Yardeni Research reportedly believes this year’s Santa Claus rally could be hidden as money rotates out of the Magnificent Seven and into the broader market. The firm noted its 7,000 year-end S&P 500 call is essentially “met,” after the index touched 6,901 this month, and suggested that level could end up as the high-water mark.
Looking ahead, Yardeni expects the broadening trade to carry into 2026, arguing that heavy AI spending is weighing on Big Tech cash flows and near-term earnings, while the wider market looks cheaper and could still benefit from the AI boom.
Micron Technology shifted market sentiment today after its glowing quarterly earnings report, sending the stock higher by a double-digit percentage. But it’s not the only stock making gains. Others include:
Data storage stock Sandisk (Nasdaq: SNDK) is soaring by as much as 8.5% today.
Constellation Energy (Nasdaq: CEG) is tacking on 7% at last check.
AppLovin (Nasdaq: APP) is up 6.6%.
Western Digital (Nasdsaq: WDC) is gaining 6.7% today.
Microsoft (Nasdaq: MSFT) and Cognizant Tech (Nasdaq: CTSH), a consulting and tech firm, are joining forces in a multi-year partnership to speed up AI adoption across businesses. The companies are planning to build industry-ready AI solutions and bring them to market in a global sales push, framing the effort around what they describe as “frontier firm” experiences; basically, ramping up their joint work on advanced AI tools and integrations.
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The markets are moving higher out of the gate on better-than-expected inflation data. Consumer prices in November climbed at an annualized rate of 2.7%, more modest than the 3.1% economists were predicting. Additionally, the core CPI rate, which removes food and energy costs from the calculation, came in better than anticipated at a rate of 2.6% in the 12-month stretch to November.
All three of the major stock market averages are seeing green, including a 1.5% jump in the Nasdaq Composite after yesterday’s Oracle (Nasdaq: ORCL | ORCL Price Prediction)-driven sell-off. While the Nasdaq Composite is recapturing lost ground, it is unlikely to finish the week in the positive column.
Micron Technology (Nasdaq: MU) is buoying sentiment in the tech industry with a whopping 15.2% advance on the heels of its Q1 earnings print. The company is experiencing soaring demand for its memory chips. Morgan Stanley analysts were impressed, likening Micron’s results to that of industry king Nvidia (Nasdaq: NVDA) and applauding the company’s bullish future outlook.
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: 48,180.50 Up 294.53 (+0.62%)
Nasdaq Composite: 22,983.34 Up 303.54 (+1.3%)
S&P 500: 6,789.91 Up 68.78 (+1.02%)
Retailer Lululemon (Nasdaq: LULU) is soaring by 7% today even after activist investor Elliott Management has reportedly moved in with a $1 billion-plus position in the stock.
The markets are welcoming a new issue today. Starfighters Space will make its debut on the NYSE under the ticker symbol FJET.
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Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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