[BRIEFING.COM] The stock market ended the holiday week in muted fashion, though modest early gains saw the S&P 500 (flat) notch an all-time high of 6,945.77. The Nasdaq Composite (-0.1%) and DJIA (flat) also stayed within close proximity of their flatlines today, though all three indices captured solid gains this week of 1.2% or wider. 

Leadership was relatively thin today, though a gain in the top-weighted information technology sector (+0.2%) helped weigh against the broader market weakness. 

NVIDIA (NVDA 190.53, +1.92, +1.02%) was a mega-cap standout, moving higher after reports it struck a roughly $20 billion Christmas Eve deal with AI inference startup Groq that centers on a non-exclusive licensing arrangement and the acquisition of Groq's founder, president, and key engineering talent.

Meanwhile, the materials sector (+0.6%) captured the widest gain as precious metals continued to rally. Gold and silver both set all-time highs, which sent prominent mining names Freeport-McMoRan (FCX 53.04, +1.12, +2.16%) and Newmont Corporation (NEM 105.78, +1.05, +1.00%) to fresh 52-week highs. 

The real estate (+0.1%) and health care (+0.1%) sectors eked out slight gains as the broader market saw a modest upswing in the last half hour of the session. 

While losses were relatively broad-based across the seven other S&P 500 sectors, they were also modest. 

The consumer discretionary sector (-0.4%) closed with the widest loss. Tesla (TSLA 475.19, -10.21, -2.10%) was a laggard amid a mixed day for the market's largest names that saw the Vanguard Mega Cap Growth ETF finish flat. 

The sector also faced some profit-taking in its cruise line names, such as Royal Caribbean (RCL 285.64, -8.48, -2.88%), Carnival (CCL 30.70, -0.56, -1.78%), and Norwegian Cruise Line (NCLH 22.83, -0.34, -1.47%). Those stocks have been on a tear recently and still boast stout month-to-date gains after an exceptional earnings report from Carnival. 

Like most sessions this week, corporate news flow was light today. Target (TGT 99.55, +3.02, +3.13%) captured the widest gain across S&P 500 names today following a Financial Times report that Toms Capital Investment Management has built a stake in the company.

Outside of the S&P 500, the Russell 2000 (-0.5%) and S&P Mid Cap 400 (-0.2%) underperformed, though they still finished the week with modest week-to-date gains. 

All told, today's session was a low-volume sideways drift that was largely expected given the holiday week. The major averages remain near record high levels as the market searches for fresh catalysts heading into the final sessions of 2025. 

U.S. Treasuries finished the Christmas-shortened week on a mixed note, but the Friday session was uneventful, to no one's surprise. The 2-year note yield settled down three basis points to 3.48% (-3 basis points this week), and the 10-year note yield finished unchanged at 4.14% (-1 basis point this week).

There was no economic data of note. 

• Nasdaq Composite: +22.2% YTD
• S&P 500: +17.8% YTD
• DJIA: +14.5% YTD
• Russell 2000: +13.8% YTD
• S&P Mid Cap 400: +8.1% YTD

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (flat), and DJIA (-0.1%) look to close with solid week-to-date gains, as today's action has them little changed from Wednesday's closing levels. 

Despite the muted action, the major averages sit near session highs as the broader market trend has taken a positive turn over the last few weeks of the year. 

Next week's action will also be abbreviated by the holiday season, as the market will be closed on Thursday, January 1, for the New Year's Day holiday. 

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (+0.1%), and DJIA (-0.2%) continue to trade in a mixed, muted fashion as the market enters the final hour of the session. 

The energy sector (-0.6%) remains the only S&P 500 sector with a loss wider than 0.5%, trading lower as crude oil settled today's session $1.72 lower (-3.0%) at $56.68 per barrel, ending the week flat. 

[BRIEFING.COM] The major averages continue to trade in close proximity to their unchanged values. 

Coupang (CPNG 24.72, +1.92, +8.40%) is rallying today in a relief-type move after the company issued a more detailed update yesterday on its cybersecurity incident, helping narrow perceived downside from the headline risk. The company initially announced the matter in late November and then provided additional disclosure in a Dec. 16 8-K, noting it became aware of unauthorized access to customer accounts and activated its incident-response process.

Investors are treating the latest update as better-than-feared and a meaningful reduction in headline risk. The incident has been a notable overhang since CPNG's initial notice in late November, when it said it became aware on Nov. 18 and that unauthorized access may have begun as early as June via overseas servers. The new update helps narrow perceived downside by suggesting the perpetrator retained data from only a small subset of accounts relative to the 33 million accessed, while reiterating that sensitive information such as payment and log-in data was not compromised and that the data was not transferred to others.

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (+0.1%), and DJIA (-0.2%) sit mixed in close proximity to their flatlines. 

Gold settled today's session $45.90 higher (+1.0%) at $4,551.30/ozt, notching another record high in the process and boosting several mining names in the materials sector (+0.4%).

Silver also set a record high, settling today's session $5.33 higher (+7.4%) at $77.21/ozt. 

[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (flat), and DJIA (-0.2%) are little changed from previous levels.

The information technology sector (+0.4%) is back atop today's sector leaderboard as the PHLX Semiconductor Index (+0.3%) rises to its best level of the session. NVIDIA (NVDA 191.73, +3.12, +1.65%) remains a mega-cap standout, with Broadcom (AVGO 351.23, +1.01, +0.29%) also adding modest strength. 

Meanwhile, Micron (MU 285.14, -1.54, -0.54%) now trades lower after reaching a new all-time high earlier in the session. 

[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (flat), and DJIA (-0.2%) have ceded their opening gains amid relatively weak participation in the broader market, though the losses are modest and keep them close to their flatlines. 

The S&P 500 notched a fresh all-time high this morning, largely due to strength in the top-weighted information technology sector (+0.4%). NVDA has provided solid leadership following reports that the company executed a roughly $20 billion Christmas Eve strategic transaction with AI inference startup Groq, structured as a non-exclusive licensing agreement paired with a high-profile acqui-hire of Groq's founder, president, and senior engineering talent.

Currently, the materials sector (+0.4%) is the only other S&P 500 sector that trades higher. The sector is supported by gold reaching another all-time high level, sending Freeport-McMoRan (FCX 53.20, +1.28, +2.46%) and Newmont Corporation (NEM 105.74, +1.02, +0.97%) to fresh 52-week highs. 

Meanwhile, the other nine S&P 500 sectors move lower, though losses are modest in nature. Only the energy sector (-0.6%) holds a loss of 0.5% or wider as the price of oil slips $1.11 (-1.9%) to $57.24 per barrel. 

The Russell 2000 (-0.7%) and S&P Mid Cap 400 (-0.5%) hold losses wider than that of the major averages, with the smaller-cap indices now defending their modest week-to-date gains. While action has been muted and now has a slightly negative tilt in the broader market, the major averages still hold gains wider than 1.0% for the week.

[BRIEFING.COM] The major averages now sit in slightly negative territory as broader-market losses begin to outweigh strength in the information technology (+0.4%) and materials (+0.4%) sectors. 

The energy sector (-0.6%) now holds the widest loss as the price of oil decreases $1.16 (-2.0%) to $57.19 per barrel.

The eight other S&P 500 sectors that trade lower hold losses of 0.2% to 0.3%.  

[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (flat), and DJIA (-0.2%) are at session lows at midday, though "flat" is a more accurate description of their standings. 

Gold has reached another record high, currently trading up $71.40 (+1.6%) at $4,574.20 per ozt. The precious metal is now up over 70% year-to-date and almost 10% month-to-date. 

The materials sector (+0.4%) holds the second-widest month-to-date gain of 3.7%. Over that same time span, mining companies Freeport-McMoRan (FCX 53.39, +1.47, +2.83%) (+24.2% MTD) and Newmont Corporation (NEM 105.82, +1.09, +1.04%) (+16.5% MTD) have substantially outperformed the broader market. 

[BRIEFING.COM] The stock market is in the midst of another sleepy holiday-week session, with the S&P 500 (flat), Nasdaq Composite (flat), and DJIA (-0.1%) oscillating around their flatlines. 

A solid gain in the top-weighted information technology sector (+0.4%) gave the major averages a slight boost at the opening, with NVIDIA (NVDA 191.22, +2.61, +1.38%) leading the advance. 

The materials sector (+0.5%) also trades higher as metal prices continue to rise, but the broader market has turned lower since the open, with nine S&P 500 sectors now trading in negative territory.

The losses are modest and paced by the consumer discretionary sector (-0.5%). Tesla (TSLA 477.59, -7.81, -1.61%) is a laggard among mega-cap names, while cruise line stocks such as Royal Caribbean (RCL 285.52, -8.60, -2.93%) and Norwegian Cruise Line (NCLH 22.58, -0.58, -2.52%) face some profit-taking after outperforming over the past two weeks. 

Outside of the S&P 500, the Russell 2000 (-0.6%) and S&P Mid Cap 400 (-0.3%) are underperforming. 

[BRIEFING.COM] The S&P 500 (+0.1%), Nasdaq Composite (+0.1%), and DJIA (-0.1%) remain in close proximity to their flatlines amid another low-volume holiday session. 

Target (TGT 98.07, +1.54, +1.60%) holds a nice gain this morning. Financial Times reported that Toms Capital Investment Management has built a stake in the company. 

While the consumer staples sector (-0.1%) traded higher this morning, it now holds a modest loss, with alcoholic beverage companies such as Brown-Forman Corporation (BF-B 26.39, -0.50, -1.86%) and Constellation Brands (STZ 138.51, -1.98, -1.41%) among the laggards. 

[BRIEFING.COM] The major averages all sit flat after the first hour of the session. 

The information technology sector (+0.3%) remains higher, though mixed performances across mega-cap names put some pressure on other sectors. 

Tesla (TSLA 478.24, -7.16, -1.47%) is an early laggard, sending the consumer discretionary sector (-0.4%) to the bottom of the leaderboard. 

Meanwhile, the materials sector (+0.5%) takes the top spot on the leaderboard as metals prices continue to surge, sending Freeport-McMoRan (FCX 53.53, +1.61, +3.10%) higher. 

[BRIEFING.COM] The S&P 500 (+0.1%), Nasdaq Composite (+0.1%), and DJIA (flat) are mostly higher shortly after the open as the information technology sector (+0.4%) jumps out to a strong start against a flattish backdrop in the broader market. 

The technology sector is the only S&P 500 sector with a gain or loss wider than 0.2%, as action remains muted this holiday week. Still, the tech-led gains pushed the S&P 500 to another fresh record high. 

NVIDIA (NVDA 191.83, +3.22, +1.71%) leads the advance, boosted by being one of very few companies with a news headline this morning. The company executed a roughly $20 billion Christmas Eve strategic transaction with AI inference startup Groq, structured as a non-exclusive licensing agreement paired with a high-profile acqui-hire of Groq's founder, president, and senior engineering talent.

The stock market is on track for another quiet opening this morning, a day after the Christmas holiday. 

The market will see a full day of action, though it is expected to be another quiet, low-volume session. Still, the S&P 500 sits at record highs keeping the broader tone constructive even as activity remains muted.

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

Equity indices in the Asia-Pacific region had a mixed showing on Friday while markets in Australia, New Zealand, and Hong Kong were closed for Christmas/Boxing Day. Samsung and SK Hynix climbed amid reports that they will be ready to mass produce HBM4 memory in February. Japan's 2-yr yield hit its highest level since 1996 even though Tokyo Core CPI decelerated to 2.3% yr/yr in December from 2.8% in November. Japan's cabinet confirmed a record FY26 budget of JPY122.3 trln. State-owned banks in China are reportedly actively purchasing dollars in the spot market.

• In economic data:
  • Japan's November Housing Starts -8.5% yr/yr (expected 0.2%; last 3.2%) and Construction Orders 9.5% yr/yr (last -10.1%). November Industrial Production -2.6% m/m (expected -1.9%; last 1.5%) and November Retail Sales 1.0% yr/yr (expected 0.9%; last 1.7%). November Unemployment Rate 2.6%, as expected (last 2.6%). December Tokyo CPI 2.0% yr/yr (last 2.7%) and Tokyo Core CPI 2.3% yr/yr (expected 2.5%; last 2.8%)
  • Singapore's November Industrial Production -10.2% m/m (last 11.2%); 14.3% yr/yr (expected 14.2%; last 28.9%)

---Equity Markets---

• Japan's Nikkei: +0.7% (+2.5% for the week)
• Hong Kong's Hang Seng: CLOSED (+0.5% for the week)
• China's Shanghai Composite: +0.1% (+1.9% for the week)
• India's Sensex: -0.4% (+0.1% for the week)
• South Korea's Kospi: +0.5% (+2.7% for the week)
• Australia's ASX All Ordinaries: CLOSED

Major European indices remain closed for Boxing Day. Ukraine's President Zelensky is expected to visit Florida in the coming days to discuss the proposed peace plan.

• No data today

---Equity Markets---

• STOXX Europe 600: CLOSED (+0.2% this week)
• Germany's DAX: CLOSED (+0.2% this week)
• U.K.'s FTSE 100: CLOSED (-0.3% this week)
• France's CAC 40: CLOSED (-0.6% this week)
• Italy's FTSE MIB: CLOSED (-0.3% this week)
• Spain's IBEX 35: CLOSED (UNCH this week)

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

Advanced Micro Devices (AMD 216.15, +1.11, +0.5%) secured a major Alibaba (BABA 150.26, +0.20, +0.1%) chip order to compete with Nvidia (NVDA 190.13, +1.52, +0.8%), according to Digitimes.

Equity futures point to a flattish opening this morning as the market returns from yesterday's Christmas holiday. 

The major averages come into today's session with week-to-date gains wider than 1.0% following several quiet days of broad strength earlier this week. Newsflow has been light and volume has been low, but the general upward trend and some restored optimism around the AI trade saw the S&P 500 notch record highs in Wednesday's session, while the DJIA notched a closing high of its own. 

Today's session could pass in a similarly quiet fashion, as there are no economic data releases or earnings reports on the schedule today. 

On the geopolitical front, the U.S. is gathering more manpower and weaponry to seize another oil tanker linked to Iran and Venezuela, according to The Wall Street Journal. 

In corporate news:

• China imposes sanctions on U.S. defense companies following President Trump's decision to sell weapons to Taiwan, according to Reuters. 
• NVIDIA (NVDA 189.62, +1.01, +0.5%) has struck a licensing agreement with AI startup Groq, according to Bloomberg. 
• Warner Brothers (WBD 28.85, -0.38, -1.3%) wants Paramount (PSKY 13.74, +0.00, +0.0%) to increase its hostile offer, according to The New York Post. 

Reviewing overnight developments:

Equity indices in the Asia-Pacific region had a mixed showing on Friday while markets in Australia, New Zealand, and Hong Kong were closed for Christmas/Boxing Day. Japan's Nikkei: +0.7%, Hong Kong's Hang Seng: CLOSED, China's Shanghai Composite: +0.1%, India's Sensex: -0.4%, South Korea's Kospi: +0.5%, Australia's ASX All Ordinaries: CLOSED.

In news:

• Samsung and SK Hynix climbed amid reports that they will be ready to mass produce HBM4 memory in February.
• Japan's 2-yr yield hit its highest level since 1996 even though Tokyo Core CPI decelerated to 2.3% yr/yr in December from 2.8% in November.
• Japan's cabinet confirmed a record FY26 budget of JPY122.3 trillion.
• State-owned banks in China are reportedly actively purchasing dollars in the spot market.

In economic data:

• Japan's November Housing Starts -8.5% yr/yr (expected 0.2%; last 3.2%) and Construction Orders 9.5% yr/yr (last -10.1%). November Industrial Production -2.6% m/m (expected -1.9%; last 1.5%) and November Retail Sales 1.0% yr/yr (expected 0.9%; last 1.7%). November Unemployment Rate 2.6%, as expected (last 2.6%). December Tokyo CPI 2.0% yr/yr (last 2.7%) and Tokyo Core CPI 2.3% yr/yr (expected 2.5%; last 2.8%)
• Singapore's November Industrial Production -10.2% m/m (last 11.2%); 14.3% yr/yr (expected 14.2%; last 28.9%)

Major European indices remain closed for Boxing Day.

In news:

• Ukraine's President Zelensky is expected to visit Florida in the coming days to discuss the proposed peace plan.

There are no economic data releases of note today.