The three major U.S. stock indexes ended mixed. Tech strength helped the market hold up, but broad selling suggested a pause. Alphabet rose to second by market value, overtaking Apple. It was the first time since 2019 that Alphabet’s market value topped Apple’s.

On Jan. 7, the Dow Jones Industrial Average fell 466.00 points, or 0.94 percent, to 48,996.08 at the close on the New York Stock Exchange. The S&P 500 dropped 23.89 points, or 0.34 percent, to 6,920.93, while the Nasdaq Composite rose 37.10 points, or 0.16 percent, to 23,584.27. All three indexes gained early in the session. The S&P 500 and the Dow also set fresh intraday record highs on the day.

The S&P 500 ended lower as financial stocks such as JPMorgan and Blackstone weighed on the index. Investor sentiment shifted back toward AI-related shares, lifting Nvidia and Google and driving gains in the Nasdaq. After days of advances, investors appeared to feel fatigue and pressure from elevated levels, and selling accelerated across most sectors in the afternoon, pushing the Dow into the red.

With CES 2026 putting the spotlight on “physical AI” that combines robotics and artificial intelligence, buying spread broadly into the supporting industries over the past few days. The day’s decline appears to be a pause.

Even so, Alphabet’s move past Apple into the No. 2 spot by market value is noteworthy. Alphabet’s market value stood at $3.89 trillion at the close. It topped Apple’s $3.85 trillion.

Apple and Alphabet had a wide gap in market value at the start of last year. But Google began to take on a key role in the AI ecosystem with its Tensor Processing Unit, and it also delivered strong results with its Gemini AI tool, prompting the market to reassess Alphabet. Alphabet’s shares rose 65 percent last year, its biggest annual gain since 2009.

In November’s Job Openings and Labor Turnover Survey report released by the U.S. Labor Department, job openings, on a seasonally adjusted basis, totaled 7,146,000. It was the lowest level since September 2024.

As a series of social media posts by President Donald Trump jolted markets, investors had to digest mixed economic indicators and rapidly changing geopolitical risks at the same time.

Trump’s remarks hit homebuilders and defense stocks directly. Trump warned that he would “not allow” defense companies to buy back shares or pay dividends until they invest more in production and research. He said he would ban large institutional investors from making additional purchases of single-family homes, triggering declines in related stocks.

Markets are now focused on the December employment report due on Friday and a U.S. Supreme Court ruling on the legality of Trump’s global tariffs.