[BRIEFING.COM] The S&P 500 (-0.42%) is in "first" place on Monday afternoon, down just 29 points as more aggressive losses are being had elsewhere.

Briefly, S&P 500 constituents Albemarle (ALB 145.00, -5.01, -3.34%), AppLovin (APP 692.89, -21.34, -2.99%), and Best Buy (BBY 67.69, -1.92, -2.76%) dot the bottom of the average despite a dearth of corporate news.

Meanwhile, eBay (EBAY 87.24, +2.03, -2.38%) is near the top of the standings at a six-week high and rising above the 50-day moving average (85.58).

[BRIEFING.COM] The tech-heavy Nasdaq Composite (-0.67%) is in last place on Monday afternoon, down more than 157 points.

Gold futures settled $205.20 lower (-4.5%) at $4,347.50/oz, as heavy year-end profit-taking, thin holiday liquidity, and CME margin hikes triggered technical selling and forced liquidations following a historic 2025 rally. The pullback was compounded by reduced safe-haven demand amid tentative geopolitical optimism and ahead of key Fed signals.

Meanwhile, the U.S. Dollar Index is now +0.1% higher to $98.12.

[BRIEFING.COM] The Dow Jones Industrial Average (-0.45%) is in second place on Monday afternoon, down 218 points.

A look inside the DJIA shows that NVIDIA (NVDA 187.45, -3.08, -1.62%), Home Depot (HD 345.93, -3.85, -1.10%), and Goldman Sachs (GS 896.19, -10.85, -1.20%) are underperforming.

Meanwhile, Chevron (CVX 150.92, +0.90, +0.60%) is today's top gain getter.

The DJIA +1.63% higher month-to-date.

[BRIEFING.COM] Stocks have pulled back to start the final week of 2025, with the S&P 500 (-0.5%), Nasdaq Composite (-0.7%), and DJIA (-0.6%) a touch above session lows early in the afternoon. 

While the S&P 500 notched record highs last week on relatively light volume and little news flow, the major averages are under pressure as most of the market's largest names face some profit-taking today. 

NVIDIA (NVDA 187.02, -3.50, -1.84%), Broadcom (AVGO 348.50, -3.63, -1.03%), and Oracle (ORCL 194.78, -3.21, -1.62%) are among the AI plays that contribute to weakness in the information technology sector (-0.8%). Relative weakness across chipmakers seats the PHLX Semiconductor Index (-0.9%) with a similar loss. 

Tesla (TSLA 466.15, -9.04, -1.90%) is another mega-cap laggard, providing weak leadership for the consumer discretionary sector (-0.9%), which faces losses in the majority of its components. 

The Vanguard Mega Cap Growth ETF is down 0.8%, which mirrors losses across the major averages. 

Elsewhere, the materials sector (-1.1%) holds the widest loss as metal prices retreat from record highs. Precious metals miner Newmont Corporation (NEM 99.85, -5.93, -5.61%), which has outperformed amid the recent metals rally, is the worst-performing S&P 500 name today. 

Meanwhile, the energy sector (+1.0%) is supported by a $1.27 (+2.2%) increase in the price of oil to $58.01 per barrel. 

The utilities sector (+0.6%) is the only other S&P 500 sector to hold a gain wider than 0.1%, rising as investors look for more defensive positions amid the tech selloff. 

While there has been a dearth of corporate news, several geopolitical headlines have contributed to a backdrop of uncertainty. Notably, Bloomberg reported that China has begun conducting military exercises off the coast of Taiwan. 

Additionally, talks of a potential negotiation to end the war in Ukraine seemed to be gaining steam over the weekend. White House Press Secretary Karoline Leavitt said via X that "President Trump has concluded a positive call with President Putin concerning Ukraine." However, the situation remains touchy, as USA Today reported shortly after that Russia claims Ukraine attempted to strike Russian President Vladimir Putin's residence, with Ukraine denying the claims. 

Reviewing today's data:

• November Pending Home Sales 3.3% (Briefing.com consensus 0.9%); Prior was revised to 2.4% from 1.9%

[BRIEFING.COM] The S&P 500 (-0.6%), Nasdaq Composite (-0.8%), and DJIA (-0.6%) steadily move lower, charting new session lows just after midday. 

Sector strength has declined, leaving just the energy (+1.0%) and utilities (+0.5%) sectors in positive territory. 

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

Precious metals producer Newmont Corporation (NEM 100.70, -5.08, -4.80%) is the worst-performing S&P 500 name today as gold and silver pull back from record highs. Silver hit a fresh record high (82.67) before reversing to trade down $5.03, or 6.5%, at $72.08/ozt, while gold is down $189.10, or 4.2%, at $4362.40/ozt.

Even with today's losses, Newmont Corporation is still up 11% month-to-date and 170% this year amid a strong year for precious metals. 

[BRIEFING.COM] The stock market has taken a step back from the record-high levels of last week, with the S&P 500 (-0.5%), Nasdaq Composite (-0.7%), and DJIA (-0.5%) holding similar losses just before midday. Weakness in the market is relatively broad-based, and the Russell 2000 (-0.7%) and S&P Mid Cap 400 (-0.7%) hold losses comparable to that of their larger-cap counterparts. 

Mega-cap tech names are mostly lower, which is pushing the information technology (-0.8%) and consumer discretionary (-0.8%) sectors lower, though both sectors face losses in a majority of their components. The Vanguard Mega Cap Growth ETF is down 0.7%.

The materials sector (-1.1%) holds the widest loss as metal prices retreat from record-high levels, while the energy sector (+1.1%) is supported by a $1.48 (+1.4%) increase in the price of oil to $58.22 per barrel. 

Meanwhile, the defensive utilities (+0.7%) and consumer staples (+0.1%) trade modestly higher amid the tech sell-off. 

Volume is once again lighter than average amid another relatively uneventful near-the-end-of-year session. There are, however, a few notable geopolitical headlines this morning, with Bloomberg reporting that China is conducting military exercises around Taiwan. 

Additionally, White House Press Secretary Karoline Leavitt said via X that "President Trump has concluded a positive call with President Putin concerning Ukraine."

[BRIEFING.COM] The major averages continue to trade in a narrow range with modest losses. 

Corporate news flow is once again light given the holiday-abbreviated week. Softbank (SFTBY 57.08, +0.32, +0.56%) is modestly higher today after entering into a definitive agreement to acquire DigitalBridge (DBRG 15.28, +1.36, +9.73%) for a total enterprise value of approximately $4.0 billion. Under the terms of the agreement, SoftBank Group will indirectly acquire all the outstanding common stock of DigitalBridge for $16.00 per share in cash.

[BRIEFING.COM] The S&P 500 (-0.3%), Nasdaq Composite (-0.5%), and DJIA (-0.4%) are little changed from their opening losses amid another quiet session. 

The major averages face pressure in tech names against a backdrop that skews negative in the broader market. Decliners outpace advancers by a roughly 3-to-2 margin on the NYSE and a roughly 9-to-4 clip on the Nasdaq. 

Cruise lines, such as Norwegian Cruise Line (NCLH 22.28, -0.52, -2.30%) and Royal Caribbean (RCL 280.83, -4.84, -1.69%), face a continuation of Friday's pressure. Stocks across the industry rose sharply two weeks ago after Carnival (CCL 30.40, -0.30, -0.96%) posted an impressive earnings report. 

[BRIEFING.COM] The stock market opened to some profit-taking off of last week's record highs, sending the S&P 500 (-0.4%), Nasdaq Composite (-0.5%), and DJIA (-0.3%) lower this morning. 

Losses across several of the market's largest chipmaker names, including NVIDIA (NVDA 186.61, -3.92, -2.06%) and Broadcom (AVGO 347.15, -4.98, -1.41%), put pressure on the top-weighted information technology sector (-0.7%) and the PHLX Semiconductor Index (-1.1%). 

Tesla (TSLA 462.92, -12.27, -2.58%) is another mega-cap laggard, pushing the consumer discretionary sector (-0.7%) to a similar loss. 

The materials sector (-1.1%) holds the widest loss of the six S&P 500 sectors in negative territory. Metal prices, which surged to record levels last week, are dipping today, putting pressure on mining names such as Newmont Corporation (NEM 99.32, -6.46, -6.11%) and Freeport-McMoRan (FCX 51.51, -1.52, -2.88%). 

Meanwhile, the energy sector (+0.6%) holds a nice gain as the price of oil increases $1.37 (+2.4%) to $58.11 per barrel, while the defensive utilities (+0.5%), consumer staples (+0.2%), and health care (+0.1%) sectors are also modestly higher. 

Just released, pending home sales increased 3.3% in November (Briefing.com consensus 0.5%), from an upwardly revised 2.4% increase in October (from 1.9%). 

The stock market is on track for a lower opening to start the final trading week of 2025. 

Mega-cap tech is seeing some profit-taking this morning against a quiet news backdrop. Last week's action saw the S&P 500 notch record highs, with the DJIA capturing a record closing high of its own.

The S&P 500 futures currently trade 26 points below fair value.

Equity indices in the Asia-Pacific region had a mixed start to the final week of 2025 with South Korea's Kospi (+2.2%) settling just below its record high from November. The Bank of Japan released its summary of opinions from the December meeting, with some policymakers believing that steady rate hikes are needed to avoid falling behind the curve. JGBs faced pressure across the board with the front end hitting fresh lows for the year. China announced that military drills will be held near Taiwan tomorrow.

• In economic data:
  • China's November Industrial Profit 0.1% YTD (last 1.9%)
  • Hong Kong's November trade deficit HKD48.5 bln (last deficit of HKD39.9 bln). November Imports 18.1% m/m (last 18.3%) and Exports 18.8% m/m (last 17.5%)
  • India's November Industrial Production 6.7% yr/yr (expected 2.5%; last 0.5%) and Manufacturing Output 8.0% m/m (last 2.0%)

---Equity Markets---

• Japan's Nikkei: -0.4%
• Hong Kong's Hang Seng: -0.7%
• China's Shanghai Composite: UNCH
• India's Sensex: -0.4%
• South Korea's Kospi: +2.2%
• Australia's ASX All Ordinaries: -0.4%

Major European indices trade near their flat lines after returning from last week's Christmas closures. Military contractors are under pressure amid growing hopes that a Russia-Ukraine peace deal could be finalized in the coming weeks. Ukraine's President Zelensky visited the U.S. over the weekend and asked that the U.S. guarantee Ukraine's security for 50 years as part of a potential peace plan.

• In economic data:
  • France's November jobseeker total 3.129 mln (last 3.151 mln)

---Equity Markets---

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

The S&P 500 futures currently trade 18 points below fair value. 

Mega-cap tech names are mostly lower in the premarket, pressuring equity futures an hour before the open. All of the "magnificent seven" names are lower, with NVIDIA (NVDA 188.31, -2.22, -1.2%) and Tesla (TSLA 469.07, -6.12, -1.3%) among the laggards. 

Equity futures point to a lower opening this morning following a solid Christmas holiday week for the stock market. Though volume and flow were both lighter than average, the major averages all captured gains over 1.0% for the week, with the S&P notching fresh record highs. 

This week's action will also be holiday abbreviated, as the market will close on Thursday for the New Year's Day holiday. 

Headlines are relatively slim this morning, though there are a few geopolitical developments that are stirring some tension. NBC News reports that President Trump and Ukrainian President Volodymyr Zelenskyy met and indicated they are close to a deal to end Russia's war with Ukraine. However, President Trump acknowledged there are "one or two very thorny issues" that remain unresolved.

Additionally, Bloomberg reports that China has begun conducting some military exercises around Taiwan. 

Market participants will receive November pending home sales data at 10:00 a.m. ET. 

In corporate news:

• Alphabet's (GOOG 313.15, -1.81, -0.6%) Waymo outages are raising questions, according to Reuters. 
• Novo Nordisk A/S (NOVO 51.58, -0.82, -1.6%) lowers the price of Wegovy in some Chinese provinces by 50%, according to Bloomberg. 
• SoftBank (SFTBY 56.76, +1.61, +0.9%) is in advanced discussions to acquire DigitalBridge Group (DBRG 17.85, +3.93, +28.2%), according to Bloomberg. 

Reviewing overnight developments:

Equity indices in the Asia-Pacific region had a mixed start to the final week of 2025 with South Korea's Kospi (+2.2%) settling just below its record high from November. Japan's Nikkei: -0.4%, Hong Kong's Hang Seng: -0.7%, China's Shanghai Composite: UNCH, India's Sensex: -0.4%, South Korea's Kospi: +2.2%, Australia's ASX All Ordinaries: -0.4%.

In news:

• The Bank of Japan released its summary of opinions from the December meeting, with some policymakers believing that steady rate hikes are needed to avoid falling behind the curve.
• JGBs faced pressure across the board with the front end hitting fresh lows for the year.
• China announced that military drills will be held near Taiwan tomorrow.

In economic data:

• China's November Industrial Profit 0.1% YTD (last 1.9%)
• Hong Kong's November trade deficit HKD48.5 bln (last deficit of HKD39.9 bln). November Imports 18.1% m/m (last 18.3%) and Exports 18.8% m/m (last 17.5%)
• India's November Industrial Production 6.7% yr/yr (expected 2.5%; last 0.5%) and Manufacturing Output 8.0% m/m (last 2.0%)

Major European indices trade near their flat lines after returning from last week's Christmas closures. STOXX Europe 600: +0.1%, Germany's DAX: -0.1%, U.K.'s FTSE 100: flat, France's CAC 40: +0.1%, Italy's FTSE MIB: -0.2%, Spain's IBEX 35: flat.

In news:

• Military contractors are under pressure amid growing hopes that a Russia-Ukraine peace deal could be finalized in the coming weeks.
• Ukraine's President Zelensky visited the U.S. over the weekend and asked that the U.S. guarantee Ukraine's security for 50 years as part of a potential peace plan.

In economic data:

• France's November jobseeker total 3.129 mln (last 3.151 mln)

[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