Wall Street stocks mostly rose to start the new year on Friday, with some advances in tech while home goods stocks picked up too as President Donald Trump postponed planned tariff hikes.
In early trading, the Dow Jones Industrial Average dipped 0.1 percent to 48,023.05.
But the broad-based S&P 500 Index jumped 0.6 percent to 6,887.74, while the tech-focused Nasdaq Composite Index added 1.3 percent to 23,540.86.
“AI-related names have been at the forefront of today’s strength in international markets, drawing support from news that Baidu’s chip unit filed for an IPO in Hong Kong,” said Briefing.com in a note.
“The news should be encouraging to investors who are worried that overall AI investment could be on the verge of stalling or turning,” Briefing.com added.
Shares in US chip titan Nvidia rose around 3.0 percent on Friday morning.
Meanwhile, after a last-minute postponement of planned tariff hikes for certain imported furniture items, shares in home goods sellers also picked up.
Online retailer Wayfair’s shares advanced 5.7 percent, while another furnishings retailer RH rose 7.1 percent.
But Steve Sosnick of Interactive Brokers warned that even as market directions in Asia and Europe helped to put Wall Street in a good mood, there are key risks ahead.
Among these challenges are the US midterm election, the upcoming decision for a new Federal Reserve chief, and lingering concerns surrounding artificial intelligence.
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