Dow closes higher on first day of 2026, still no Santa Claus rally

Market Overview - The Dow Jones Industrial Average rose by 311.99 points, or 0.67%, closing at 48,383.22, marking the end of a four-day losing streak [3] - The S&P 500 gained 12.52 points, or 0.18%, ending at 6,858.02, while the Nasdaq Composite fell by 5.30 points, or 0.02%, to 23,236.69 [3] Sector Performance - Chip stocks, particularly Nvidia and Intel, contributed positively to the market, with the Philadelphia SE Semiconductor index showing significant gains [2] - Industrials and utilities sectors also experienced upward movement, with companies like Caterpillar and Boeing seeing sharp increases [2] Consumer Discretionary Sector - The consumer discretionary sector faced pressure, notably with Amazon's stock declining [3] - Tesla's shares slipped as the company reported a second consecutive year of annual sales decline [3] Economic Indicators - The Federal Reserve's monetary policy is expected to influence global markets in 2026, with expectations of a more dovish Fed chair leading to potential interest rate reductions [5] - Upcoming labor market data is anticipated to be a key focus, especially in light of the Fed's cautious stance on further interest rate cuts until job market clarity is achieved [6] Tariff Developments - President Trump's decision to postpone tariff hikes on upholstered furniture, kitchen cabinets, and vanities for another year positively impacted furniture retailers, with stocks of Wayfair, Williams-Sonoma, and RH rising sharply [8]