[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (-0.5%), and DJIA (+0.6%) continue to trade in a mixed fashion shortly before the close. 

Consumer credit increased by $4.2 billion in November (Briefing.com consensus: $10.3 billion) following an unrevised $9.2 billion increase in October.

Tomorrow's action will feature another data-heavy morning. Investors will receive the December Employment Situation Report, along with housing starts and building permits data, and the preliminary University of Michigan Consumer Sentiment Index (Briefing.com consensus 53.0).

[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (-0.7%), and DJIA (+0.5%) continue to trade mixed as the market enters the final hour of the session. 

Not much has changed this afternoon as far as leadership goes, with the information technology (-1.9%) and health care (-1.1%) sectors widening their losses against a broader market that trends higher. 

The energy sector (+3.7%) now holds the widest gain after crude oil futures settled today's session $1.76 higher (+3.1%) at $57.75 per barrel. 

[BRIEFING.COM] The S&P 500 (-0.08%) is in second place on Thursday afternoon, down about 5 points.

Briefly, S&P 500 constituents Datadog (DDOG 131.94, -9.50, -6.72%), Comfort Systems (FIX 963.21, -71.90, -6.95%), and GE Vernova (GEV 624.68, -37.64, -5.68%) pepper the bottom of the standings despite a dearth of corporate news.

Meanwhile, Smurfit Westrock plc (SW 43.18, +3.54, +8.93%) is outperforming after Morgan Stanley upped their target on the stock to 4,000GBP.

[BRIEFING.COM] The tech-heavy Nasdaq Composite (-0.67%) is in last place with about two hours to go on the penultimate session of the week. 

Gold futures settled $1.80 lower (-0.0%) at $4,460.70/oz, as traders positioned ahead of the Bloomberg Commodity Index's annual rebalancing, which is expected to drive near-term, mechanically driven selling. A firmer U.S. dollar and light profit-taking after recent record highs also capped gains, even as longer-term rate-cut expectations continue to underpin bullion.

Meanwhile, the U.S. Dollar Index is up about +0.2% to $98.95.

[BRIEFING.COM] The Dow Jones Industrial Average (+0.60%) is up about 295 points on Thursday afternoon, clawing back some of yesterday's declines.

A look inside the DJIA shows that Home Depot (HD 361.57, +12.51, +3.58%), Sherwin-Williams (SHW 340.94, +9.53, +2.88%), and Honeywell (HON 204.47, +4.96, +2.49%) are holding decent gains.

Meanwhile, Amgen (AMGN 331.46, -10.18, -2.98%) is solidly lower.

The DJIA is up about +1.88% week-to-date.

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (-0.5%), and DJIA (+0.6%) sit mixed shortly after midday as cyclical stocks resume their rally after yesterday's pullback, while considerable weakness in tech weighs on the major averages. 

The information technology sector (-1.8%) is today's laggard, facing pressure on multiple fronts. Memory storage names such as Sandisk (SNDK 321.90, -31.66, -8.95%) and Western Digital (WDC 181.71, -18.17, -9.09%) are among the worst performers after rallying this week. The PHLX Semiconductor Index is down 2.1%. 

The sector also bears the brunt of today's mega-cap weakness that has the Vanguard Mega Cap Growth ETF down 0.8%.  NVIDIA (NVDA 184.46, -4.65, -2.46%) and Broadcom (AVGO 332.30, -11.20, -3.26%) are particularly weak today. 

The health care sector (-0.3%) is the only other S&P 500 sector to trade lower.

Meanwhile, the consumer discretionary sector is near the top of the leaderboard as Amazon (AMZN 245.72, +4.16, +1.72%) and Tesla (TSLA 436.45, +5.04, +1.17%) provide strong leadership, highlighting that today's mega-cap weakness is confined to the technology sector. 

The sector also benefits from strength in homebuilder names such as Lennar (LEN 109.07, +5.14, +4.95%), boosting the iShares Dow Jones US Home ETF (ITB 100.68, +4.08, +4.23%). 

Defense names such as Huntington Ingalls (HII 377.90, +21.45, +6.02%) and L3Harris (LHX 326.82, +17.06, +5.51%) are also among the outperformers as President Trump called for a 66% increase in the military budget to $1.5 trillion in 2027. The industrial sector (+0.7%) is off session highs but still holds a solid gain.

The price of oil has increased $1.26 (+2.3%) to $57.25 per barrel, sending the energy sector (+1.8%) higher, while the financials (+1.1%) and materials (+1.1%) hold similar gains amid the cyclical rally. 

Elsewhere, the consumer staples sector (+2.3%) holds the widest gain after a sluggish start to the year. Costco (COST 927.04, +44.46, +5.04%) trades higher after reporting strong December adjusted comparable sales of +6.2%, while Constellation Brands (STZ 147.14, +6.66, +4.74%) rises after beating EPS and revenue expectations. 

Today's rotational action has the S&P 500 Equal Weighted Index (+1.0%) decidedly outperforming the market-weighted S&P 500 (+0.1%) as leadership broadens past the mega-caps. This morning's economic data also paints a picture of an economy that leaves cyclical stocks with room to run in 2026. In particular, a 4.9% surge in Q3 productivity suggests strong growth, while a 1.9% decrease in unit labor cost suggests that it comes without labor cost inflation. 

Reviewing today's data:

• Weekly Initial Claims 208K (Briefing.com consensus 217K); Prior was revised to 200K from 199K, Weekly Continuing Claims 1.914 mln; Prior was revised to 1.858 mln from 1.866 mln
  • The key takeaway from the report is that initial claims are quite low to support a view that consumer spending should hold up; however, continuing claims remain high enough to support a view that the Fed will worry enough about a softening in the labor market (i.e., weak hiring activity) such that it remains inclined to pursue easier monetary policy.
• Q3 Productivity-Prel 4.9% (Briefing.com consensus 2.5%); Prior was revised to 4.1% from 3.3%, Q3 Unit Labor Costs-Prel -1.9% (Briefing.com consensus 0.8%); Prior was revised to -2.9% from 1.0%
  • The key takeaway from the report is that it is the golden ticket for the economy (and the Fed, per chance), as it reflects strong growth without labor cost inflation.
• October Trade Balance -$29.4 bln (Briefing.com consensus -$61.3 bln); Prior was revised to -$48.1 bln from -$59.6 bln
  • The key takeaway from the report is that the headline deficit number is the lowest since June 2009. A residual takeaway is that the improvement clearly has something to do with the introduction of higher tariff rates that have detracted from import demand.
• October Wholesale Inventories 0.2% (Briefing.com consensus 0.2%); Prior 0.5%

[BRIEFING.COM] The S&P 500 (flat) remains sandwiched between the DJIA (+0.6%), which benefits from broad market strength, and the Nasdaq Composite (-0.6%), which lags amid considerable weakness in tech. 

The health care sector (-0.2%) now joins the information technology sector (-1.7%) in negative territory. After several days of strength, poor performances across pharmaceutical and biotech names push the iShares Nasdaq Biotech ETF (IBB 173.69, -3.05, -1.73%) lower, though it still holds a solid 2.8% gain for the week. 

Meanwhile, homebuilder names are surging, sending the iShares Dow Jones US Home (ITB 100.20, +3.60, +3.73%) ETF sharply higher.  Lennar (LEN 108.70, +4.77, +4.59%) and D.R. Horton (DHI 144.61, +5.30, +3.80%) are among the outperformers, contributing to strength in the consumer discretionary sector (+1.5%). 

[BRIEFING.COM] The major averages are little changed from previous levels, sitting mixed at midday.

Memory storage names such as Sandisk (SNDK 316.99, -36.57, -10.34%), Western Digital (WDC 181.92, -17.96, -8.99%), and Seagate Tech (STX 280.99, -27.27, -8.85%) dot the bottom of the S&P 50 standings today, giving back gains after a sharp rally earlier this week. 

While WDC and STX are now in modestly negative territory for the week, SNDK still holds a gain over 15%, as memory storage remains a key component of the AI buildout cycle.

[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (-0.6%), and DJIA (+0.5%) sit mixed just before midday as weakness in tech names puts a damper on another day of solid broader-market growth. 

Chipmaker names are once again under outsized pressure after a sharp rally early in the week, with today's 2.5% loss in the PHLX Semiconductor Index leaving it up just 0.2% for the week. 

The broader information technology sector (-1.9%) is sharply lower as the mega-cap names such as NVIDIA (NVDA 185.04, -4.08, -2.15%) and Microsoft (MSFT 477.23, -6.24, -1.29%) give back yesterday's advance. 

The Vanguard Mega Cap Growth ETF is down 0.8%, though the weakness is mostly confined to the technology sector. The consumer discretionary (+1.2%) and communication services (+0.8%) sectors both hold solid gains as names such as Alphabet (GOOG 327.94, +5.51, +1.71%) and Amazon (AMZN 244.40, +2.84, +1.18%) take part in today's cyclical rally. 

Other cyclical sectors such as the energy (+1.3%), financials (+0.8%), materials (+0.8%), and industrials (+0.8%) are up similarly as leadership continues to broaden this year. 

Outside of the S&P 500, the Russell 2000 (+0.5%) and S&P Mid Cap 400 (+0.1%) hold modest gains after retreating yesterday. 

[BRIEFING.COM] The major averages continue to trade in a mixed fashion as tech weakness weighs against broader-market strength. 

Defense names such as Huntington Ingalls (HII 383.12, +26.67, +7.48%), Lockheed Martin (LMT 530.09, +33.22, +6.69%), and L3Harris (LHX 330.12, +20.36, +6.57%) dot the top of the S&P 500 standings today after President Trump called for a $1.5 trillion military budget in 2027, an increase of 66%. 

While defense stocks rally today at the announcement, CBS News reports that the proposed increase will likely run into resistance from Republican budget hawks in Congress.

[BRIEFING.COM] The S&P 500 has clawed its way back to its flatline, while the Nasdaq Composite (-0.5%) remains lower and the DJIA (+0.3%) outperforms. 

Only the information technology sector (-1.6%) holds a loss, though it is steep enough to prevent index-level gains despite a strong broader market. 

The consumer staples sector (+1.9%) holds the widest gain at this juncture, with a majority of its components trading higher. 

Constellation Brands (STZ 149.04, +8.55, +6.09%) holds the widest gain after beating EPS expectations by $0.43, beating revenue expectations, and guiding FY26 EPS expectations in-line.

Costco (COST 927.16, +44.58, +5.05%) holds a similar gain after reporting strong December adjusted comparable sales of +6.2%.

[BRIEFING.COM] The S&P 500 (-0.2%), Nasdaq Composite (-0.%), and DJIA (+0.1%) are mostly lower as tech names face a relatively sharp retreat. 

The top-weighted information technology sector (-1.6%) escaped yesterday's session with a slight gain as mega-cap names masked relatively steep losses in semiconductor names. The PHLX Semiconductor Index is down another 1.8% today, though the Vanguard Mega Cap Growth ETF (-0.9%) is also registering losses today. 

Weakness in Meta Platforms (META 637.26, -11.43, -1.76%) keeps the communication services sector (-0.4%) slightly lower, though the other nine S&P 500 sectors trade at or above their baselines. 

After taking a step back yesterday, several cyclical sectors are expanding their recent rallies this morning. The industrials sector (+1.4%) holds the widest gain, with defense names surging after President Trump called for a $1.5 trillion defense budget. 

The energy sector (+1.1%) also holds a solid gain as crude oil prices increase $0.93 (+1.6%) to $58.92 per barrel.  Financial Times reported that President Trump's actions in Venezuela threaten China's oil supplies.

Just released, wholesale inventories increased 0.2% in October (Briefing.com consensus 0.2%) from a previous increase of 0.5%.

The stock market is on track for a modestly lower opening amid a busy morning of economic data releases.

Q3 productivity increased 4.9% in the third quarter (Briefing.com consensus: 2.5%) following an upwardly revised 4.1% (from 3.3%) in the second quarter. Unit labor costs decreased 1.9% (Briefing.com consensus: 0.8%) following a downwardly revised 2.9% decline (from 1.0%) in the second quarter.

The key takeaway from the report is that it is the golden ticket for the economy (and the Fed, per chance), as it reflects strong growth without labor cost inflation.

Initial jobless claims for the week ending January 3 increased by 8,000 to 208,000 (Briefing.com consensus: 217,000). Continuing jobless claims for the week ending December 27 increased by 56,000 to 1.914 million.

The key takeaway from the report is that initial claims are quite low to support a view that consumer spending should hold up; however, continuing claims remain high enough to support a view that the Fed will worry enough about a softening in the labor market (i.e., weak hiring activity) such that it remains inclined to pursue easier monetary policy.

The U.S. trade deficit in October narrowed sharply to $29.4 billion (Briefing.com consensus: -$61.3 billion) from an upwardly revised deficit of $48.1 billion (from -$59.6 billion) in September. The improvement resulted from exports being $7.8 billion more than September exports and imports being $11.0 billion less than September imports.

The key takeaway from the report is that the headline deficit number is the lowest since June 2009. A residual takeaway is that the improvement clearly has something to do with the introduction of higher tariff rates that have detracted from import demand.

The S&P 500 futures currrently trade six points below fair value

Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note. Japan's wage growth undershot expectations for November due to a drop in one-off bonus payments. Samsung Electronics released its preliminary Q4 report, which beat expectations. Australia's debt outperformed even though Reserve Bank of Australia Deputy Governor Hauser said that the last interest rate cut of the cycle has likely been made. Shanghai Securities News reported that Chinese investors are rushing into equity funds amid weakness in bond prices.

• In economic data:
  • Japan's November Overall Wage Income 0.5% yr/yr (expected 2.3%; last 2.5%) and November Overtime Pay 1.2% yr/yr (last 2.1%). December Household Confidence 37.2 (expected 37.8; last 37.5)
  • Australia's November trade surplus AUD2.936 bln (expected surplus of AUD5.140 bln; last surplus of AUD4.353 bln. November Imports 0.2% m/m (last 2.4%) and Exports -2.9% m/m (last 2.8%)

---Equity Markets---

• Japan's Nikkei: -1.6%
• Hong Kong's Hang Seng: -1.2%
• China's Shanghai Composite: -0.1% 
• India's Sensex: -0.9%
• South Korea's Kospi: UNCH
• Australia's ASX All Ordinaries: +0.3%

Major European indices trade just below their flat lines. European Central Bank policymaker Pereira said that price stability is in place and there is no reason to make any changes to policy at this time, echoing a common sentiment shared among ECB policymakers. Bank of England's Decision Maker Panel lowered its year-ahead CPI forecast to 3.2% from 3.4% while three-year outlook was reduced to 2.9% from 3.0%. Military contractors are among the outperformers after President Trump called for increasing the U.S. military budget to $1.5 trillion in 2027.

• In economic data:
  • Eurozone's December Business and Consumer Survey 96.7 (expected 97.0; last 97.1). November PPI 0.5% m/m (expected 0.4%; last 0.1%); -1.7% yr/yr (expected -1.9%; last -0.5%). November Unemployment Rate 6.3% (expected 6.4%; last 6.4%)
  • Germany's November Factory Orders 5.6% m/m (expected -0.9%; last 1.6%)
  • U.K.'s December Halifax House Price Index -0.6% m/m (expected 0.1%; last -0.1%); 0.3% yr/yr (expected 1.1%; last 0.6%)
  • France's November trade deficit EUR4.2 bln (expected deficit of EUR4.3 bln; last deficit of EUR3.5 bln). November Current Account deficit EUR800 mln (last surplus of EUR1.40 bln) o Italy's November Unemployment Rate 5.7% (expected 6.0%: last 5.8%)
  • Swiss December CPI 0.0% m/m, as expected (last -0.2%); 0.1% yr/yr, as expected (last 0.0%)

---Equity Markets---

• STOXX Europe 600: -0.4%
• Germany's DAX: -0.1%
• U.K.'s FTSE 100: -0.2%
• France's CAC 40: -0.1%
• Italy's FTSE MIB: flat
• Spain's IBEX 35: +0.1%

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

Just released, initial jobless claims for the week ending January 3 increased by 8,000 to 208,000 (Briefing.com consensus 217,000) from last week's revised rate of 200,000 (from 199,000).

Continuing claims for the week ending December 27 increased by 56,000 from last week's revised rate of 1.858 million (from 1.866 million) to 1.914 million.

The preliminary Q3 productivity reading checked in at 4.9% (Briefing.com consensus 2.5%) from the revised final Q2 reading of 4.1% (from 3.3%).

The preliminary Q3 reading for unit labor costs came in at -1.9% (Briefing.com consensus 0.8%) from the revised final Q2 level of -2.9% (from 1.0%).

The October trade deficit narrowed to -$29.4 billion (Briefing.com consensus: -$61.3 billion) from an upwardly revised -$48.1 billion (from -$59.6 billion) in September.

Equity futures point to a lower opening this morning after stocks finished mostly lower in the midweek session. Cyclical names, which outperformed earlier in the week, took a step back. However, several strong mega-cap performances helped the Nasdaq Composite log a modest gain and the S&P 500 notch a record intraday high before retreating. 

Geopolitical headlines remain busy with developments in Venezuela, potential talks of a takeover of Greenland, and escalating tensions between China and Japan producing a fair share of headlines. The market has largely looked past these items, though headlines surrounding Venezuela have caused some swings in the energy sector. The Wall Street Journal reports that President Trump is developing a plan to control the Venezuelan oil industry for years.

Corporate headlines are relatively quiet this morning. Earnings will begin to ramp up next week with the major banking names. 

The market is also anticipating tomorrow's expected Supreme Court ruling on the legality of President Trump's tariffs imposed under the International Emergency Economic Powers Act (IEEPA).

Investors will have a sizable batch of economic data to assess this morning, including weekly jobless claims, Q3 Productivity and Unit Labor Costs (preliminary), and the October Trade Balance. 

In corporate news:

• President Trump's request for $1.5 trillion in defense spending (66% increase) will likely run into resistance from Republican budget hawks in Congress, according to CBS News. 
• China is expected to approve Nvidia (NVDA 189.69, +0.51, +0.3%) H200 purchases this quarter, according to Bloomberg. 
• Samsung expects record Q4 profits driven by AI demand, according to Reuters. 

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note. Japan's Nikkei: -1.6%, Hong Kong's Hang Seng: -1.2%, China's Shanghai Composite: -0.1%, India's Sensex: -0.9%, South Korea's Kospi: UNCH, Australia's ASX All Ordinaries: +0.3%.

In news:

• Japan's wage growth undershot expectations for November due to a drop in one-off bonus payments.
• Samsung Electronics released its preliminary Q4 report, which beat expectations.
• Australia's debt outperformed even though Reserve Bank of Australia Deputy Governor Hauser said that the last interest rate cut of the cycle has likely been made.
• Shanghai Securities News reported that Chinese investors are rushing into equity funds amid weakness in bond prices.

In economic data:

• Japan's November Overall Wage Income 0.5% yr/yr (expected 2.3%; last 2.5%) and November Overtime Pay 1.2% yr/yr (last 2.1%). December Household Confidence 37.2 (expected 37.8; last 37.5)
• Australia's November trade surplus AUD2.936 bln (expected surplus of AUD5.140 bln; last surplus of AUD4.353 bln. November Imports 0.2% m/m (last 2.4%) and Exports -2.9% m/m (last 2.8%)

Major European indices trade just below their flat lines. STOXX Europe 600: -0.4%, Germany's DAX: -0.1%, U.K.'s FTSE 100: -0.3%, France's CAC 40: -0.3%, Italy's FTSE MIB: -0.2%, Spain's IBEX 35: +0.1%.

In news:

• European Central Bank policymaker Pereira said that price stability is in place and there is no reason to make any changes to policy at this time, echoing a common sentiment shared among ECB policymakers.
• Bank of England's Decision Maker Panel lowered its year-ahead CPI forecast to 3.2% from 3.4% while three-year outlook was reduced to 2.9% from 3.0%.
• Military contractors are among the outperformers after President Trump called for increasing the U.S. military budget to $1.5 trillion in 2027

In economic data:

• Eurozone's December Business and Consumer Survey 96.7 (expected 97.0; last 97.1). November PPI 0.5% m/m (expected 0.4%; last 0.1%); -1.7% yr/yr (expected -1.9%; last -0.5%). November Unemployment Rate 6.3% (expected 6.4%; last 6.4%)
• Germany's November Factory Orders 5.6% m/m (expected -0.9%; last 1.6%)
• U.K.'s December Halifax House Price Index -0.6% m/m (expected 0.1%; last -0.1%); 0.3% yr/yr (expected 1.1%; last 0.6%)
• France's November trade deficit EUR4.2 bln (expected deficit of EUR4.3 bln; last deficit of EUR3.5 bln). November Current Account deficit EUR800 mln (last surplus of EUR1.40 bln) o
• Italy's November Unemployment Rate 5.7% (expected 6.0%: last 5.8%)
• Swiss December CPI 0.0% m/m, as expected (last -0.2%); 0.1% yr/yr, as expected (last 0.0%)

[BRIEFING.COM] After two strong sessions to start the week, the major averages finished mostly lower in the midweek session as the recent rally in cyclical stocks took a step back. A solid showing from the mega-caps, which have been muted in recent sessions, helped the Nasdaq Composite (+0.2%) outperform and the S&P 500 (-0.3%) notch a record intraday high before retreating. Weakness across the broader market saw the DJIA (-0.9%) underperform. 

The industrials sector (-1.9%) was the worst-performing cyclical sector today. Notably, President Trump said via Truth Social, "I will not permit dividends or stock buybacks for defense companies until such time as these problems are rectified," citing executive pay and slow production of military equipment as the problems. Aerospace and defense names lagged as a result, sending the iShares DJ Aerospace 1.7% lower. 

The materials sector (-1.6%) faced a similar loss as precious metals prices fell, while the energy sector (-1.2%) faced pressure as crude oil futures settled today's session $1.14 lower (-2.0%) at $55.99 per barrel.

President Trump announced that Venezuela will immediately begin providing the U.S. with 30-50 million barrels of oil, which helped some refiner names, such as Valero Energy (VLO 183.86, +5.59, +3.14%), still notch nice gains. 

Elsewhere, the financials sector (-1.4%) saw some selling pressure in major banking names ahead of a busy week of earnings reports next week. 

Despite the relatively broad weakness that saw eight S&P 500 sectors finish lower, losses at the index level were somewhat mitigated by several strong mega-cap performances. The communication services (+0.8%) and information technology (+0.1%) sectors both finished well off of session highs, though Alphabet (GOOG 322.48, +7.93, +2.52%), Microsoft (MSFT 483.49, +4.98, +1.04%), and NVIDIA (NVDA 189.18, +1.94, +1.03%) helped keep the sectors in positive territory. 

The information technology sector in particular faced mounting pressure as chipmakers gave back yesterday's advance, sending the PHLX Semiconductor Index 1.0% lower.

Afternoon selling pressure did significantly lessen gains across the mega-caps, with the Vanguard Mega Cap Growth ETF (+0.5%) finishing with under half of its earlier gain. Still, the market's weightiest components helped limit losses in the market-weighted S&P 500 (-0.3%), which decidedly outperformed the S&P 500 Equal Weighted Index (-1.2%). 

Elsewhere, the health care sector (+1.0%) captured the widest gain today. Eli Lilly (LLY 1108.14, +44.10, +4.14%) was a top performer after The Wall Street Journal reported the company is in talks to acquire Ventyx Biosciences (VTYX 13.73, +3.68, +36.62%), while AbbVie (ABBV 233.43, +9.50, +4.24%) captured a similar gain, with The Wall Street Journal reporting the company looks to acquire Revolution Medicines (RVMD 102.71, +22.86, +28.63%). 

Outside of the S&P 500, the Russell 2000 (-0.3%) and S&P Mid Cap 400 (-0.8%) gave back a chunk of yesterday's advance. 

Today's session reflected some back-and-forth action as the market navigates the stretch between the holidays and earnings season. The cyclical rally faced a speed bump, but mega-cap leadership helped keep the major averages with solid week-to-date gains, and the S&P 500 near its own record high from earlier in the session. 

U.S. Treasuries had a resilient showing on Wednesday, as longer tenors sustained their early gains in the face of some early pressure while the short end lagged, but still finished in the green. The 2-year note yield settled down one basis point to 3.47%, and the 10-year note yield settled down four basis points to 4.14%.

• Russell 2000: +3.8% YTD
• S&P Mid Cap 400: +3.4% YTD
• DJIA: +1.9% YTD
• Nasdaq Composite: +1.5% YTD
• S&P 500: +1.1% YTD

Reviewing today's data:

• Weekly MBA Mortgage Applications Index -9.7%; Prior -5.0%
• December ADP Employment Change 41K (Briefing.com consensus 45K); Prior was revised to -29K from -32K
• December ISM Non-Manufacturing Index 54.4% (Briefing.com consensus 52.2%); Prior 52.6%
  • The key takeaway from the report is that activity in the services sector accelerated in December to its best level for 2025, accented by the first expansion reading for the employment index since May 2025.
• October Factory Orders -1.3% (Briefing.com consensus -1.0%); Prior 0.2%
  • The key takeaway from the dated report is that it was better than the headline suggests thanks to a pickup in business spending that was reflected in the increase in new orders for nondefense capital goods excluding aircraft.
• November JOLTS - Job Openings 7.146 mln; Prior was revised to 7.449 mln from 7.670 mln