US stocks open: Dow surges over 1,000 points, semiconductor index falls 0.9%, China ADRs up 3.2%

The split between the blue-chip rally and weakness in semiconductors and tech-linked names suggests the market is reading the Democratic sweep as sector-specific rather than uniformly risk-on. The rotation into China ADRs is the more telling signal, implying investors are pricing a softer policy backdrop toward cross-border listings and trade. Whether that China ADR bid holds once the initial political reaction fades is the open question, along with how long the divergence between the Dow and the semiconductor index persists.