U.S. stocks eked out small gains on Wall Street Friday in a wobbly day of trading to kick off the new year.

Markets were mostly quiet on the first trading day of 2026, with the influential technology sector driving much of the up-and-down action. The mostly minor moves also cap off a tepid and holiday-shortened week. Markets were closed on Thursday for New Year’s day.

The S&P 500 rose 12.97 points, or 0.2%, to 6,858.47. The benchmark index is coming off a gain of more than 16% in 2025.

The Dow Jones Industrial Average rose 319.10 points, or 0.7%, to 48,382.39.

The Nasdaq composite fell 6.36 points, or less than 0.1%, to 23,235.63. The index was weighed down by losses for Microsoft and Tesla.

Saks CEO steps down

The top executive of the private company that owns Saks Fifth Avenue and Neiman Marcus is stepping down as it struggles with debt taken on to buy a rival almost two years ago.

Saks Global Enterprises said Friday that the departure of CEO Marc Metrick is effective immediately, and that he will be replaced by Executive Chairman Richard Baker. Baker will continue to serve as executive chairman.

In addition to debt from Saks’ $2.65 billion acquisition of Neiman Marcus in the summer of 2024, the company is facing increasing competition from a fragmenting luxury goods sector.

The company is trying to winnow down its heavy debt load with global sales of luxury goods that are expected to contract for the second straight year in 2026.