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While the markets are mired in red, Tesla stock is a rare gainer, tacking on 4.7% in today’s session and buoying the stock close to its 52-week high of nearly $500 per share. Elon Musk’s companies xAI and SpaceX are reportedly in discussions to combine in a merger.
With the Fed leaving interest rates unchanged earlier this week, policymakers are speaking out. Fed Governor Christopher Waller struck a dovish tone, revealing he dissented at the last meeting in favor of a quarter-point rate cut as policy weighs too heavily on economic activity. He would like to see rates closer to neutral, near 3%, compared with the stubborn 3.50%-3.75% range.
The Fed’s Raphael Bostic warned that two rate cuts in 2026 is not the base case as expected and that inflation is likely to continue to rear its head for a while.
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Stocks are under pressure out of the gate as the markets process a changing of the guard at the Fed as well as the latest earnings from corporate America. The Nasdaq Composite is lower by 0.34% but has advanced by 1.7% in January. Technology stock Apple (Nasdaq: AAPL | AAPL Price Prediction) is weighing on the Nasdaq today on the heels of its earnings print as it keeps the capex spigot turned on. Meta Platforms (Nasdaq: META) is experiencing some profit taking. Precious metals are also pulling back after their record run.
President Trump has selected Kevin Warsh, with reputation as a monetary policy hawk, as the next economist to take the helm o f the Federal Reserve, succeeding current chairman Jerome Powell. The markets are processing the decision.
U.S. producer prices rose more than expected in December. The Producer Price Index climbed higher by 0.5% last month on the heels of a 0.2% jump in November. Businesses are passing higher costs along in this tariff-heavy economy.
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: 48,936.95 Down 129.00 (-0.26%)
Nasdaq Composite: 23,605.45 Down 83.66 (-0.36%)
S&P 500: 6,947.01 Down 22.00 (-0.33%)
Apple is ramping up its capex spending, announcing plans to scoop up Israeli AI startup Q.AI in a nearly $2 billion deal. Meanwhile, Bank of America have reemphasized their “buy” rating on Apple stock on the heels of the company’s earnings. Analysts over at JPMorgan lifted the price target on Apple stock to $325 per share.
Flash memory maker Sandisk (Nasdaq; SNDK) is bucking the downward trend today, soaring by 12% on the heels of its better-than-expected earnings print. Tailwinds include robust AI demand and optimistic guidance. In response, Bernstein analysts lifted the price target to $1,000 per share with an “outperform” rating, reflecting upside potential of approximately 62%.
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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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