Stock Market Today: Dow Jones Up Amid Trump Tariff Hopes; Nvidia, Chip Stocks Gain On This (Live Coverage)

The Dow Jones Industrial Average and other indexes rose amid reports of a watered-down tariff policy from President-elect Donald Trump. Nvidia (NVDA), Arm (ARM) and Broadcom (AVGO) were among chip stocks rallying after Foxconn announced record Q4 revenue.

FuboTV (FUBO) saw its price more than double amid a deal with Walt Disney (DIS).

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Indexes in general are looking to build on Friday's bullish action. The Dow Jones industrials popped more than 200 points, or 0.5%. Microsoft (MSFT) and Caterpillar (CAT) were among the best Dow performers, each rising nearly 2%.

The Nasdaq composite fared best among the major indexes as it popped 1.7%. It pulled further clear of its 21-day exponential moving average in the process.

Memory chip stock Micron Technology (MU) was among the best performers as it surged more than 10% amid broader sector exuberance. It is off recent lows but remains below its 50-day moving average, which itself sits below the 200-day line.

Stock Market Today: Tech On Top, Most Sectors Gain

The S&P 500 gained around 1% and is now pulling away from its 50-day moving average after closing at the line on Friday. Super Micro Computer (SMCI) was strong here as it vaulted more than 11%.

Axon Enterprise (AXON) flashed a sell signal by undercutting its 50-day line amid a decline of nearly 7%. The police equipment stock had been a member of the IBD Leaderboard list of stocks but was removed this morning.

The S&P 500 sectors were mostly higher. Technology and materials were faring best, while utilities underperformed.

Small caps were also rallying, with the Russell 2000 up nearly 1%. The Innovator IBD 50 ETF (FFTY) did even better, popping more than 1% and now sits above its major and short-term moving averages.

Trump Tariffs Report Boost Stocks

One overhang for the stock market of late has worries over the tariff policy that will be pursued by the incoming second Trump administration.

But equities were boosted after the Washington Post reported that Trump's aides are looking to apply worldwide tariffs on critical imports only. This helped ease concerns that all imports could be impacted and that America could be dragged into a damaging trade war.

The U.S. Dollar Index, which measures the greenback against a basket of currencies, eased less than 1%. European stocks popped on the news.

However, Trump took to social media to deny the report.

"The story in the Washington Post, quoting so-called anonymous sources, which don't exist, incorrectly states that my tariff policy will be pared back. That is wrong. The Washington Post knows it's wrong. It's just another example of Fake News," he said on Truth Social.

Nvidia, Chip Stocks On Foxconn Growth

Chip stocks were boosted following strong growth for Foxconn, formally known as Hon Hai Precision Industry.

The Apple (AAPL) assembler reported revenue growth of 15% to 2.13 trillion in New Taiwan dollars (around $65 billion) for the October to December period on Sunday.

The company said strong AI-server demand had driven growth at its cloud and network services division.

Nvidia outperformed on the stock market today, rising nearly 5% and rallying further clear of its 50-day line. It also topped the 146.54 buy point of a double-bottom base. CEO Jensen Huang is set to deliver a keynote address at CES 2025 tonight, which could also move the stock and the broader market.

Broadcom and Arm both rallied more than 3%. Taiwan Semiconductor (TSM) popped nearly 4%. TSMC is pulling away from a 205.63 cup-with-handle buy point, according to MarketSurge analysis. It is now extended above its buy zone.

Underlining the broad strength, the SPDR S&P Semiconductor ETF (XSD) jumped nearly 4%. It comes after the chip stocks lagged in December.

FuboTV Stock Soars On Disney Deal

One stock that was shining brighter than almost all other on the stock market was FuboTV.

It rocketed on news it has entered into a definitive agreement for Disney to combine its Hulu + Live TV business with Fubo.

The stock is on track for its largest percent increase on record, according to Dow Jones Market Data.

It is also set for its highest close since Dec. 19, 2023, when it closed at 3.49. IBD does not recommend buying stocks that are priced below the 10 level.

Walt Disney stock was up more than 1%. It is forming a cup-with-handle with a buy point of 118.63, MarketSurge analysis shows.

Please follow Michael Larkin on X at @IBD_MLarkin for more analysis of growth stocks.

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