The stock market traded in a stable range today, which stands as a sharp contrast to yesterday's geopolitical headline-fueled volatility. What was similar between the two sessions, however, was that major averages advanced with relatively broad support. 

The S&P 500 (+0.6%), Nasdaq Composite (+0.9%), and DJIA (+0.6%) advanced in an orderly fashion as stocks continued yesterday's relief rally. The market showed little reaction to the Personal Income/Outlays report for October and November, which showed that the Core PCE Price Index (the Fed's preferred inflation measure) was at 2.8% year-over-year in November, up slightly from October but unchanged from September. The data should not materially affect the Fed's policy outlook, which added to today's more even-keeled backdrop. 

Some late-session profit-taking saw the major averages cede a chunk of their earlier gains, but even with the late pressure, all three indices closed above their respective 50-day moving averages. 

Sector strength was somewhat eroded by the late pressure, but still tilted positive with seven S&P 500 sectors closing at or above their baselines. 

The communication services sector (+1.6%) led the advance, supported by strong mega-cap leadership from Meta Platforms (META 647.63, +34.67, +5.66%) that masked continued post-earnings weakness from Netflix (NFLX 83.53, -1.83, -2.14%). 

The consumer discretionary sector (+1.2%) finished with a similar gain, as Tesla (TSLA 449.36, +17.92, +4.15%) was another mega-cap standout. 

All of the "magnificent seven" names finished higher today, pushing the Vanguard Mega Cap Growth ETF to a 0.9% gain today. However, the ETF remains 0.8% lower for the week following a sharp pullback on Tuesday and is still down 1.8% year-to-date. Notably, next week will see Meta, Tesla, and Microsoft (MSFT 450.86, +6.76, +1.52%) all report earnings. 

Investors are also awaiting a key earnings report after the close from Intel (INTC 54.32, +0.07, +0.13%). The stock traded flattish today but is still up an impressive 15.7% this week and a monstrous 47.2% so far in 2026.

The chipmaker group as a whole posted subdued performances today, keeping the PHLX Semiconductor Index (+0.2%) to a modest gain. However, the broader information technology sector (+0.7%) still captured a solid gain as software names such as Arista Networks (ANET 138.41, +11.12, +8.74%) and Datadog (DDOG 131.25, +7.79, +6.31%) pushed the iShares GS Software ETF (IGV) 1.6% higher. 

Meanwhile, the real estate sector (-1.1%) was the worst-performing sector, adding to this week's pressure that leaves it with a 2.7% loss. 

The defensive utilities (-0.7%), consumer staples (-0.1%), and health care (flat) sectors also underperformed as the market saw an improvement in risk sentiment today. Abbott Labs (ABT 108.60, -12.13, -10.05%) was the worst-performing S&P 500 name today after posting in-line EPS while missing on revenues and issuing downside guidance.  McCormick (MKC 61.22, -5.34, -8.02%) was another notable laggard after missing earnings expectations. 

GE Aerospace (GE 295.00, -23.50, -7.38%) rounds out the three worst-performing S&P 500 names after succumbing to some sell-the-news pressure following its own earnings report, sending the industrials sector (-0.5%) lower. 

Even with several notable retreats and some late profit-taking, the major averages posted a solid continuation of yesterday's strength. Bloomberg reported that the EU is expected to unfreeze and ratify its trade agreement with the U.S., a move that could temporarily mark an end to the geopolitical tensions that triggered Tuesday's sell-off. 

The market now faces an important test in Intel's earnings report, as the stock, along with the broader semiconductor group, has been running hot so far this year.

However, today's broad gains, easing geopolitical tensions, and steady inflation data leave the market on firmer footing as it heads into next week's slate of high-profile mega-cap earnings.

U.S. Treasuries finished Thursday in mixed fashion, as the long bond overcame its modest starting loss while the 5-year note and shorter tenors settled in the red. The 2-year note yield settled up one basis point to 3.61%, and the 10-year note yield finished unchanged at 4.25%. 

• Russell 2000: +9.5% YTD
• S&P Mid Cap 400: +6.6% YTD
• DJIA: +2.8% YTD
• S&P 500: +1.0% YTD
• Nasdaq Composite: +0.8% YTD

Reviewing today's data:

• Weekly Initial Claims 200K (Briefing.com consensus 200K); Prior was revised to 199K from 198K, Weekly Continuing Claims 1.849 mln; Prior was revised to 1.875 mln from 1.884 mln
  • The key takeaway from the report is that the low level of initial jobless claims substantiates the view that the labor market is still operating in a low-firing environment, which is supportive for consumer spending activity and the growth outlook.
• Q3 GDP - Revised 4.4% (Briefing.com consensus 4.3%); Prior 4.3%, Q3 GDP Deflator - Revised 3.8% (Briefing.com consensus 3.7%); Prior 3.8%
  • The key takeaway from the report is that it is a dated and little-changed report, so its market-moving capacity is nil; however, it is a headline reminder that the economy was running on the hotter side of things in the third quarter.
• October Personal Income 0.1% (Briefing.com consensus 0.3%); Prior 0.4%
• October Personal Spending 0.5% (Briefing.com consensus 0.1%); Prior 0.4%
• October PCE Price Index 0.2% (Briefing.com consensus 0.2%); Prior 0.3%
• October Core PCE Price Index 0.2% (Briefing.com consensus 0.2%); Prior 0.2%
• November Personal Income 0.3% (Briefing.com consensus 0.4%); Prior 0.1%, November Personal Spending 0.5% (Briefing.com consensus 0.4%), November PCE Price Index 0.2% (Briefing.com consensus 0.2%); Prior 0.2%, November Core PCE Price Index 0.2% (Briefing.com consensus 0.2%); Prior 0.2%
  • The key takeaway from the report is that the core PCE Price Index, which is the Fed's preferred inflation gauge, was at 2.8% in November, essentially unchanged from September. As a result, this report should not alter the Fed's outlook since the inflation picture remains largely unchanged.