Falcon’s View – Week ending 2 January 2026
Performance
• S&P 500: –1,03%
• Nasdaq 100: –1,71%
• My portfolio: –0,2 % (USD) / +0,49 % (SEK)
Market pulse
From the NYSE close on Dec. 26 through Jan. 2, U.S. equities drifted lower, with the biggest drag coming from mega-cap tech and AI-linked stocks, which kept a lid on broader rebounds and weighed most on the Nasdaq. The move was exaggerated by thin, holiday-week liquidity and year-end positioning, with rebalancing and profit-taking overpowering the usual “Santa Claus rally” tailwind. In the background, Fed expectations remained a key anchor–investors parsed the latest policy signals and the rate-cut path, keeping risk appetite cautious heading into early-January labor data.
Crowd vs. price
The market’s decline led to modest decline in relative investor interest in several of my holdings.
Holdings & Watchlist Notes
Micron Technology (MU): +10,76%
Micron gained ~10.8% from the Dec 26 close to Jan 2, finishing at $315.42, with the move driven overwhelmingly by the Jan 2 surge (+10.5%). The key catalyst was Bernstein’s upgrade/price-target hike to $330 (from $270), which cited a stronger-than-expected memory pricing upcycle and accelerating pricing momentum into early 2026. The rally was further turbocharged by a broad semiconductor rebound on the first trading day of the year and likely magnified by thin holiday liquidity after late-year profit-taking.
• Relative crowd interest: Trend: upwards. Momentum: positive.