NEW YORK, January 2, 2026, 07:04 ET — Premarket
- Nasdaq 100 E-minis rose 1.05% in early trading; S&P 500 E-minis gained 0.60% and Dow E-minis added 0.35%
- Nvidia and Broadcom ticked higher as investors rotated back into big-cap tech after a year-end slide
- Traders are watching U.S. labor and inflation data in January for clues on the Fed’s next move
U.S. stock index futures rose on Friday as Wall Street kicked off 2026 with a tech-led rebound after a late-year slide. At 5:45 a.m. ET, S&P 500 E-minis — futures contracts tied to the index — were up 0.60%, Nasdaq 100 E-minis gained 1.05% and Dow E-minis rose 0.35%. Nvidia and Broadcom climbed 1.8% and 1.6% in premarket trading, Reuters reported. 1
Investors are looking for direction after the main indexes ended 2025 with four straight declines, a run that bucked the typical late-December seasonal lift. With the Fed’s benchmark rate at 3.5%-3.75%, Fed funds futures — derivatives that reflect expectations for the policy rate — suggest little chance of a cut at the late-January meeting but nearly a 50% chance of a quarter-point reduction in March, Reuters reported. “The market is looking for direction,” said Matthew Maley, chief market strategist at Miller Tabak. 2
Policy risk is also back on the radar early in the year, with investors watching for a U.S. Supreme Court ruling tied to tariffs and an expected announcement of a new Federal Reserve chair, Reuters reported. Markets head into January with optimism after broad gains in 2025, but sentiment-driven trades can be vulnerable to small shocks. 3
In single-stock moves, U.S.-listed shares of Baidu jumped about 12% before the bell after its AI chip unit, Kunlunxin, filed to go public in Hong Kong. Tesla rose more than 2% ahead of its expected fourth-quarter deliveries figures, while RH and Wayfair advanced roughly 3% and 2%, respectively, after President Donald Trump delayed tariffs on imported furniture, Investopedia reported. Micron gained about 3.5%, and Nvidia and Intel were up about 2% each. 4
Baidu said Kunlunxin confidentially filed a listing application with the Hong Kong stock exchange on Jan. 1, paving the way for a spin-off and separate listing. Reuters has reported Kunlunxin was planning for a Hong Kong IPO after a fundraising that valued it at 21 billion yuan ($3 billion), and Baidu said the unit is expected to remain a subsidiary after any spin-off. 5
The White House said Trump signed a proclamation on Dec. 31 invoking Section 232 of the Trade Expansion Act — a national-security trade law — to delay planned tariff increases on upholstered furniture, kitchen cabinets and vanities for another year. The current 25% tariff on those categories will remain in effect, it said. 6
On the data calendar Friday, weekly initial jobless claims are scheduled for 8:30 a.m. ET, with construction spending due at 10:00 a.m. ET, according to the New York Fed’s economic indicators calendar. The New York Fed’s Staff Nowcast update is set for 11:45 a.m. ET. 7
Recent labor-market data have kept rate expectations in play. Initial claims for state unemployment benefits fell by 16,000 to a seasonally adjusted 199,000 for the week ended Dec. 27, while continuing claims slipped to 1.866 million, Reuters reported. The report was published a day early because of the New Year’s Day holiday, and economists warned holiday-season adjustments can distort the weekly figures. 8
The next major tests are already on the calendar. The Bureau of Labor Statistics schedule shows the Employment Situation report for December is due on Jan. 9 at 8:30 a.m. ET, and the Consumer Price Index for December is scheduled for Jan. 13 at 8:30 a.m. ET. 9
Earnings season will also start to compete with macro headlines. JPMorgan Chase said it plans to release fourth-quarter and full-year results at about 7:00 a.m. ET on Jan. 13, followed by a conference call at 8:30 a.m. ET. 10
For now, futures suggest a reset after late-December repositioning, with investors again leaning on megacap tech for early-year leadership. A key question for traders is whether gains broaden beyond a narrow set of AI-linked winners as economic data returns to center stage.
