New York, Jan 9, 2026, 10:03 EST — Regular session
- Dow up slightly early; broader market firmer after December jobs report
- Supreme Court could issue rulings Friday, with Trump tariff case in focus
- Traders look to CPI and big-bank earnings next week for the next test
The Dow Jones Industrial Average edged up 14.30 points, or 0.03%, to 49,280.41 by about 9:45 a.m. EST, after a choppy open. The S&P 500 rose 0.28% and the Nasdaq gained 0.29%.
The early move mattered less than the message from the jobs data: hiring looks soft enough to keep pressure off yields, but not so weak that it screams recession. With the Federal Reserve expected to pause this month after a run of rate cuts late last year, investors were trying to map out how much easing is still left for 2026.
Another risk sat on the calendar. The U.S. Supreme Court was set to take the bench Friday and could issue opinions, including a decision that tests the legality of President Donald Trump’s sweeping tariffs imposed under a 1977 emergency powers law.
Nonfarm payrolls — the monthly count of U.S. jobs excluding farm workers — rose by 50,000 in December, the Labor Department said, while the unemployment rate fell to 4.4%. “The overall labor force is contracting,” Adam Sarhan, chief executive of 50 Park Investments, said, arguing the drop in unemployment may partly reflect people leaving the workforce; Peter Cardillo, Spartan Capital’s chief market economist, called the report “not too hot, not too cold.” Reuters
Thursday’s close left stocks leaning higher into the report. The Dow ended up 270.03 points, or 0.55%, at 49,266.11, while the S&P 500 was flat and the Nasdaq slid 0.44% as heavyweight tech names dragged. Defense shares outperformed after Trump floated a $1.5 trillion military budget for 2027, and investor rotation kept sector leaders shifting. “There are lots of potential potholes out there, but so far we seem to be skipping our way around them,” Rick Meckler, a partner at Cherry Lane Investments, said. Reuters
Still, the mood is brittle. “As we’re starting January, the market may be underappreciating some of the events on the horizon that could likely produce higher volatility,” Michael Arone, chief investment strategist at State Street Investment Management, said, pointing to an agenda heavy with geopolitics, inflation and earnings.
For Dow traders, the big round numbers are back on the screen. The index has been hovering just below the 50,000 mark this week after touching record territory, and any tariff ruling that changes import costs could hit industrials and consumer names unevenly in a price-weighted benchmark.
The next catalyst is binary and close: a Supreme Court opinion day that could include the tariff case. After that, attention shifts to December CPI on Tuesday and the start of bank earnings, with JPMorgan due Jan. 13.
