Stock Market Today, Jan. 9: S&P 500 Sets New High and Intel Rallies

The S&P 500 (SNPINDEX:^GSPC) rose 0.65% to 6,966.28, the Nasdaq Composite (NASDAQINDEX:^IXIC) gained 0.81% to 23,671.35, and the Dow Jones Industrial Average (DJINDEX: ^DJI) added 0.48% to 49,504.07 as investors embraced a soft-landing narrative.

Market movers

Chip strength led the tape, with Intel (NASDAQ:INTC) rallying after positive words from Donald Trump and a stronger outlook for the AI and semiconductor cycle. Mega-cap techs such as Alphabet (NASDAQ:GOOGL) and Apple (NASDAQ:AAPL), plus AI software name Palantir Technologies (NYSE: PLTR), all gained slightly despite ongoing valuation concerns.

What this means for investors

The S&P 500 hit an intraday high today after jobs data showed the economy had added fewer jobs than expected. With a slight dip in unemployment, the Bureau of Labor Statistics report reinforced expectations that the Fed would hold rates steady this month. Indeed, CME Group FedWatch now puts the likelihood of a January rate cut at just 5%.

Intel gained over 10% after a social media message from President Trump spoke of a "great meeting" with CEO Lip-Bu Tan. Yesterday's meeting in the White House boosted the chipmaker. Meanwhile, investors will be watching major banks as they report Q4 earnings next week. Starting with JPMorgan Chase (NYSE:JPM) on Tuesday, the results will give insights into consumer sentiment.

Finally, today's expected Supreme Court tariff ruling was delayed until Jan. 14. Reuters reported that justices would not make a ruling on the legality of tariffs until next week.

JPMorgan Chase is an advertising partner of Motley Fool Money. Emma Newbery has positions in Apple. The Motley Fool has positions in and recommends Alphabet, Apple, Intel, JPMorgan Chase, and Palantir Technologies. The Motley Fool has a disclosure policy.