Wall Street reaches more records on gains by Big Tech

NEW YORK (AP) — Broad gains led by technology stocks pushed Wall Street to more records on Tuesday.

The gains mirror much of the action from the previous year, when big technology stocks often drove the market to a series of records.

Technology stocks led the gains, but several other sectors assisted in the broader market's advance. Health care companies, retailers and industrial firms broadly gained ground. Roughly three out of every four stocks in the benchmark S&P 500 index rose.

The S&P 500 rose 42.77 points, or 0.6%, to 6,944.82, setting a record on just the third trading day of the year. The Dow Jones Industrial Average rose 484.90 points, or 1%, to 49,462.08, hitting a record for a second-straight day. The Nasdaq composite rose 151.35 points, or 0.6%, to 23,547.17.

Small company stocks outpaced their larger counterparts. The Russell 2000 jumped 1.4% and is now just below its record set in December.

The most notable action remained in the tech sector. Amazon, which has reach into both retail and technology, surged 3.4%. It is one of the most valuable companies in the world and its outsized stock valuation helped counter losses elsewhere in the market, including a 1.8% loss from Apple.

Micron Technology surged 10%, also helping to lift the market. Microsoft rose 1.2%

Nvidia, which is often the biggest force behind the market's direction, wavered throughout the day and finished 0.5% lower.

Sandisk surged 27.6% for the market's biggest gain. The stock's value has jumped more than 800% since spinning off from Western Digital last February. The gains have been driven by artificial intelligence and the resulting demand for data-storage hardware. Western Digital rose 16.8%.

Technology companies, especially those focused on artificial intelligence, are being closely watched this week during the industry's annual CES trade show in Las Vegas.

AI advances helped propel the broader market to a series of records in 2025. Investors will be watching companies for any updates that could shed more light on the big corporate investments in AI technology.

The price of benchmark U.S. crude oil fell 2% to $57.13 per barrel, pulling back from sharp gains a day prior when the market reacted to U.S. forces capturing Venezuelan President Nicolás Maduro in a weekend raid. The price of Brent crude, the international standard, fell 1.7% to $60.70 per barrel.

Treasury yields rose in the bond market. The yield on the 10-year Treasury climbed to 4.16% from 4.15% late Monday. The yield on the two-year Treasury, which moves more closely with expectations for what the Federal Reserve will do, rose to 3.46% from 3.45% late Monday.

Gold prices rose 1% and silver prices rose 5.7%. Such assets are often considered safe havens in times of geopolitical turmoil. The metals have notched record prices over the last year amid lingering economic concerns brought on by conflicts and trade wars.

Markets in Europe gained ground.

Outside of company announcements, Wall Street is preparing for several updates on the U.S. labor market this week, along with reports on the services sector and consumer sentiment. They will help paint a clearer picture of how vital parts of the economy closed out 2025 and the direction they could take in 2026.

On Wednesday, the U.S. government will release its report on job openings for November. The October report showed that U.S. job openings had barely budged. Weekly unemployment data will be released on Thursday and the broader monthly employment report, for December, will be released on Friday.

The Institute for Supply Management will also release its latest services sector update on Wednesday, while the University of Michigan will release its latest consumer sentiment survey Friday. They are both widely monitored because the services sector makes up the bulk of the U.S. economy, and consumer sentiment has been shaky under the weight of higher prices and economic uncertainty.

The Fed will be analyzing all of that data and more ahead of its next meeting in late January. The central bank cut its benchmark interest rate three times late in 2025 to try and counter the economic impact of a softer jobs market. Lower interest rates on loans can help bolster economic activity.

Cutting rates also risks fueling inflation at a time when it remains stubbornly above the Fed's 2% target and could potentially reheat. Rising inflation could counter any benefit from lower interest rates and weigh more heavily on the economy.

Wall Street expects the Fed to hold interest rates steady at its January meeting.

AP business writers Elaine Kurtenbach and Matt Ott contributed to this report.

Federico DeMarco works on the floor at the New York Stock Exchange in New York, Tuesday, Jan. 6, 2026. (AP Photo/Seth Wenig)

Alexander Weitzman works on the floor at the New York Stock Exchange in New York, Tuesday, Jan. 6, 2026. (AP Photo/Seth Wenig)

Options trader Steven Rodriguez works on the floor of the New York Stock Exchange, Friday, Jan. 2, 2026. (AP Photo/Richard Drew)

FILE - Trader Anthony Confusione works on the floor of the New York Stock Exchange, Dec. 11, 2025. (AP Photo/Richard Drew, File)

A dealer walks past near the screen showing the Korea Composite Stock Price Index (KOSPI) at a dealing room of Hana Bank in Seoul, South Korea, Monday, Jan. 5, 2026. (AP Photo/Lee Jin-man)

People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm marking the start of this year's trading Monday, Jan. 5, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A staff stands near a monitor showing Nikkei 225 index after a ceremony marking the start of this year's trading Monday, Jan. 5, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

TOKYO (AP) — Japan's nuclear watchdog said Wednesday it is scrapping the safety screening for two reactors at the Hamaoka nuclear power plant in central Japan after the plant's operator was found to have fabricated data about earthquake risks, in a setback to Japan's attempts to accelerate reactor restarts to boost nuclear energy use.

Chubu Electric Power Co. had applied for safety screening to resume operations at the No. 3 and 4 reactors at the Hamaoka nuclear power plant in 2014 and 2015. Two other reactors at the plant are being decommissioned, and a fifth is idle.

The plant, about 200 kilometers (125 miles) west of Tokyo, is located on a coastal area known for potential risks from so-called Nankai Trough megaquakes.

The Nuclear Regulation Authority said it started an internal investigation in February after receiving a tip from a whistleblower that the utility had for years provided fabricated data that underestimated potential seismic risks.

The regulator suspended the screening for the reactors after it confirmed the falsification and the utility acknowledged the fabrication in mid-December, said Shinsuke Yamanaka, the watchdog's chair. The NRA is also considering inspecting the utility headquarters.

“Ensuring safety is the first and foremost responsibility for nuclear plant operators and (data fabrication) is an act of betrayal to their task and one that destroys nuclear safety," Yamanaka said.

The scandal surfaced Monday when Chubu Electric President Kingo Hayashi acknowledged that workers at the utility used inappropriate seismic data with an alleged intention to underestimate seismic risks and apologized. He pledged to establish an independent panel for investigation.

The screening, including data that had been approved earlier, would have to start from scratch or possibly be rejected entirely, Yamanaka said.

The move is a setback at a time Japan's government seeks to accelerate reactor restarts to cope with rising energy costs and pressure to reduce carbon emissions.

Public opinion in Japan remains divided due to lingering safety concerns after the 2011 Fukushima Daiichi meltdowns.

Of Japan's 57 commercial reactors, 13 are currently in operation, 20 are offline and 24 others are being decommissioned, according to NRA.

This aerial photo shows Hamaoka nuclear power plant, owned by the Cubu Electric Power Co., in Omaezaki, central Japan, March 26, 2025. (Minoru Iwasaki/Kyodo News via AP)