• Stocks see slight bounce after many days of losses. Equity markets started the new year off rocky but broke their losing streak on Friday with small-cap stocks leading large- and mid-cap stocks. Every major index closed in the green.
• Global markets cooled off. In global markets, Asia was down on continued growth concerns in China. Europe was also lower dragged by automotive stocks as some electric vehicle (EV) models failed to qualify for U.S. tax credits.
• The dollar retraced. The U.S. dollar, which posted a two-year high on Thursday, stepped back Friday.
• Treasury yields are likely to head higher. The new year began with a slight drop in Treasury yields that didn't last. The 10-year Treasury is yield was up at 4.60%, extending its broader trend higher over the past few months.
• The December U.S. jobs report saw moderate growth. Payrolls increased 160,000 in December, according to the median projection of economists surveyed by Bloomberg. Economists expect the healthy growth in 2024 to carry on in 2025. The unemployment rate is forecast to hold steady at 4.2%.
• Manufacturing readings beat estimates. The Markit Manufacturing Purchasing Managers' Index (PMI) rose to 49.4 in December, above forecasts and the preliminary reading, both of which were about 48.3. The Institute for Supply Management (ISM) Manufacturing Purchasing Managers' Index (PMI) rose to 49.3 in December, above forecasts calling for 48.4. PMI is a diffusion index, with readings above 50.0 reflecting expansion. 
• Biden has killed the U.S. Steel deal. On January 3, President Biden blocked Nippon Steel’s effort to purchase US Steel.US Steel has been seeking a buyer or other type of restructuring since 2023. In 2024, Japan’s largest steelmaker made a $14.9 billion bid for the firm. Shareholders support the deal, but the president has to sign off on it. U.S. Steel (X) dropped nearly 7% on the news.
• Tenable Holdings CEO passes away. Amit Yoran, the chairman and chief executive of cybersecurity firm Tenable Holdings pased away on Friday.
• Tesla Q4 deliveries fail to hit target. Tesla slightly rebounded early Friday after sliding 6% Thursday as fourth quarter deliveries of 495,000 missed Wall Street's 505,000 consensus. 
• Apple fell on iPhone demand concerns. The tech stock fell 0.6% before Friday's open after a 2.6% slide yesterday amid worries about phone demand following UBS reducing its estimate for quarterly iPhone sales. CNBC reported that foreign mobile phone shipments in China fell 47.4% year-over-year in November.
• Bullish sentiment on Cisco, Microsoft, and Reddit. On Thursday, the first trading day of 2025 underway, IG North America CEO JJ Kinahan joined Brad Smith and Madison Mills on Morning Brief to outline three stocks clients are most bullish on, based on stock activity, and three bear picks. Kinahan told the Morning Brief team that Cisco Systems, Microsoft, and Reddit are the top bullish picks.

• Tesla (TSLA)
• Apple (AAPL)
• United States Steel (X)
• Nvidia (NVDA)
• Rivian Automotive (RIVN)

Biggest Gainers

• Oklo (OKLO) +24.71%
• Rivian Automotive (RIVN) +24.45%
• Joby Aviation (JOBY) +20.77%
• Archer Aviation (ACHR) +20.27%
• Riot Platforms (RIOT) +17.97%

Biggest Losers

• CNX Resources Corp. (CNX) -11.25%
• Carvana (CVNA) -11.22%
• Quantum Computing (QUBT) -6.69%
• United States Steel (X) -6.53%
• Alcoa Corp. (AA) -6%

Weekly Notables

Canada Aims to Become Largest Uranium Producer

Canada aims to become the world’s biggest uranium producer as prices for the radioactive metal explode response to soaring demand for emissions-free nuclear power and geopolitical tensions threaten supplies. According to Cameco, the country’s largest producer, production of uranium will jump by almost a third in 2024 to 37mn pounds at its two mines in the heartland of the country’s uranium industry in northern Saskatchewan. Investment bank RBC Capital Markets has found that new mines and expansions planned by the company, as well as by Denison Mines, Orano Canada, Paladin Energy and NexGen Energy, in the same region could double domestic production by 2035. 

Rolex Retail Prices Kick Off 2025 With a Price Hike

Last week Bloomberg reported that Rolex began the year by hiking prices as much as 8% for some new precious metal timepieces. For instance, a gold Day-Date 40-mm with black dial that went for approximately $42,250 last year now will cost you $45,809, according to Rolex’s website. A gold GMT-Master II that went for $42,550 now retails for $45,950, Bloomberg also added. Popular Rolex steel sport watches saw modest price hikes as well.

The Week Ahead

• Potential market moving catalysts this week: January 6: November factory orders. January 7: December ISM Services PMI®.
  January 8: FOMC meeting minutes and expected earnings from Albertsons (ACI). January 9: NYSE closed for day of mourning for former President Jimmy Carter. Expected earnings from KB Home (KBH). January 10: December nonfarm payrolls, University of Michigan preliminary January consumer sentiment.
• Earnings on deck this week: Delta (DAL) and Walgreens Boots Alliance (WBA).