Equities Climb to Close Out a Big Week – US Market Wrap

Wall Street shrugged off concerns about the Trump administration’s tariff regime, pushing US stocks to fresh all-time highs in the first trading week of the new year. Bonds remained under pressure.

The S&P 500 climbed 0.6% on Friday to a record, while the Nasdaq 100 surged 1%. Stocks briefly dipped earlier in the session after the Supreme Court declined to weigh in on the fate of President Donald Trump’s import levies, with consumer names such as Mattel and Deckers Outdoor lagging. Small-cap and blue-chip benchmarks also reached new highs as the rally broadened beyond big tech.

Friday’s US jobs report reinforced expectations that the Federal Reserve will keep interest rates on hold in the near term. The yield on two-year Treasuries rose about four basis points to 3.53%. Swaps traders continue to price in roughly half a percentage point of Fed rate cuts in 2026, with a January move largely ruled out.

In commodities, oil posted its longest streak of weekly gains since June after Iran stepped up a crackdown on protests nationwide and President Trump threatened repercussions if demonstrators were targeted.