NEW YORK, January 1, 2026, 13:05 ET — Market closed
- Wall Street is shut for New Year’s Day after Big Tech slipped in the final session of 2025.
- Nvidia drew fresh attention on a report it asked TSMC to boost output of H200 AI chips for China.
- Tesla is due to report quarterly deliveries on Friday, a key early test for 2026 sentiment.
Nvidia ended 2025 down 0.6%, but was back in focus on Thursday after Reuters reported it asked Taiwan Semiconductor Manufacturing Co to ramp production of its H200 artificial-intelligence processors to meet demand from China.
U.S. stock markets are closed for New Year’s Day, leaving investors to digest a late-year pullback in mega-cap technology stocks that drive the Nasdaq and S&P 500. The New York Stock Exchange is scheduled to reopen on Friday.
The timing matters because the “Magnificent Seven” — Apple, Microsoft, Amazon, Alphabet, Meta, Nvidia and Tesla — helped power 2025’s gains, and traders are watching whether the AI trade can broaden beyond a narrow set of winners. Fresh headlines on chip supply and China policy have become a daily input into that bet.
The S&P 500 ended the last trading day of 2025 down 0.74% at 6,845.50, while the Nasdaq Composite fell 0.76% to 23,241.99 and the Dow slipped 0.63% to 48,063.29, a Reuters report showed. All three posted double-digit gains for the year, but the market finished with a fourth straight daily decline that undercut hopes for a “Santa Claus rally,” a seasonal late-December/early-January lift. Reuters
Most Big Tech shares finished Wednesday lower. Apple closed down about 0.5%, Microsoft fell 0.8%, Amazon lost 0.7%, Alphabet dipped 0.3%, Meta slid about 0.9%, Nvidia fell 0.6% and Tesla dropped 1.0%.
Nvidia’s H200 story underlined how geopolitics is shaping the AI boom. Reuters reported Chinese technology companies placed orders for more than 2 million H200 chips this month and Nvidia is pushing to secure more supply, with additional output expected to start in the second quarter of 2026.
Reuters also reported that ByteDance plans to spend about 100 billion yuan ($14.3 billion) on Nvidia chips in 2026, citing the South China Morning Post, while noting it could not independently verify the report. The spending plan was described as contingent on approvals for H200 sales in China.
Tesla, meanwhile, heads into Friday’s reopening with a near-term catalyst that can move the broader “growth” complex. A Reuters report on Tuesday said Tesla’s fourth-quarter deliveries are expected to fall as the loss of U.S. tax credits and intensifying competition weigh on demand, even after the company launched cheaper versions of its best-selling models. Reuters
The same report said Tesla is expected to release fourth-quarter and annual production and delivery figures on Friday, with a Visible Alpha poll pointing to a roughly 13% year-on-year drop in quarterly deliveries. Deutsche Bank analyst Edison Yu said in a note that weakness was set to be driven largely by North America and Europe, Reuters reported.
“I do not expect that the last few days will have so much bearing on the performance of the next year, it’s perfectly fine in any bull market to have moments of cost,” said Giuseppe Sette, co-founder and president of Reflexivity, pointing to profit-taking when liquidity was low. Reuters
Before Friday’s session, traders will be watching whether the Nasdaq 100’s proxies can hold late-December lows, after the tech-heavy Invesco QQQ Trust closed at 614.31 on Wednesday. Nvidia finished near the bottom of its day’s range ($186.49 to $190.56), while Tesla also settled close to the session low ($449.30), leaving those levels on watch for early 2026 positioning.
Beyond Friday’s reopening, the next major macro waypoint is the U.S. employment report for December 2025, scheduled for January 13 at 8:30 a.m. ET, according to the Labor Department’s calendar. Big Tech earnings season later this month and early February will refocus attention on AI spending plans, margins and cloud-demand trends; Nvidia has confirmed its next quarterly results for February 25.
