Overnight US stocks | S&P 500 index hits new all-time high, Intel Corporation (INTC.US) rises 10.8%

On Friday, the three major indexes closed higher, with the S&P 500 index hitting a new all-time high. The U.S. non-farm payroll employment in December increased by 50,000, lower than expected, and the unemployment rate dropped to 4.4%, also lower than expected. The U.S. Supreme Court completed its work on Friday but did not announce a ruling on Trump's tariffs. The Supreme Court announced that the next day for rulings will be Wednesday, January 14th. U.S. stock market saw gains in all three major indexes this week, with the S&P 500 index rising by 1.57%, while the Dow and Nasdaq rose by 2.32% and 1.88% respectively. U.S. StocksAt the close, the Dow rose 237.96 points or 0.48%, to 49,504.07 points; the Nasdaq rose 191.33 points or 0.81%, to 23,671.35 points; the S&P 500 index rose 44.82 points or 0.65%, to 6,966.28 points. The S&P 500 index hit a high of 6,978.36 points on Friday, setting a new intraday record. Chip stocks rose, with Oracle Corporation (ORCL.US) up 4.95%, Broadcom Inc. (AVGO.US) up 3.76%, and Intel Corporation (INTC.US) up 10.8%. European StocksThe Germany DAX30 index rose 138.30 points or 0.55%, to 25,264.21 points; the UK FTSE 100 index rose 81.71 points or 0.81%, to 10,126.40 points; the France CAC40 index rose 118.62 points or 1.44%, to 8,362.09 points; the Euro Stoxx 50 index rose 93.54 points or 1.58%, to 5,997.86 points; the Spain IBEX35 index rose 5.47 points or 0.03%, to 17,642.77 points; the Italy FTSE MIB index rose 59.80 points or 0.13%, to 45,731.50 points. CryptocurrencyBitcoin hovered around $90,000; Ethereum fell slightly by 0.56%, to $3,089.3. Precious MetalsSpot gold rose by 0.72%, to $4,509.73 per ounce; spot silver rose by 3.82%, to $79.946. Crude OilCrude oil saw its third consecutive weekly gain, marking the longest weekly gain streak since June. WTI February futures rose by 2.4% to settle at $59.12 per barrel, while Brent March futures rose by 2.2% to $63.34 per barrel. Macro News U.S. job growth in December fell below expectations, with employers adding 50,000 jobs. The labor market is in a mode of "not hiring, not firing" as companies remain cautious due to increased import tariffs and investments in artificial intelligence, causing December job growth to slow more than expected. However, the unemployment rate fell slightly to 4.4%, supporting expectations that the Fed will keep rates unchanged this month. The employment report suggests that the labor market is still in a state of "not hiring nor firing", and confirms that the economy is not in an expansionary state. The increase in worker productivity in the third quarter was attributed in part to the boom in investments in artificial intelligence. The labor market lost a significant amount of momentum last year, mainly due to President Trump's aggressive trade and immigration policies, which economists and policymakers believe have reduced both demand and supply for workers. U.S. home builders' confidence remains low, with the industry still in a "braking" mode. The U.S. Department of Commerce data released on Friday showed that, due to continued high home prices and mortgage rates, home builders continue to cut spending, with new home starts in October falling to the lowest level since the outbreak of the pandemic. The number of new home construction starts in October fell by 4.6%, with an annualized rate of 1.25 million units. This was lower than the median forecast of 1.33 million units by surveyed economists. The number of single-family home starts increased by 5.4% to an annualized rate of 874,000 units, but remained close to the lowest levels in the past two years. The data shows that home builders continued to tighten policies in the fall, trying to shorten construction times and seek other efficiency improvements, while waiting for customer demand to pick up. The National Association of Home Builders (NAHB) and Wells Fargo & Company's jointly released home builder confidence index remained at a weak level of 39; a reading below 50 indicates most builders view market conditions as poor. Lennar CEO Stuart Miller said in last month's earnings conference call, "Last quarter I noted that the decline in interest rates might herald the beginning of a market recovery. Unfortunately, this turnaround has not materialized yet." The U.S. Supreme Court plans to issue a batch of rulings on January 14th, which may involve Trump's tariff cases. The U.S. Supreme Court is expected to release a batch of rulings on January 14th, with several major cases still pending, including the legality of President Trump's massive imposition of global tariffs. The Supreme Court stated on its website on Friday that it may announce the rulings of argued cases at its regular session next Wednesday. The Supreme Court will not announce the cases to be ruled on in advance. In a case heard by the Supreme Court on November 5th last year, both conservative and liberal justices seemed to question the legality of Trump's invocation of a law from 1977 aimed at addressing national emergencies to impose tariffs. The Trump administration is appealing lower court rulings that it overstepped its authority. The Federal Reserve appoints chairmen and vice chairmen for regional bank boards. The Federal Reserve announced on Friday the chairmen and vice chairmen of the boards of 12 regional banks this year, including Lal Karsanbhai, CEO of Emerson Electric Co., as chairman of the St. Louis Fed board, and Tim Sweeney, CEO of Liberty Mutual Insurance, as vice chairman of the Boston Fed board. The list also includes former CEOs of other large companies as well as leaders of small businesses and non-profit organizations. Regional Fed boards regularly meet with Fed policy makers, who say the boards' views on the economy help them understand their own views on interest rate setting. Fed's Barkin: Employment report shows persistent low hiring environment. Fed's Barkin said the latest employment data shows moderate job growth, with the hiring environment persistently weak. Data released on Friday by the U.S. Bureau of Labor Statistics showed that employers added 50,000 jobs last month, with the unemployment rate falling slightly to 4.4%. Barkin said, "This delicate balance between moderate job growth and moderate labor supply growth seems to continue, which is heartening." He said Fed policymakers must continue to monitor the risks of rising unemployment and persistent high inflation. "Inflation has been more than our target for nearly five years. While it is much better than two to three years ago, it certainly has not yet fully reached our target," Barkin said. "The unemployment rate has risen in the past year and job growth has been slow. So I believe that both of these areas need close attention." U.S. mortgage rates fall below 6% for the first time in years. On Friday, U.S. mortgage rates fell below 6% for the first time in years, after Trump ordered its "representatives" to begin buying $200 billion worth of mortgage-backed bonds in his latest move to lower living costs for Americans. Data from Mortgage News Daily showed that on Friday morning, the average rate for a 30-year fixed-rate home mortgage fell to 5.99%, lower than Thursday's 6.21%. This is the lowest level for 30-year mortgage rates since February 2023. As of Friday, the average rate for a 30-year mortgage has dropped by over 1% in the past year. The rate for 15-year fixed-rate mortgages also fell significantly, dropping to 5.55%. Stock News Amazon.com, Inc. ventures into physical retail, plans to open a large supermarket similar to Walmart Inc. Amazon.com, Inc. (AMZN.US) is planning to open a 229,000-square-foot store in the Chicago area that will sell groceries and general merchandise. This is a new venture for Amazon.com, Inc. in the physical retail sector, taking inspiration from competitors like Walmart Inc. and Target Corporation with their large supermarkets. If approved by officials in the Chicago suburb of Orland Park, Amazon.com, Inc. could start construction later this year. Earlier this month, the village's planning commission reviewed the project, which has received support from Mayor Jim Dodge. Chevron Corporation may earn $700 million annually from Venezuelan oil. A analyst said that as the Trump administration tries to control Venezuela's oil supply, Chevron Corporation could increase its oil production in the country, potentially increasing its annual cash flow by as much as $700 million. TD Cowen analyst Jason Gabelman wrote that Chevron Corporation (CVX.US) is currently the only major U.S. oil giant operating in Venezuela and has a "unique opportunity for production growth" compared to its peers. He said Chevron Corporation's production efforts could increase revenue by $400 million to $700 million annually, accounting for 1% to 2% of the company's operational cash flow.