitrust regulators have until Feb. 3 to decide if they will challenge a ruling that dismissed calls for tougher remedies. Reuters
Microsoft is also caught up in a new legal battle involving AI. Elon Musk is after as much as $134 billion from OpenAI and Microsoft, claiming in court papers that he’s owed “wrongful gains” for his early investment in OpenAI. Musk’s lead attorney, Steven Molo, asserted, “Without Elon Musk, there’d be no OpenAI.” OpenAI dismissed the claim as “an unserious demand.” A judge has indicated the case is likely headed for a jury trial in April. Reuters
Still, the sector’s short-term path likely hinges on the fundamentals: earnings and guidance. With Big Tech trading at premium valuations, there’s scant tolerance for missteps. Even solid results might prompt selling if investors start to believe the AI boom is hitting a ceiling or getting overplayed.
The downside is messy. A sharper China crackdown on Nvidia’s advanced chips might sour sentiment across semiconductors and data-center spending. Tougher antitrust measures could pressure Alphabet’s business model. Litigation risk, meanwhile, can drag on stocks even without hitting quarterly results.
Trading picks up Tuesday, with investors eyeing whether chip and megacap tech stocks can maintain momentum after the long weekend. Netflix reports earnings Tuesday, while Wednesday brings U.S. Supreme Court arguments on President Donald Trump’s bid to oust Federal Reserve Governor Lisa Cook.
