Nasdaq Snaps Win Streak as Tech Takes Heavy Hit

The Dow managed to score a 270-point gain

Emma Duncan

Managing Editor

Jan 8, 2026 at 4:31 PM

Traders rotated out of tech this afternoon, pressuring the Nasdaq into the red to snap a three-day win streak. The Dow managed to recover from its early pullback to log a 270-point gain, as defense stocks continued to revel in President Donald Trump's plans to increase the U.S. military budget to $1.5 trillion in 2027. Meanwhile, the S&P 500 inched higher, as Wall Street mostly overlooked an onslaught of economic data, including a weekly jobs report that came in just shy of expectations.

Continue reading for more on today's market, including:

Beer stock jumps after fiscal third-quarter beat.
A rebound could be looming for Cleveland-Cliffs stock.
Plus, analyst praises utility name; blue chip to watch; and two defense giants rallying.

Closing Indexes Summary Jan 8 NYSE and Nasdaq Stats Jan 8

5 Things to Know Today

President Trump pulls U.S. from dozens of foreign and U.N. entities. (Reuters)
The U.S. trade gap narrowed to its lowest level since 2009. (Bloomberg)
Overlooked power generation giant lands upgrade.
Keep a close eye on this struggling blue-chip stock.
Calls for higher military budget boosted defense stocks.

Crude Rebounds Despite Lingering Concerns

Crude bounced back on Thursday, with Venezuelan buzz set aside despite Russia, Iraq, and Iran supply concerns. February-dated West Texas Intermediate (WTI) crude added 3.2%, or $1.77, to close at $57.76 a barrel.

Gold prices remained steady as investors eyed tomorrow's U.S. nonfarm payrolls report. February-dated gold futures settled just below breakeven at $4,460.70 per ounce.

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