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%. 1
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. 2
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. 3
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. 4
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. 5
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. 6
“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. 7
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. 8
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%. 9
