[BRIEFING.COM] The stock market mounted a broad-based advance for the second consecutive session this week, sending the S&P 500 (+0.9%), Nasdaq Composite (+0.7%), and DJIA (+1.4%) to higher closes back above their 50-day moving averages. 

The major averages wavered this morning amid weakness in the top-weighted information technology sector (flat). In particular, NVIDIA (NVDA 177.82, -4.73, -2.59%) struggled today following a report by The Information that stated Alphabet (GOOG 323.64, +5.17, +1.62%) is increasing efforts to compete with NVIDIA on artificial intelligence chips, and Meta Platforms (META 636.22, +23.17, +3.78%) is interested in using Google's chips.

NVIDIA later posted on X that "NVIDIA is a generation ahead of the industry," though the stock still finished as one of the worst-performing S&P 500 names. 

Advanced Micro Devices (AMD 206.13, -8.92, -4.15%) finished even lower, though it finished substantially improved from early session levels that saw the stock hold a nearly double-digit loss. The PHLX Semiconductor Index (+0.2%) would go on to finish modestly positive, and the information technology sector finished flat after holding a loss wider than 1.0%. 

Meanwhile, the eight other S&P 500 sectors that finished higher all captured gains of 1.0% or wider, reflecting strong buying interest across the broader market. 

The health care sector (+2.2%) topped the leaderboard, as it has in many recent sessions that have featured weakness across tech, mega-cap, and momentum names. While that cohort improved throughout the session, it was not to the detriment of the health care sector, which traded in a steady range near session highs since noon. 

News that President Trump's initial health care plan includes an extension of ACA subsidies helped boost the sector, which saw its month-to-date gain surpass 10.0%. 

The consumer discretionary sector (+1.9%) captured a similar gain as all of its components traded higher, with homebuilder names a standout in today's trade as expectations for a December rate cut remained firm on the heels of notable increases on Friday and yesterday.

Strength in Alphabet and Meta saw the communication services sector (+1.6%) round out the top three movers. Only the energy (-0.7%) and utilities (-0.4%) sectors finished lower. 

Outside of the S&P 500, the smaller-cap Russell 2000 (+2.3%) and S&P Mid Cap 400 (+2.0%) also outperformed amid reinvigorated odds for a December rate cut. 

The CME FedWatch tool shows an 82.7% probability of a 25-basis-point rate reduction at the next FOMC meeting, down slightly from 84.4% yesterday.

Fed Governor Stephen Miran (voting FOMC member) told CNBC that he will not dissent at the next meeting in favor of a larger rate cut because there are other FOMC members who will vote to keep rates unchanged.

In other Fed news, Bloomberg reported that National Economic Council Director Kevin Hassett has emerged as a frontrunner for the next Fed Chair nomination.

This morning's sizable batch of economic data came largely in line with expectations, which helped prevent an outsized move in the market's implied odds of a rate cut in one direction or the other. 

All told, the market solidified its rebound effort, with the major averages moving above a key technical level in their 50-day moving averages. Stellar breadth figures underpinned the advance (advancers outpaced decliners by a roughly 4-to-1 ratio on the NYSE and a roughly 3-to-1 clip on the Nasdaq), while the outperformance of the S&P 500 Equal Weighted Index (+1.4%) over the market-weighted S&P 500 (+0.9%) highlighted a rotation into more value-oriented holdings. 

While the major averages secured a win in reclaiming their 50-day moving averages, some technical resistance remains overhead. Notably, the S&P 500 closed just beneath the 6,770 level, which was the peak level the index hit following NVIDIA's earnings release, before a strong pullback ensued. 

U.S. Treasuries climbed again on Tuesday, making for their fourth consecutive advance that sent yields on 10s and shorter tenors toward their October lows. The 2-year note yield settled down five basis points to 3.46%, and the 10-year note yield settled down four basis points to 4.00%. 

• Nasdaq Composite: +19.3% YTD
• S&P 500: +15.0%
• DJIA: +10.7% YTD
• Russell 2000: +10.6% YTD
• S&P Mid Cap 400: +4.9% YTD

Reviewing today's data:

• Retail sales were up 0.2% month-over-month in September (Briefing.com consensus 0.4%) after increasing 0.6% in August. Excluding autos, retail sales were up 0.3%, as expected, following a downwardly revised 0.6% increase (from 0.7%) in August.
  • The key takeaway is that gasoline station sales were a big driver of the monthly increase. Excluding gasoline station sales, retail sales were flat in September after increasing 0.6% in August, signaling a slowdown in consumer spending on goods. 
• The Producer Price Index for final demand increased 0.3% month-over-month in September (Briefing.com consensus: 0.3%) following a 0.1% decline in August. That left the year-over-year change at 2.7% versus 2.6% in August. The Producer Price Index for final demand, less foods and energy, increased just 0.1% month-over-month (Briefing.com consensus: 0.2%) following a 0.1% decline in August. That left the year-over-year change at 2.6% versus 2.8% in August.
  • The key takeaway from the report is that inflation at the wholesale level is still sticky, highlighted by a 1.1% month-over-month increase in the final demand foods index, which was up 4.0% year-over-year, shedding light on why many consumers, seeing the pass-through at grocery stores, are not aligned with the thinking that inflation is being brought under control. 
• The Conference Board's Consumer Confidence Index dropped to 88.7 in November (Briefing.com consensus 93.3) from an upwardly revised 95.5 (from 94.6) in October. In the same period a year ago, the index stood at 112.8.
  • The key takeaway from the report is that there was a further deterioration in the expectations index, with sentiment on business conditions, labor market conditions, and household income all trending negatively. That could portend a slowdown in discretionary spending activity. 
• September FHFA Housing Price Index (actual 0.0%; Briefing.com consensus 0.3%; prior 0.4%)
• September S&P Case-Shiller Home Price Index (actual 1.4%; Briefing.com consensus 1.6%; prior 1.6%). 
• October Pending Home Sales (actual 1.9%; Briefing.com consensus 0.0%; prior 0.1%). 
• ADP says "For the four weeks ending November 8, 2025, U.S. private employers shed an average of -13,500 jobs per week, according to the NER Pulse, a weekly update of the monthly ADP National Employment Report"

[BRIEFING.COM] The S&P 500 (+0.8%), Nasdaq Composite (+0.5%), and DJIA (+1.4%) trade near session highs with just half an hour left in today's session. 

The S&P 500 has, however, encountered some resistance at the 6,770 level, which was the peak level the index hit last Thursday following NVIDIA's (NVDA 176.52, -6.03, -3.30%) earnings report, before a broad retreat ensued. 

The index currently hovers about ten points beneath this level, though the information technology sector (-0.2%) sits near its best levels of the day, with a decisive move into positive territory likely to push the major averages higher. 

[BRIEFING.COM] The S&P 500 (+0.7%), Nasdaq Composite (+0.2%), and DJIA (+1.3%) trade in a relatively tight range as the market enters the final hour of the session. 

The information technology (-0.4%), energy (-0.6%), and utilities (-0.5%) sectors remain below their flatlines, while the other eight S&P 500 sectors hold gains of 1.0% or wider. 

Within the technology sector, Dell (DELL 126.19, -1.03, -0.81%) trades just modestly lower ahead of its earnings report after the close. The company's earnings stand as a test of sentiment of the AI trade, which looks to Dell as the "infrastructure backbone" of on-prem and enterprise AI build-outs.

[BRIEFING.COM] The S&P 500 (+0.62%) is in second place on Tuesday afternoon, up about 41 points.

Briefly, S&P 500 constituents Keysight (KEYS 193.18, +15.51, +8.73%), Albemarle (ALB 124.77, +8.89, +7.67%), and Builders FirstSource (BLDR 107.72, +7.19, +7.15%) pepper the top of the standings. KEYS jumps after a clean Q4 beat, stronger-than-expected Q1 guidance, and a fresh $1.5 billion buyback authorization that reinforced accelerating order momentum.

Meanwhile, J.M. Smucker (SJM 100.54, -3.73, -3.58%) is underperforming after its quarterly results showed margin pressure and a narrowed full-year profit outlook, with higher coffee-related input costs weighing more heavily than modest sales growth.

[BRIEFING.COM] The tech-heavy Nasdaq Composite (+0.46%) is today's shallowest advancing major average, up now about 105 points.

Gold futures settled $45.80 higher (+1.1%) at $4,140/oz, as traders ramped up expectations for a December Fed rate cut following dovish comments from officials and signs of cooling in the labor market. The shift toward looser policy outweighed dollar strength, boosting safe-haven demand ahead of key U.S. data releases.

Meanwhile, the U.S. Dollar Index is down about -0.5% to $99.70.

[BRIEFING.COM] The Dow Jones Industrial Average (+1.21%) is in first place on Tuesday afternoon, up more than 560 points.

A look inside the DJIA shows that Home Depot (HD 351.24, +14.66, +4.36%), Merck (MRK 104.26, +3.86, +3.84%), and Nike (NKE 63.87, +1.94, +3.13%) are some of today's better performers.

Meanwhile, NVIDIA (NVDA 176.04, -6.51, -3.57%) is underperforming.

The DJIA is down about -1.16% month-to-date.

Elsewhere, U.S. Treasuries trade at their best levels of the day with the belly showing some relative strength. Treasuries spent the bulk of the morning near their starting levels, reaching highs about an hour ago amid a report that National Economic Council Director Hassett is the frontrunner for the nomination to replace Fed Chairman Powell. Recent action saw the 5-yr note and shorter tenors push to fresh highs even though the U.S. Treasury's $70 bln 5-yr note sale met soft demand. The auction drew a high yield of 3.562%, which tailed the when-issued yield by half of a basis point. The bid-to-cover ratio (2.41x) was a touch above average (2.38x) while indirect takedown (61.3%) was below average (66.4%). The U.S. Treasury will sell $44 bln in 7-yr notes tomorrow.

[BRIEFING.COM] The S&P 500 (+0.7%), Nasdaq Composite (+0.4%), and DJIA (+1.2%) have reclaimed their 50-day moving averages in today's trade as solid gains throughout the broader market now outweigh the now modest loss of the information technology sector (-0.4%). 

The S&P 500 and DJIA moved above the key technical level earlier in today's session, while weakness across tech names kept the Nasdaq Composite in negative territory. The market was spurred once Nasdaq finally moved across its own 50-day moving average, which has the major averages now charting session highs. 

Participation is broad, with advancers outpacing decliners by a roughly 4-to-1 ratio on the NYSE and a roughly 2-to-1 clip on the Nasdaq. 

Eight S&P 500 sectors trade higher as a result, all of which hold gains wider than 1.0%. 

The health care sector (+2.0%) continues its recent trend of outperformance on days when the AI trade struggles, widening its month-to-date gain to 9.8%. 

The consumer discretionary sector (+1.8%) holds a similar gain as all of its components tick higher. Amazon (AMZN 229.41, +3.13, +1.39%) and Tesla (TSLA 418.91, +1.13, +0.27%) both tick higher, though mega-cap strength is not the driving force of today's gains. 

Meta Platforms (META 629.87, +16.82, +2.74%) holds the highest gains of the "magnificent seven" group, moving higher following a report by The Information this morning that stated Meta is interested in buying AI chips from Alphabet (GOOG 322.07, +3.60, +1.13%) as the company looks to compete with NVIDIA (NVDA 176.10, -6.45, -3.53%) in the chip space. 

The headline set up early weakness for chipmakers, with NVIDIA and Advanced Micro Devices (AMD 201.25, -13.80, -6.42%) lagging despite substantial improvements to the technology sector. The PHLX Semiconductor Index is still down 0.6% today. 

Despite the losses in chipmakers, the broader market hasn't skipped a beat. Rotation into other pockets of the market has more than offset the tech weakness, giving the market enough fuel to drive the major averages back above their 50-day moving averages. The willingness of buyers to step in outside of the AI complex underscores a market that remains resilient beneath the surface as participation broadens.

On the macro front, stocks continue to benefit from firming December rate-cut expectations, with the CME FedWatch tool showing an 82.7% probability of a 25-basis-point rate reduction at the next FOMC meeting, down slightly from 84.4% yesterday. 

Fed Governor Stephen Miran (voting FOMC member) told CNBC that he will not dissent at the next meeting in favor of a larger rate cut because there are other FOMC members who will vote to keep rates unchanged.

In other Fed news, Bloomberg reported that National Economic Council Director Kevin Hassett has emerged as a frontrunner for the next Fed Chair nomination.

Reviewing today's data:

• The Conference Board's Consumer Confidence Index dropped to 88.7 in November (Briefing.com consensus 93.3) from an upwardly revised 95.5 (from 94.6) in October. In the same period a year ago, the index stood at 112.8.
  • The key takeaway from the report is that there was a further deterioration in the expectations index, with sentiment on business conditions, labor market conditions, and household income all trending negatively. That could portend a slowdown in discretionary spending activity.
• The Producer Price Index for final demand increased 0.3% month-over-month in September (Briefing.com consensus: 0.3%) following a 0.1% decline in August. That left the year-over-year change at 2.7% versus 2.6% in August. The Producer Price Index for final demand, less foods and energy, increased just 0.1% month-over-month (Briefing.com consensus: 0.2%) following a 0.1% decline in August. That left the year-over-year change at 2.6% versus 2.8% in August.
  
  • The key takeaway from the report is that inflation at the wholesale level is still sticky, highlighted by a 1.1% month-over-month increase in the final demand foods index, which was up 4.0% year-over-year, shedding light on why many consumers, seeing the pass-through at grocery stores, are not aligned with the thinking that inflation is being brought under control.
• Retail sales were up 0.2% month-over-month in September (Briefing.com consensus 0.4%) after increasing 0.6% in August. Excluding autos, retail sales were up 0.3%, as expected, following a downwardly revised 0.6% increase (from 0.7%) in August.
  • The key takeaway is that gasoline station sales were a big driver of the monthly increase. Excluding gasoline station sales, retail sales were flat in September after increasing 0.6% in August, signaling a slowdown in consumer spending on goods.
• The September FHFA Housing Price Index was unchanged in September (Briefing.com consensus 0.3%) from a prior increase of 0.4%.
• The September S&P Case-Shiller Home Price Index increased 1.4% (Briefing.com consensus 1.6%) from a prior increase of 1.6%.
• October Pending Home Sales increased 1.9% (Briefing.com consensus 0.0%) from an upwardly revised 0.1% increase in September (from 0.0%).

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+0.4%), and DJIA (+1.2%) now all trade in positive territory as the information technology sector (-0.7%) narrows its loss for the day while the broader market continues to trend higher. 

Today's advance has major averages reclaiming their 50-day moving averages, which the indices have struggled to reclaim after slipping below them last week. Both the S&P 500 and Nasdaq Composite briefly moved above that key technical level yesterday before closing slightly lower. 

Bloomberg reports that National Economic Council Director Kevin Hassett has emerged as a frontrunner for the next Fed Chair nomination. 

[BRIEFING.COM] The major averages are little changed from previous levels as weakness across tech names continues to weigh against solid participation in the broader market. 

Fed Governor Stephen Miran (voting FOMC member) told CNBC that he will not dissent at the next meeting in favor of a larger rate cut because there are other FOMC members who will vote to keep rates unchanged. The market's expectations for a December rate cut have held steady today in the wake of notable upticks yesterday and Friday.

The CME FedWatch tool currently assigns an 82.7% probability to a 25-basis point rate cut at the December FOMC meeting, down from 84.4% yesterday and up from 50.1% a week ago. 

[BRIEFING.COM] The S&P 500 (+0.3%), Nasdaq Composite (-0.2%), and DJIA (+0.8%) are mixed just before midday as the stock market faces some rebalancing action.  

Notably, the information technology sector (-1.0%) has given back roughly half of yesterday's advance, with considerable weakness coming from its chipmaker components and other AI plays. 

NVIDIA (NVDA 172.67, -9.88, -5.41%) is sharply lower following a report by The Information that Alphabet (GOOG 321.80, +3.32, +1.04%) is increasing efforts to compete with NVIDIA on artificial intelligence chips, and Meta Platforms (META 627.45, +14.40, +2.35%) is interested in using Google's chips.

A 1.7% slide in the PHLX Semiconductor Index has the information technology sector (-1.0%) at the bottom of today's leaderboard, with only the energy (-0.6%) and utilities (-0.4%) also holding losses. 

Though the rotation out of the tech sector is hampering gains at the index level, the broader market is doing a nice job of expanding upon yesterday's strength. Eight S&P 500 sectors are higher, and four hold gains of 1.0% or wider (the industrials sector (+0.7%) holds the smallest gain). 

The health care sector (+1.7%), which has outperformed amid recent struggles in the AI trade, continues to see strong rotational interest today as tech names lag. 

The Vanguard Mega Cap Growth ETF (-0.3%) sits below its baseline, contributing to the underperformance of the market-weighted S&P 500 (+0.3%) compared to the S&P 500 Equal Weighted Index (+1.1%). 

Outside of the S&P 500, the Russell 2000 (+1.3%) and S&P Mid Cap 400 (+1.2%) outperform their larger-cap counterparts, further illustrating a rotational element to today's trade. 

[BRIEFING.COM] The stock market has steadily improved this morning, with the S&P 500 (+0.2%) and Nasdaq Composite (+0.7%) charting new session highs, while the Nasdaq Composite (-0.4%) remains below its baseline as investors rotate out of tech names today. 

Dick's Sporting Goods (DKS 201.98, -4.34, -2.10%) is heading lower today after reporting its Q3 (Oct) results this morning. The company beat EPS expectations, while revenue increased 36.3% year-over-year to $4.17 billion. That was well above expectations but reflects a partial contribution from Foot Locker ($931 million). The company also raised FY26 guidance for its standalone business, now expecting EPS of $14.25-14.55, revenue of $13.95-14.00 billion, and comp sales growth of +3.5-4%.

Meanwhile, Best Buy (BBY 79.13, +3.51, +4.64%) is trading sharply higher after a clean 3Q26 beat-and-raise, with adjusted EPS and revenue both topping expectations and comps accelerating into the holiday season. The upside in revenue and comps was driven by robust performance in computing (seventh consecutive positive comp quarter) and continued momentum in gaming (including Nintendo Switch 2) and mobile phones, as well as growth in wearables and headphones.

[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (-0.5%), and DJIA (+0.3%) continue to trade in a mixed fashion as the information technology sector (-2.0%) lags while the broader market is mostly higher. 

The Conference Board's Consumer Confidence Index dropped to 88.7 in November (Briefing.com consensus 93.3) from an upwardly revised 95.5 (from 94.6) in October. In the same period a year ago, the index stood at 112.8.

The key takeaway from the report is that there was a further deterioration in the expectations index, with sentiment on business conditions, labor market conditions, and household income all trending negatively. That could portend a slowdown in discretionary spending activity.

[BRIEFING.COM] The S&P 500 (-0.5%), Nasdaq Composite (-0.9%), and DJIA (+0.1%) are mixed this morning as tech names give back the bulk of yesterday's gain amid heavy weakness across AI names. 

NVIDIA (NVDA 172.52, -10.02, -5.49%) is sharply lower following a report from The Wall Street Journal that Alphabet (GOOG 325.91, +7.44, +2.34%) is increasing its efforts to compete in the AI chip space, and Meta Platforms (META 627.29, +14.24, +2.32%) is interested in using Alphabet's chips. 

The communication services sector (+1.7%) is up as a result, while the information technology sector (-2.2%) lags. 

Advanced Micro Devices (AMD 196.81, -18.24, -8.48%) faces the widest loss in the sector, contributing to an early 2.7% slide in the PHLX Semiconductor Index. 

Meanwhile, today's more risk-off posturing has culminated in another solid start for the health care sector (+1.3%), which has been the top beneficiary of recent weakness in the AI trade. 

Seven total S&P 500 sectors currently hold gains, which reflects more of a rotation out of AI names as opposed to a broad-based retreat. 

The Conference Board's Consumer Confidence Index slipped to 88.7 in November (Briefing.com consensus 93.3) from a previous reading of 94.6 in October.

October Pending Home Sales increased 1.9% (Briefing.com consensus 0.0%) from an upwardly revised 0.1% increase in September (from 0.0%).

Equity futures point to a flattish open amid one of the data-heaviest mornings since before the government shutdown. 

The Producer Price Index for final demand increased 0.3% month-over-month in September (Briefing.com consensus: 0.3%) following a 0.1% decline in August. That left the year-over-year change at 2.7% versus 2.6% in August. The Producer Price Index for final demand, less foods and energy, increased just 0.1% month-over-month (Briefing.com consensus: 0.2%) following a 0.1% decline in August. That left the year-over-year change at 2.6% versus 2.8% in August.

The key takeaway from the report is that inflation at the wholesale level is still sticky, highlighted by a 1.1% month-over-month increase in the final demand foods index, which was up 4.0% year-over-year, shedding light on why many consumers, seeing the pass-through at grocery stores, are not aligned with the thinking that inflation is being brought under control.

Separately, retail sales were up 0.2% month-over-month in September (Briefing.com consensus 0.4%) after increasing 0.6% in August. Excluding autos, retail sales were up 0.3%, as expected, following a downwardly revised 0.6% increase (from 0.7%) in August.

The key takeaway is that gasoline station sales were a big driver of the monthly increase. Excluding gasoline station sales, retail sales were flat in September after increasing 0.6% in August, signaling a slowdown in consumer spending on goods.

Just released, the September FHFA Housing Price Index was unchanged in September (Briefing.com consensus 0.3%) from a prior increase of 0.4%.

The September S&P Case-Shiller Home Price Index increased 1.4% (Briefing.com consensus 1.6%) from a prior increase of 1.6%.

The S&P 500 futures currently trade four points below fair value. 

Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note. Softbank saw a continuation of its recent struggles, falling 10.0% to a level not seen since early September. Japan's Prime Minister Takaichi held an unexpected phone call with President Trump to discuss diplomatic relations with China. South Korea's Consumer Confidence reached its highest level in eight years in the November reading. South Korea's ruling party is expected to present the US Investment Act to the National Assembly this week.

• In economic data:
  • South Korea's November Consumer Confidence 112.4 (last 109.8)
  • Hong Kong's October trade deficit HKD39.9 bln (last deficit of HKD50.2 bln). October Imports 18.3% m/m (last 13.6%) and Exports 17.5% m/m (last 16.1%)

---Equity Markets---

• Japan's Nikkei: +0.1%
• Hong Kong's Hang Seng: +0.7%
• China's Shanghai Composite: +0.9%
• India's Sensex: -0.4%
• South Korea's Kospi: +0.3%
• Australia's ASX All Ordinaries: +0.3%

Major European indices trade higher. British Chancellor Reeves will present the Autumn budget tomorrow with the market expecting some additional streams of revenue, though room for higher taxes is limited. European Central Bank policymaker Nagel lamented stubborn food inflation. Discount air carrier EasyJet reported solid quarterly results while home improvement retailer Kingfisher raised its guidance.

• In economic data:
  • Germany's Q3 GDP 0.0% qtr/qtr, as expected (last -0.2%); 0.3% yr/yr, as expected (last 0.3%)
  • U.K.'s November CBI Distributive Trades Survey -32 (expected -29; last -27)
  • France's November Consumer Confidence 89 (last 90)
  • Spain's October PPI 0.7% yr/yr (last 0.3%)

---Equity Markets---

• STOXX Europe 600: +0.2%
• Germany's DAX: +0.7%
• U.K.'s FTSE 100: +0.5%
• France's CAC 40: +0.7%
• Italy's FTSE MIB: +0.6%
• Spain's IBEX 35: +0.6%

The S&P 500 futures currently trade four points above fair value. 

Just released, the index for final demand increased 0.3% month-over-month in September (Briefing.com consensus: 0.3%) following a 0.1% decrease in August.

Excluding food and energy, the index for final demand was down 0.1% month-over-month (Briefing.com consensus: 0.3%) following a 0.1% decrease in August.

Total retail sales decreased 0.2% month-over-month in September (Briefing.com consensus: 0.3%) following a 0.6% increase in August.

Excluding autos, retail sales jumped 0.3% month-over-month (Briefing.com consensus: 0.3%) following a downwardly revised 0.6% increase (from 0.7%) in August.

Equity futures point to a slightly lower open after a solid start to the week that saw some confidence restored to tech, AI, and other momentum names yesterday. 

Strength across the mega-caps briefly pushed the S&P 500 and Nasdaq Composite back across their 50-day moving averages, though they ended up closing just beneath the key technical level. 

The risk-on disposition of the market was once again boosted by another round of dovish Fed commentary, which saw the market's implied probability of a December rate cut surpass 80%, according to the CME FedWatch Tool. The Wall Street Journal reported that Fed Chair Jerome Powell's allies have essentially laid the groundwork for him to advocate for a December rate cut, despite the possibility of several dissents. 

Elsewhere on the macro front, the market will receive a sizable batch of economic data this morning, which includes the September Producer Price Index (Briefing.com consensus 0.3%), retail sales for September (Briefing.com consensus 0.4%), and Consumer Confidence for November (Briefing.com consensus 93.3). 

In corporate news:

• House Speaker Mike Johnson warns that most House Republicans are against extending Affordable Care Act subsidies, according to The Wall Street Journal.
• Alibaba (BABA 164.00, +3.27, +2.0%) reported Q2 (Sep) earnings of RMB 4.36 per share, which may not be comparable to the FactSet Consensus of RMB 6.03; revenues rose 4.8% year-over-year to RMB 247.79 billion vs. the RMB 243.75 billion FactSet Consensus.
• Dick's Sporting Goods (DKS 193.50, -12.81, -6.2%) beat EPS expectations by $0.09, beat on revenues, and guided FY26 EPS in-line with revenues in-line.
• Google (GOOG, 331.72, +13.25, +4.2%) is increasing efforts to compete with NVIDIA (NVDA 175.20, -7.35, -4.0%) on artificial intelligence chips, and Meta (META 617.50, +4.45, +0.7%) is interested in using Google's chips.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note. Japan's Nikkei: +0.1%, Hong Kong's Hang Seng: +0.7%, China's Shanghai Composite: +0.9%, India's Sensex: -0.4%, South Korea's Kospi: +0.3%, Australia's ASX All Ordinaries: +0.3%.

In news:

• Softbank saw a continuation of its recent struggles, falling 10.0% to a level not seen since early September.
• Japan's Prime Minister Takaichi held an unexpected phone call with President Trump to discuss diplomatic relations with China.
• South Korea's Consumer Confidence reached its highest level in eight years in the November reading.
• South Korea's ruling party is expected to present the US Investment Act to the National Assembly this week.

In economic data:

• South Korea's November Consumer Confidence 112.4 (last 109.8)
• Hong Kong's October trade deficit HKD39.9 bln (last deficit of HKD50.2 bln). October Imports 18.3% m/m (last 13.6%) and Exports 17.5% m/m (last 16.1%)

Major European indices trade modestly higher. STOXX Europe 600: +0.4% Germany's DAX: +0.5% U.K.'s FTSE 100: +0.5% France's CAC 40: +0.5% Italy's FTSE MIB: +0.3% Spain's IBEX 35: +0.5%

In news:

• British Chancellor Reeves will present the Autumn budget tomorrow with the market expecting some additional streams of revenue, though room for higher taxes is limited.
• European Central Bank policymaker Nagel lamented stubborn food inflation.
• Discount air carrier EasyJet reported solid quarterly results while home improvement retailer Kingfisher raised its guidance.

In economic data:

• Germany's Q3 GDP 0.0% qtr/qtr, as expected (last -0.2%); 0.3% yr/yr, as expected (last 0.3%)
• U.K.'s November CBI Distributive Trades Survey -32 (expected -29; last -27)
• France's November Consumer Confidence 89 (last 90)
• Spain's October PPI 0.7% yr/yr (last 0.3%)

[BRIEFING.COM] The stock market posted a solid start to the holiday-shortened week as renewed optimism around a December rate cut saw stocks advance in broad-based fashion with exceptional leadership from mega-cap names. Strength in mega-cap and tech stocks saw the Nasdaq Composite (+2.7%) outperform the S&P 500 (+1.6%) and DJIA (+0.4%), while the Russell 2000 (+1.9%) and S&P Mid Cap 400 (+1.0%) also secured solid gains. 

Fed Governor Christopher Waller (FOMC voting member) said he supports a December cut while emphasizing that any further easing should be determined on a meeting-by-meeting basis-a stance that helped lift sentiment today, much like it did on Friday. San Francisco Fed President Mary Daly (nonvoting FOMC member) also signaled support for a December reduction, according to The Wall Street Journal.

The CME FedWatch Tool now assigns an 85.1% probability to a 25-basis-point cut at the December meeting, up from 71.0% on Friday.

Nine S&P 500 sectors close with gains, with mega-cap leadership pushing the communication services (+3.9%), information technology (+2.5%), and DJIA (+1.9%) to the top of today's leaderboard. The Vanguard mega-cap growth ETF finished 2.5% higher today as all of the "magnificent seven" names secured gains.

Tesla (TSLA 417.50, +26.41, +6.75%) was a mega-cap standout, while Alphabet (GOOG 318.47, +18.82, +6.28%) finished with a similar gain amid positive reception to its Gemini 3 AI model. 

NVIDIA (NVDA 182.55, +3.67, +2.05%) captured a much-needed gain after trading lower this morning, though Broadcom (AVGO 377.96, +37.76, +11.10%) and Micron (MU 223.93, +16.56, +7.99%) captured wider gains across the chipmaking cohort that saw some renewed buy-the-dip interest today after recent weakness. The PHLX Semiconductor Index finished with a 4.6% gain, though recent weakness keeps it 7.3% lower for the month of November.

Only the consumer staples (-1.3%) and energy (-0.3%) sectors closed lower. The defensive orientation of the consumer staples sector saw it lag as momentum names garnered more interest, though Tyson Foods (TSN 57.20, +3.53, +6.58%) still managed a nice gain following the company's official confirmation that it will shutter its Lexington, Nebraska, beef facility, a strategic move that validates earlier reporting by The Wall Street Journal.

Today's gains saw the S&P 500 and Nasdaq Composite briefly eclipse their 50-day moving averages, which had been violated on a closing basis last week for the first time since April. The indices would go on to close just beneath the key technical level, reflecting that while the market has certainly seen some confidence restored to mega-cap, AI, and other momentum plays, there is a hesitancy to fully embrace a risk-on posture.

U.S. Treasuries began the week with solid gains in longer tenors while the short end underperformed, ending slightly higher. The 2-year note underperformed, finishing unchanged at 3.51%, but still eked out a slight gain with some assistance from a solid $69 billion 2-year note sale. Meanwhile, the 10-year note yield settled down three basis points to 4.04%. 

There were no economic data releases today. 

• Nasdaq Composite: +18.4% YTD
• S&P 500: +14.0% YTD
• DJIA: +9.2% YTD
• Russell 2000: +8.3% YTD
• S&P Mid Cap 400: +3.0% YTD