Semiconductor and Infrastructure Shares Lift Nasdaq in Year-Opening Trade as Apple Lags

The Nasdaq Composite advanced in early trading Friday, buoyed by gains in a handful of semiconductor and industrial infrastructure names that countered weakness in several blue-chip components. The move unfolded on the first session of the new calendar year, when market participants sought to reverse a four-day slide in the broader S&P 500.

Chipmakers set the pace

Nvidia and Broadcom led the technology sector, climbing 1.7% and 1.2%, respectively, by late morning. The two companies, both major suppliers of artificial-intelligence hardware, provided much of the momentum behind the tech-heavy index. Their strength echoed a broader investor preference for firms positioned to benefit from the continuing build-out of AI data centers.

Industrial names tied to electrical infrastructure added to the upbeat tone. GE Vernova, the power-generation and grid-technology unit recently carved out from General Electric, rose 3%. Eaton, a long-time provider of power-management equipment, gained 2.5%. The pair has attracted buyers on the view that modernization of the U.S. electrical grid and expanding renewable-energy projects will require sustained capital spending.

Vertiv surges after analyst upgrade

Vertiv Holdings, a supplier of critical infrastructure for data centers and communication networks, jumped 8% following an upgrade by Barclays. The brokerage shifted its rating to “buy” from “hold” and lifted its price target to $200 from $181, citing a favorable demand outlook for cooling and power systems used in high-density server installations.

Nike retreats despite fresh insider buying

While many growth names advanced, Nike slipped more than 1% after rallying 4% on Wednesday. The earlier gain stemmed from a series of insider purchases reported this week. Apple chief executive Tim Cook, who sits on Nike’s board, and former Intel chief executive Bob Swan both acquired shares in open-market transactions. On Tuesday, Nike brand president Elliot Hill bought roughly $1 million worth of stock.

Under U.S. regulations, executives must disclose such transactions to the Securities and Exchange Commission. Investors commonly view insider buying as a signal that company leadership sees the share price as undervalued. The latest filings have been interpreted as an indication that Nike’s management expects progress in its ongoing operational turnaround.

Apple slips after cautious rating

Apple declined 0.9% after Raymond James initiated coverage with a “market perform” rating. The analysts argued that the company’s current valuation leaves little room for upside in the near term. They also highlighted a bear-case scenario in which limited innovation outside the iPhone franchise could restrain earnings growth.

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The stock delivered solid gains in the second half of 2025, supported by consumer acceptance of the iPhone 17 line. However, some investors are looking for clearer evidence of advances in artificial-intelligence features that could spur future upgrade cycles. Despite Friday’s downtick, several portfolio managers reiterated a long-term position strategy, characterizing the name as one to own rather than actively trade.

Broader market context

The S&P 500 attempted to end its recent four-session decline, while the Dow Jones Industrial Average lagged, weighed down by select consumer and financial components. Trading volumes remained moderate as many institutions completed portfolio rebalancing in the final week of December.

Bond yields eased slightly, providing an additional tailwind to growth-oriented equities. Economic data were limited, leaving corporate developments to guide sentiment. Market strategists said the day’s leadership from semiconductor and electrical-equipment makers underscored expectations that AI infrastructure and grid modernization will be central investment themes in the coming quarters.

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