[BRIEFING.COM] The S&P 500 (+0.16%) is in second place on Thursday afternoon, up about 11 points.

Briefly, S&P 500 constituents Royal Caribbean (RCL 278.72, +18.34, +7.04%), Mosaic (MOS 25.29, +1.54, +6.48%), and TKO Group Holdings (TKO 205.27, +8.33, +4.23%) dot the top of the standings. RCL and cruise peers rally as a Bernstein analyst said their tracker showed cruise pricing stabilizing, Q4 guidance on track, and a $2 bln buyback boosting investor confidence, MOS hits three-week highs as geopolitical supply disruption provides a lift, while TKO announced a multi-year Ram partnership across WWE, UFC, and PBR boosts revenue visibility, showcases TKO's brand-monetization power, and strengthens fan engagement across its properties.

Meanwhile, The Trade Desk (TTD 37.19, -2.03, -5.18%) is underperforming; we're seeing a target cut to $40 (from $50) at Jefferies citing margin pressures and AI disintermediation risks.

[BRIEFING.COM] The tech-heavy Nasdaq Composite (-0.50%) is in last place on Thursday afternoon, albeit decently off morning lows of -1.46%.

Gold futures settled $88.30 higher (+2.0%) at $4,313/oz, as a softer dollar and renewed expectations for Fed rate cuts boosted demand for non-yielding assets. A dovish tone from policymakers and lingering macro uncertainty also fueled safe-haven buying across precious metals.

Meanwhile, the U.S. Dollar Index is down -0.4% to $98.23.

[BRIEFING.COM] The Dow Jones Industrial Average (+1.28%) is firmly atop the averages this afternoon, up more than 613 points.

A look inside the DJIA shows that Visa (V 342.37, +16.64, +5.11%), UnitedHealth (UNH 339.08, +10.71, +3.26%), and Home Depot (HD 359.82, +8.69, +2.47%) are some of today's top gain getters.

Meanwhile, NVIDIA (NVDA 179.47, -4.31, -2.35%) is underperforming.

The DJIA is now +2.00% higher month-to-date.

Elsewhere, U.S. Treasuries hover above their opening levels, but a bit below their morning highs after nestling into a sideways range over the past few hours. Treasuries have held their ground in immediate reaction to the just completed $22 bln 30-yr bond reopening, which met solid demand. The sale drew a high yield of 4.773%, which stopped through the when-issued yield by a tenth of a basis point. The bid-to-cover ratio (2.36x) was just a touch below average (2.37x) while indirect takedown (65.4%) was just above average (63.5%).

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (-0.6%), and DJIA (+1.3%) sit mixed near session highs as considerable weakness in mega-cap and tech names limits growth despite solid gains across the broader market. 

The FOMC's delivery of a rate cut at yesterday's meeting, along with upwardly revised economic growth projections and generally more dovish than expected commentary, painted a supportive backdrop for stocks that pushed the major averages close to their record highs yesterday afternoon. 

Oracle (ORCL 195.40, -27.61, -12.38%) has somewhat crashed that party after a disappointing earnings report that featured a miss on revenues and free cash flow that came in below expectations. The stock has slipped below its 200-day moving average (212.78) and ignited a fresh wave of valuation concerns across the AI trade, sending a number of mega-cap stocks lower. 

NVIDIA (NVDA 179.07, -4.71, -2.57%) is a notable laggard, contributing to the information technology sector's 1.1% loss, which is roughly half that of its worst levels of the session. 

The PHLX Semiconductor Index (-1.7%) is also off of its session lows, though less improved than the broader technology sector. Chipmakers and the broader AI trade will face another test after the close today as Broadcom (AVGO 404.13, -8.84, -2.14%) is set to report its earnings. 

Elsewhere, only the communication services sector (-0.6%) remains firmly below its baseline, with its loss also a product of mega-cap weakness. Alphabet (GOOG 316.40, -4.60, -1.43%) trades lower, contributing to a 0.5% loss in the Vanguard Mega Cap Growth ETF. 

The sector also houses a standout Dow Component, Walt Disney (DIS 110.26, +1.43, +1.31%), which trades higher after announcing a licensing deal and $1 billion investment in OpenAI. The DJIA has notched a record high in the first half of today's action, supported by a range of solid individual performances. 

Visa (V 341.76, +16.03, +4.92%) is the top mover in a climbing financials sector (+1.6%) after Bank of America Securities upgraded the stock to Buy from Neutral. 

Cyclical sectors continue to outperform after positive developments from yesterday's FOMC meeting provided a nice spark. Additionally, some rotation out of tech names contributes to strength in both cyclical and defensive sectors. 

The materials sector (+2.1%) holds the widest gain across the eight S&P 500 sectors in positive territory, with Mosaic (MOS 25.65, +1.90, +8.00%) the top-performing S&P 500 name.

Meanwhile, the health care sector (+1.1%) is a standout across the defensive sectors. Managed care names such as Centene (CNC 41.13, +2.46, +6.36%) and Molina Healthcare (MOH 169.51, +8.99, +5.60%) are outperforming amid news that a Republican-backed healthcare plan to redirect Affordable Care Act subsidies from insurance companies to Americans has failed by a Senate vote of 51-48. 

Eli Lilly (LLY 1020.61, +26.97, +2.71%) also holds a solid gain after announcing positive topline results from its Phase 3 TRIUMPH-4 clinical trial evaluating retatrutide, its investigational "triple G" agonist.

Outside of the S&P 500, the Russell 2000 (+1.1%) and S&P Mid Cap 400 (+0.9%) continue their stretch of outperformance over the past two weeks as smaller-cap stocks react positively to the promise of friendlier monetary policy conditions.

Reviewing today's data:

• Weekly Initial Claims 236K; Prior was revised to 192K from 191K, Weekly Continuing Claims 1.838 mln; Prior was revised to 1.937 mln from 1.939 mln
  • The key takeaway from the report is that, on balance, it doesn't point to a material weakening in the labor market.
• September Trade Balance -$52.8 bln (Briefing.com consensus -$61.7 bln); Prior was revised to -$59.3 bln from -$59.6 bln
  • The key takeaway from the report is that the narrower deficit was the byproduct of exports being $8.4 billion more than August exports and imports being $1.9 billion more than August imports.
• September Wholesale Inventories 0.5% (Briefing.com consensus -0.2%); Prior -0.1%

[BRIEFING.COM] The S&P 500 has managed to rise to its unchanged level, moving higher amid improvements to the information technology sector (-1.3%). The Nasdaq Composite (-0.6%) remains lower, though it has also significantly improved from session lows, while the DJIA (+1.3%) maintains its early gain. 

While reaction to Oracle's (ORCL 192.73, -30.28, -13.58%) earnings report has certainly been one of the most market-moving events today, a handful of other companies have seen more modest moves in response to earnings reports of their own. 

Ciena (CIEN 234.46, +12.61, +5.68%) and Adobe (ADBE 347.42, +4.29, +1.25%) both trade higher after beating top-and-bottom line estimates and issuing upside guidance.

Synopsys (SNPS 471.38, -4.45, -0.94%) trades lower after beating EPS expectations, reporting revenues in-line, and issuing Q1 and FY26 guidance that anticipates much of the same. Bank of America Securities upgraded the stock to Buy from Neutral.

[BRIEFING.COM] The S&P 500 (-0.3%), Nasdaq Composite (-0.9%), and DJIA (+1.2%) sit a touch off of session highs at midday. 

The health care sector (+1.1%) is among the top-performing S&P 500 sectors today, moving into positive territory for the week after what has been a rough start to December. 

The sector's largest component, Eli Lilly (LLY 1016.62, +22.98, +2.31%), is trading higher after reporting positive topline results from its Phase 3 TRIUMPH-4 trial of retatrutide, which delivered unprecedented weight-loss efficacy.

Elsewhere in the sector, managed care names such as Centene (CNC 40.84, +2.17, +5.61%), Humana (HUM 268.12, +11.46, +4.47%), and Molina Healthcare (MOH 167.06, +6.54, +4.08%) trade sharply higher. 

[BRIEFING.COM] The major averages are mixed just before midday as Oracle's (ORCL 192.33, -30.68, -13.76%) post-earnings slide weighs heavily on tech and mega-cap names while the broader market is still largely enthused by the results of yesterday's FOMC meeting. 

Weakness in tech sends the S&P 500 (-0.4%) and Nasdaq Composite (-1.2%) lower, while the DJIA (+0.9%) has notched an all-time intraday high. 

Notable movers in the DJIA include Visa (V 339.49, +13.76, +4.22%), which received an upgrade to Buy from neutral at Bank of America Securities; Home Depot (HD 360.90, +9.78, +2.78%), which continues to shine after reaffirming its FY outlook; and Walt Disney (DIS 110.26, +1.43, +1.31%), which announced a licensing deal and $1 billion investment in OpenAI. 

NVIDIA (NVDA 177.30, -6.48, -3.53%) is certainly another notable mover, though it is on a downward path. The AI trade has hit a bump in the road after Oracle disappointed with a revenue miss and free cash flow that came in below expectations. 

The top-weighted information technology sector is down 1.8%, the PHLX Semiconductor Index is down 2.6%, and the Vanguard Mega Cap Growth ETF is down 1.1%.

Still, seven S&P 500 sectors trade higher, preventing the major averages from trading lower across the board. Cyclical sectors such as the materials (+2.1%) and financials (+1.3%) sectors are among the outperformers as the market reacts to the Fed's projections of economic growth over the next year, while the defensive health care (+1.2%), consumer staples (+0.8%), and utilities (+0.6%) sectors also see some rotational interest. 

Outside of the S&P 500, the Russell 2000 (+0.5%) and S&P Mid Cap 400 (+0.7%) continue their stretch of outperformance over the past two weeks as smaller-cap stocks react positively to the promise of friendlier monetary policy conditions. 

[BRIEFING.COM] The DJIA (+1.0%) has notched an all-time intraday high as the broader market relishes in reaction to the rate cut and optimistic outlook provided at yesterday's FOMC meeting. Meanwhile, weakness in AI and mega-cap names keeps the S&P 500 (-0.3%) and Nasdaq Composite (-0.9%) firmly lower. 

Oracle (ORCL 193.90, -29.11, -13.05%) is the worst-performing S&P 500 name today following its Q2 (Nov) report, despite posting big EPS upside and its strongest revenue growth in 10 quarters. Revenue rose 14.2% year-over-year to $16.06 billion but still fell short of analyst expectations, weighing on sentiment. More concerningly, the company reported free cash flow (FCF) of $(10) billion, below street estimates, which raised alarms about Oracle's ability to manage its sizable debt load.

Meanwhile, Robinhood Markets (HOOD 125.52, -10.14, -7.47%) is also one of today's worst-performing names, as the stock has been particularly sensitive to dips in Bitcoin, which is down nearly 2.5% today, slipping past the $90,000 mark. Coinbase Global (COIN 264.66, -10.43, -3.79%) is another notable laggard in the otherwise strong financials sector (+1.2%). 

[BRIEFING.COM] The Nasdaq Composite (-0.8%) and S&P 500 (-0.3%) have rebounded slightly from early session lows, while the DJIA (+0.7%) continues to outperform. 

Walt Disney (DIS 110.53, +1.70, +1.56%) is one of the names pushing the DJIA higher after news that the company reached an agreement with OpenAI to bring characters from across Disney's brands to OpenAI's short-form generative AI video platform, Sora. 

Alongside the licensing agreement, Disney will become a major customer of OpenAI, using its APIs to build new products, tools, and experiences, including for Disney+, and deploying ChatGPT for its employees. As part of the agreement, Disney will make a $1 billion equity investment in OpenAI and receive warrants to purchase additional equity.

[BRIEFING.COM] The S&P 500 (-0.7%), Nasdaq Composite (-1.4%), and DJIA (+0.4%) are mixed this morning as weakness in tech names following a revenue miss from Oracle (ORCL 192.32, -30.97, -13.87%) weighs against relative strength in the broader market following yesterday's FOMC meeting. 

The information technology sector's early loss (-2.3%) now seats it in negative territory for the week. NVIDIA (NVDA 177.35, -6.43, -3.50%), Apple (AAPL 274.80, -3.98, -1.43%), and Broadcom (AVGO 397.63, -15.34, -3.71%), which reports its earnings after the close, are among the mega-cap names moving lower as Oracle's disappointing earnings report reignites concerns about the state of the AI trade. 

Alphabet (GOOG 315.90, -5.10, -1.59%) contributes to the early mega-cap weakness, keeping the communication services sector (-0.7%) seated with a loss. The Vanguard Mega Cap Growth ETF is down 1.3% in the early going. 

Meanwhile, the broader market is mostly higher, with seven S&P 500 sectors holding early gains. Several cyclical sectors, such as the materials (+1.4%) and financials (+0.9%) sectors, are outperforming as investors rotate into areas that typically benefit from a more supportive policy backdrop following the FOMC's rate cut yesterday.

Dow Component Visa (V 335.44, +9.71, +2.98%) is an early standout after the stock was upgraded to Buy from Neutral at Bank of America Securities, with a target price of $382.

The defensive health care (+0.6%), utilities (+0.5%), and consumer staples (+0.4%) are also off to solid starts amid weakness in tech names. 

Just released, wholesale inventories increased 0.5% in September (Briefing.com consensus -0.2%) from a prior decrease of 0.1%.

The stock market is on track for a mostly lower opening this morning as Oracle (ORCL 193.42, -29.49, -13.3%) continues to slide following a miss on revenues, prompting concerns around the state of the AI trade and dragging mega-cap and tech names lower. Futures tied to the S&P 500 and Nasdaq Composite are both down around 0.5% below fair value, which is a significant improvement from earlier levels. 

The September trade deficit narrowed to $52.8 billion (Briefing.com consensus: -$61.7 billion) from an upwardly revised $59.3 billion (from -$59.6 billion) in August.

The key takeaway from the report is that the narrower deficit was the byproduct of exports being $8.4 billion more than August exports and imports being $1.9 billion more than August imports.

Initial jobless claims for the week ending December 6 increased by 44,000 to 236,000. Poor seasonal adjustment factors have attracted blame for the big week-over-week jump in initial claims from the Thanksgiving week. Continuing jobless claims for the week ending November 29 decreased by 99,000 to 1.838 million, which is the lowest since April 2025.

The key takeaway from the report is that, on balance, it doesn't point to a material weakening in the labor market.

The S&P 500 futures currently trade 25 points below fair value. 

Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note. Australia's employment decreased unexpectedly in November, but the Unemployment Rate remained at 4.3% as the Participation rate fell to 66.7% from 66.9%. Japan sold 20-yr JGBs to solid demand. The Japanese government plans to offer corporate tax credits on some investments and lower the threshold for the income tax on the wealthiest individuals. South Korea's exports were up 17.3% yr/yr through the first ten days of December with chip shipments jumping 45.9%. The Hong Kong Monetary Authority followed yesterday's rate cut from the FOMC with its own 25-basis point reduction to 4.00%.

• In economic data:
  • Japan's Q4 BSI Large Manufacturing Conditions 4.7 (expected 4.1; last 3.8)
  • Australia's November Employment Change -21,300 (expected 20,000; last 41,100) and full employment change -56,500 (last 55,300). November Unemployment Rate 4.3% (expected 4.4%; last 4.3%) and Participation Rate 66.7% (expected 67.0%; last 66.9%)
  • New Zealand's Q3 Manufacturing Sales Volume 1.1% qtr/qtr (last -2.8%)
  • Singapore's Q3 Unemployment Rate 2.0%, as expected (last 2.0%)

---Equity Markets---

• Japan's Nikkei: -0.9%
• Hong Kong's Hang Seng: UNCH
• China's Shanghai Composite: -0.7%
• India's Sensex: +0.5%
• South Korea's Kospi: -0.6% 
• Australia's ASX All Ordinaries: +0.1%

Major European indices trade in the green. Volkswagen is expected to decide today how to spend its five-year EUR160 bln investment budget. German Chancellor Merz is reportedly trying to organize a meeting on Ukraine sometime next week. The Swiss National Bank left its policy rate at 0.00%, as expected. The central bank did not rule out cutting rates into negative territory if needed.

• In economic data:
  • Italy's Q3 Unemployment Rate 6.1% (expected 6.3%; last 6.3%)

---Equity Markets---

• STOXX Europe 600: +0.4%
• Germany's DAX: +0.4%
• U.K.'s FTSE 100: +0.1%
• France's CAC 40: +0.6%
• Italy's FTSE MIB: +0.6%
• Spain's IBEX 35: +0.9%

The S&P 500 futures currently trade 25 points below fair value. 

Just released, initial jobless claims for the week ending December 6 increased by 44,000 to 236,000 from last week's revised level of 192,000 (from 191,000).

Continuing jobless claims for the week ending November 29 decreased by 99,000 to 1.838 million from last week's revised level of 1.937 million (from 1.939 million).

The trade deficit was $52.8 billion in September (Briefing.com consensus: -$61.7 billion) versus an upwardly revised $59.3 billion (from $59.6 billion) in August.

Equity futures point to a mostly lower open this morning as a revenue miss from Oracle (ORCL 195.54, 27.52, -12.3%) puts pressure on other AI names this morning. 

The stock market is coming off its strongest session of the week, with the major averages posting broad-based gains after stocks rallied on the FOMC's 25-basis-point rate cut. Even more important to the advance, Fed Chair Jerome Powell's commentary during the press conference portion of the meeting struck a more dovish tone than what the market expected. 

The major averages now sit well within striking distance of their record high levels, though weakness in tech names this morning makes an opening push to these levels a much harder task than what it appeared yesterday afternoon. 

In Washington, NBC News reports that the Senate will vote on a Democratic plan to extend Affordable Care Act subsidies today, while Republicans will vote on another healthcare plan. Both bills are likely to fail, which means the subsidies will expire. 

Investors have a handful of earnings releases to evaluate alongside Oracle's, along with a couple of economic data releases to look forward to this morning. The market will receive initial jobless claims data and the trade balance for September at 8:30 a.m. ET. 

In corporate news: 

• Taiwan is investigating leaks of chip technology, according to Financial Times.
• Adobe (ADBE 341.43, -1.70, -0.5%) beat EPS expectations by $0.10, beat revenue expectations, guided Q1 EPS above consensus with revenues above consensus, and guided FY26 EPS in-line, with revenues above consensus.
• Eli Lilly (LLY 997.00, +3.36, +0.3%) announced positive topline results for the GLP-1 retatruide.
• Oracle (ORCL 195.54, 27.52, -12.3%) beat EPS expectations by $0.62 but missed revenue expectations. The company's remaining performance obligations (RPO) grew 15% sequentially to $523 billion. 

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note. Japan's Nikkei: -0.9%, Hong Kong's Hang Seng: UNCH, China's Shanghai Composite: -0.7%, India's Sensex: +0.5%, South Korea's Kospi: -0.6%, Australia's ASX All Ordinaries: +0.1%.

In news:

• Australia's employment decreased unexpectedly in November, but the Unemployment Rate remained at 4.3% as the Participation rate fell to 66.7% from 66.9%.
• Japan sold 20-yr JGBs to solid demand.
• The Japanese government plans to offer corporate tax credits on some investments and lower the threshold for the income tax on the wealthiest individuals.
• South Korea's exports were up 17.3% yr/yr through the first ten days of December with chip shipments jumping 45.9%.
• The Hong Kong Monetary Authority followed yesterday's rate cut from the FOMC with its own 25-basis point reduction to 4.00%.

In economic data:

• Japan's Q4 BSI Large Manufacturing Conditions 4.7 (expected 4.1; last 3.8)
• Australia's November Employment Change -21,300 (expected 20,000; last 41,100) and full employment change -56,500 (last 55,300). November Unemployment Rate 4.3% (expected 4.4%; last 4.3%) and Participation Rate 66.7% (expected 67.0%; last 66.9%)
• New Zealand's Q3 Manufacturing Sales Volume 1.1% qtr/qtr (last -2.8%)
• Singapore's Q3 Unemployment Rate 2.0%, as expected (last 2.0%)

Major European indices trade in the green. STOXX Europe 600: +0.3% Germany's DAX: +0.3% U.K.'s FTSE 100: +0.1% France's CAC 40: +0.5% Italy's FTSE MIB: +0.4% Spain's IBEX 35: +0.7%.

In news:

• Volkswagen is expected to decide today how to spend its five-year EUR160 bln investment budget.
• German Chancellor Merz is reportedly trying to organize a meeting on Ukraine sometime next week.
• The Swiss National Bank left its policy rate at 0.00%, as expected. The central bank did not rule out cutting rates into negative territory if needed.

In economic data:

• Italy's Q3 Unemployment Rate 6.1% (expected 6.3%; last 6.3%)

[BRIEFING.COM] The stock market captured solid broad-based gains this afternoon following the FOMC's decision to reduce the federal funds rate by 25 basis points, snapping a streak of muted sessions and moving the S&P 500 (+0.7%), Nasdaq Composite (+0.3%), and DJIA (+1.1%) within close proximity of their all-time highs. The Russell 2000 (+1.3%) captured record highs of its own as small-cap stocks, with their increased domestic presence and sensitivity to borrowing costs, surged in reaction to the FOMC decision.

The market was largely expecting the FOMC to deliver a "hawkish cut" at today's meeting, meaning that a rate reduction was anticipated alongside commentary that would dampen expectations of further easing. 

Indeed, the Summary of Economic Projections (SEP) showed a median expectation of just one rate cut in 2026, unchanged from the September SEP. However, the SEP also showed an upward revision in the median estimate for the change in real GDP to 2.3% from 1.8%. Meanwhile, the median estimate for the unemployment rate held steady at 4.4%, as the outlook for PCE inflation was revised down to 2.4% from 2.6%.

While the FOMC may now embrace a "wait-and-see" approach, as noted by Fed Chair Powell's comment, "the Fed funds rate is now within a broad range of estimates of its neutral value," optimistic revisions to the economic outlook, in tandem with an expressed willingness to make policy decisions on a meeting-by-meeting basis, invite questions as to just how hawkish today's meeting truly was. 

Today's decision also featured an announcement that the Fed will begin purchasing Treasury bills, starting December 12, to the tune of $40 billion per month before likely being "significantly reduced" after a few months, noting that reserve balances have declined to ample levels.

The stock market certainly benefitted from the more dovish than expected tilt, with the major averages capturing solid gains after a morning spent in a mixed fashion near their unchanged levels. 

Nine S&P 500 sectors finished higher, with six notching gains of 1.0% or wider. A smattering of corporate news items contributed strength to several of the top-performing sectors. 

The industrials sector (+1.8%) finished at the top of the leaderboard, supported by shares of GE Vernova (GEV 722.97, +97.67, +15.62%) rallying after the company issued upbeat guidance and provided an optimistic long-term financial outlook.

The consumer discretionary sector (+1.5%) was another top mover, garnering the bulk of today's mega-cap strength due to solid gains in Amazon (AMZN 231.78, +3.86, +1.69%) and Tesla (TSLA 451.44, +6.27, +1.41%). 

Homebuilder names, which are sensitive to borrowing costs, added support, with the iShares U.S. Home Construction ETF gaining 3.2% today. 

Banking names lifted the financials sector (+1.1%) to a nice gain, with JPMorgan Chase (JPM 310.17, +9.66, +3.21%) mounting a solid rebound from yesterday's 4.6% slide. 

Elsewhere, the materials (+1.8%), health care (+1.5%), and energy (+1.1%) sectors round out today's top performers. 

While losses in Microsoft (MSFT 478.76, -13.26, -2.70%) and NVIDIA (NVDA 183.74, -1.23, -0.66%) limited gains in the information technology sector (+0.1%), solid participation across a majority of its components helped the sector recover from a loss of nearly 1.0% this morning. Oracle (ORCL 223.30, +1.78, +0.80%) ended with a modest gain ahead of its earnings release this afternoon despite spending the bulk of the session in negative territory.

Only the defensive utilities (-0.1%) and consumer staples (flat) sectors failed to notch a gain today. 

All told, today's FOMC decision delivered on the promise of a rate cut, while Fed Chair Powell's emphasis on a meeting-by-meeting approach and his comment that a rate hike is not in anyone's base case conveyed a surprisingly dovish tone that helped lift risk sentiment and support solid growth across stocks today. Still, investors will have plenty to monitor on the policy front going forward, as today's decision featured two dissenters (Chicago Fed President Austan Goolsbee and Kansas City Fed President Jeffrey Schmid), while a new Fed Chair, likely one with an initiative to lower interest rates, will take the helm in May.

U.S. Treasuries climbed on Wednesday, snapping a four-day skid in the 10-year note and shorter tenors. The 2-year note yield settled down four basis points to 3.57%, and the 10-year note yield settled down two basis points to 4.16%

• Nasdaq Composite: +22.5% YTD
• S&P 500: +17.1% YTD
• Russell 2000: +14.8% YTD
• DJIA: +13.0% YTD
• S&P Mid Cap 400: +7.7% YTD

Reviewing today's data:

• Compensation costs for civilian workers increased 0.8% (Briefing.com consensus: 0.9%), seasonally adjusted, for the 3-month period ending in September 2025. That was a moderation from the 0.9% increase registered in the second quarter.
  • The key takeaway from the report is that it was an inflation-friendly report, evidenced by wages and salaries decelerating on a year-over-year basis for civilian workers (3.5% vs 3.9% a year ago), private industry (3.6% vs 3.8% a year ago), and state and local government workers (3.5% vs 4.6% a year ago).
• The U.S. Treasury reported a $173.0 bln deficit for November (Briefing.com consensus -$223.4 bln) after a deficit of $284.0 bln in October.
• The weekly MBA Mortgage Index rose 4.8% to follow last week's 1.4% decrease. The Refinance Index jumped 14.3% while the Purchase Index was down 2.4%.