[BRIEFING.COM] The major averages maintain their earlier gains as the market enters the final half hour of the session. 

Dillard's (DDS 607.80, -55.83, -8.41%) and other department store stocks like Kohl's (KSS 21.73, -1.47, -6.34%) and Macy's (M 22.98, -0.85, -3.57%) are notably weak today, presumably due to mixed "Super Saturday" shopping data. 

"Super Saturday", the last Saturday before Christmas day, is one of the biggest shopping days of the year, rivaling Black Friday in terms of foot traffic. According to data compiled by the National Retail Federation, shopper count likely reached a new Super Saturday record at approximately 158.9 million, which includes both in-store and online shopping. However, actual foot traffic at stores was reportedly slightly lower on a year-over-year basis, indicating that consumers remained cautious, turning to online deals, or waiting for better deals to arrive before making purchases.

[BRIEFING.COM] The S&P 500 (+0.6%), Nasdaq Composite (+0.5%), and DJIA (+0.5%) maintain their gains as the market enters the final hour of the session. 

Carnival (CCL 32.27, +1.15, +3.70%) holds another solid gain after gaining nearly 10% in Friday's action after delivering a strong earnings report. Travel and leisure names, and cruise lines in particular, helped the consumer discretionary sector (+0.8%) notch the widest week-to-date gain (+1.0%) last week. 

Norwegian Cruise Line (NCLH 24.14, +1.10, +4.79%) is the top mover in the sector today, suggesting the trend may extend into this week's action as well. 

Elsewhere in the sector, NIKE (NKE 57.32, -1.39, -2.36%) and Lennar (LEN 106.94, -1.05, -0.97%) extend their post-earnings slides from last week. 

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+0.5%), and DJIA (+0.4%) continue to drift in a sideways range this afternoon. 

Gold and silver prices both hit record highs today, adding to a tremendous rally this year. Gold futures settled today's session $82.20 higher (+1.9%) at $4,469.30 per ozt. 

Rising metals prices have kept the materials sector (+1.1%) near the top of today's leaderboard, with Newmont Corporation (NEM 104.54, +3.24, +3.20%) and Freeport-McMoRan (FCX 50.42, +1.28, +2.59%) among the outperformers. 

[BRIEFING.COM] The major averages remain higher across the board, little changed from previous levels. 

Today's gains have helped the S&P 500 (+0.6%) and Nasdaq Composite (+0.5%) distance themselves a little bit further from their 50-day moving averages, which both indexes reclaimed in last week's action. 

Those gains were largely fueled by a rally in AI-related names and mega-cap tech. While mega-cap tech stocks are mostly higher today (the Vanguard Mega Cap Growth ETF is up 0.5%), strength across the broader market has the S&P 500 Equal Weighted Index (+0.8%) outperforming its market-weighted counterpart. 

[BRIEFING.COM] The S&P 500 (+0.6%), Nasdaq Composite (+0.5%), and DJIA (+0.5%) continue to trade in a stable range near session highs in the early afternoon. 

Meanwhile, U.S. Treasuries trade on their lows, making for a continuation of their sideways drift that has pushed the 30-year yield (4.84%) to within three basis points of its December high while yields on shorter tenors remain notably lower relative to this month's highs. The 2-year yield (3.51%), for instance, is still 12 basis points below its peak that was reached on December 10.

That said, the 2-year yield has risen to a fresh high after the U.S. Treasury sold $69 billion in 2-year notes to soft demand. The auction drew a high yield of 3.499%, which tailed the when-issued yield by 0.3 basis points, while the bid-to-cover ratio (2.54x vs 2.61x average) and indirect takedown (53.2% vs 64.2% average) were below average. The U.S. Treasury will sell $70 billion in 5-year notes tomorrow.

[BRIEFING.COM] The stock market has spent the first half of the session trading in an orderly, mostly higher fashion that has the S&P 500 (+0.7%), Nasdaq Composite (+0.6%), and DJIA (+0.6%) seated with similar gains. 

Broad strength underscores the index-level advance, with advancers outpacing decliners by a greater than 2-to-1 margin on both the NYSE and the Nasdaq. 

Ten S&P 500 sectors trade higher, with several notable outperformers. 

The materials sector (+1.4%) holds the widest gain, supported by a strong day for gold and other precious metals that have Newmont Corporation (NEM 105.14, +3.85, +3.80%) and Freeport-McMoRan (FCX 50.74, +1.59, +3.23%) trading higher. 

The financials sector (+1.3%) holds a similar gain as all of its components trade higher. The sector now holds a 4.1% month-to-date gain, the best across the eleven S&P 500 sectors by over 1.0%. 

The energy sector (+1.1%) rounds out the top three movers as the price of oil increases $1.40 (+2.5%) to $57.92 per barrel. Notably, the U.S. is in pursuit of another sanctioned oil tanker off the coast of Venezuela after seizing a second ship over the weekend. 

Though not the rally that defined the previous two sessions, the market also benefits from some lingering optimism around the AI trade, with chipmakers among today's outperformers. The PHLX Semiconductor Index is up 1.2%, with names such as First Solar (FSLR 283.06, +16.08, +6.02%), Micron (MU 272.20, +6.28, +2.36%), and NVIDIA (NVDA 183.28, +2.29, +1.27%) contributing to strength. 

Mega-cap names in the information technology sector (+0.5%) and elsewhere are mostly higher, with the Vanguard Mega Cap Growth ETF (+0.6%) holding a solid gain.

Only the consumer staples sector (-0.3%) trades lower as renewed strength in growth stocks draws money out of the defensively oriented sector. 

Meanwhile, the small-cap Russell 2000 (+1.5%) and S&P Mid Cap 400 (+1.0%) outperform their larger-cap counterparts, a trend that has been evident since the start of December. 

There were no economic data releases of note today. 

[BRIEFING.COM] The S&P 500 (+0.6%), Nasdaq Composite (+0.6%), and DJIA (+0.5%) continue to hover at session highs. 

The health care sector (+0.4%) is the best performing of the defensive sectors today, as the utilities sector is flat and the consumer staples sector (-0.3%) lags. 

The New York Times reported that Department of Health and Human Services Secretary Robert F. Kennedy Jr. is expected to announce next year a new immunization schedule for children that matches Denmark, which will result in fewer vaccinations. Despite the headline, Moderna (MRNA 35.68, +1.88, +5.56%) is one of the top-performing S&P 500 names today. The stock has been on a tear as of recent, gaining 37% since the start of December. 

Shares rose last week after The Hill reported the company will receive $54.3 million in funding for research into a potential bird flu vaccine from a global vaccine partnership fund. 

[BRIEFING.COM] The S&P 500 (+0.6%), Nasdaq Composite (+0.6%), and DJIA (+0.5%) sit at session highs at midday.

Shares of Dominion Energy (D 56.57, -2.86, -4.80%) are slumping after the Department of the Interior announced today that it is pausing-effective immediately-the leases for all large-scale offshore wind projects under construction in the United States due to national security risks identified by the Department of War in recently completed classified reports.

In unrelated energy news, Alphabet (GOOG 310.90, +2.29, +0.74%) trades modestly higher after announcing a definitive agreement to acquire Intersect, which provides data center and energy infrastructure solutions, for $4.75 billion in cash, plus the assumption of debt. 

[BRIEFING.COM] The S&P 500 (+0.6%), Nasdaq Composite (+0.6%), and DJIA (+0.5%) trade in a stable range shortly before midday. 

Though gains at the index level are relatively modest, they are broad-based, with ten S&P 500 sectors trading higher. The materials (+1.4%), financials (+1.2%), and energy (+1.0%) sectors are the early outperformers, with the majority of components in each sector trading higher. 

While today's session is not the full-blown tech rally of late last week, the information technology sector (+0.5%) still holds a solid gain. Continued strength in chipmakers such as NVIDIA (NVDA 183.63, +2.64, +1.46%) and Micron (MU 271.14, +5.22, +1.96%) lifts the PHLX Semiconductor Index to a 1.2% gain. 

In corporate news, Paramount Skydance (PSKY 13.94, +0.88, +6.78%) is the top-performing S&P 500 name today after the company amended its $30 per share all-cash offer for Warner Bros. Discovery (WBD 28.62, +0.84, +3.04%) to include an irrevocable personal guarantee of $40.4 billion of the equity financing from Larry Ellison.

Outside of the S&P 500, the Russell 2000 (+1.5%) and S&P Mid Cap 400 (+1.0%) are outperforming. 

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

Cintas (CTAS 192.34, +4.77, +2.54%) confirmed its intention to acquire UniFirst (UNF 201.81, +31.65, +18.60%) for $275 per share in an all-cash transaction, representing a massive 64% premium to UniFirst's 90-day average closing price as of December 11, 2025. While shares of UNF are trading sharply higher on the news, they remain significantly below the $275 buyout offer, suggesting that the market is still pricing in substantial regulatory and board-level hurdles.

Cintas has been pursuing UniFirst since at least February 2022, when it initially offered $255 per share. After being repeatedly rebuffed, Cintas delivered its latest $275 proposal to the Board on December 12. Strategically, the merger would create a dominant force in the uniform rental space, delivering immense financial advantages through increased route density, shared processing capacity, and significant operational synergies that are expected to be immediately accretive to Cintas' earnings.

[BRIEFING.COM] The stock market largely trades in an orderly fashion, with the S&P 500 (+0.4%), Nasdaq Composite (+0.4%), and DJIA (+0.4%) maintaining their opening gains. 

The materials sector (+1.1%) challenges the energy sector (+1.2%) for the top spot on today's leaderboard. The sector is supported by rising prices in gold and other precious metals today, with gold currently up $64.70 (+1.5%) to $4,453.20 per ounce. 

Newmont Corporation (NEM 103.48, +2.19, +2.16%) and Freeport-McMoRan (FCX 50.43, +1.28, +2.60%) are early standouts.

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+0.6%), and DJIA (+0.3%) are higher across the board amid broad strength throughout the market. 

Nine S&P 500 sectors trade higher in the early going. Gains are relatively modest with the exception of the energy sector (+1.2%), which trades higher as the price of oil increases $1.34 (+2.4%) to $57.86 per barrel. 

Tesla (TSLA 497.52, +16.32, +3.39%) is the early mega-cap standout, lifting the consumer discretionary sector (+0.9%).

Coinbase Global (COIN 251.37, +6.25, +2.55%) and Robinhood Markets (HOOD 123.04, +1.68, +1.39%) lead strength in the financials sector (+0.7%) after Bloomberg reported that a bipartisan bill aims to create a tax harbor for stablecoins. 

The top-weighted information technology sector (+0.5%) sits around the middle of the pack, though continued strength in chipmakers pushes the PHLX Semiconductor Index 1.4% higher. 

Only the defensive utilities (-0.4%) and consumer staples (-0.1%) sectors, which struggled amid tech's rally last week, trade lower. 

The stock market is on track for a higher opening this morning as the AI trade looks to extend strength from the back half of last week.

Headlines are relatively quiet to start the holiday-abbreviated week, though there are several corporate news items of note. 

UniFirst (UNF 217.65, +47.49, +27.9%) confirms it is to be acquired by Cintas (CTAS 186.10, -1.47, -0.8%) for $275.00 per share in cash. The Proposal, which was delivered to the UniFirst Board on December 12, 2025, implies a total value for UniFirst of approximately $5.2 billion and offers UniFirst shareholders a 64% premium to UniFirst's ninety-day average closing price as of December 11, 2025.

The S&P 500 futures currently trade 33 points above fair value.

Equity indices in the Asia-Pacific region began the Christmas week on a higher note. The Japanese yen bounced off its lowest level of the year against the dollar while JGBs retreated, sending yields on the 30-yr bond and shorter tenors to fresh highs for the year. Chip names saw renewed strength in Japan and South Korea. Softbank reportedly aims to provide its $22.5 bln commitment to OpenAI by the end of the year. South Korea's exports through the first 20 days of December were up 6.8% yr/yr with chip exports jumping 41.8%. The People's Bank of China made no changes to its one-year (3.00%) and five-year (3.50%) loan prime rates.

• In economic data:
  • Hong Kong's November CPI 0.0% m/m (last 0.3%); 1.2% yr/yr (last 1.2%)
  • India's November Infrastructure Output 1.8% yr/yr (last 0.0%)

---Equity Markets---

• Japan's Nikkei: +1.8%
• Hong Kong's Hang Seng: +0.4%
• China's Shanghai Composite: +0.7%
• India's Sensex: +0.8%
• South Korea's Kospi: +2.1%
• Australia's ASX All Ordinaries: +0.9%

Major European indices trade in the red with France's CAC (-0.5%) and U.K.'s FTSE (-0.6%) showing relative weakness. European Central Bank policymaker Simkus said that growth has improved, but is still sluggish, and that inflation should stay near the 2.0% target in the medium term. A survey from Germany's ifo Institute showed that just over a quarter of German companies expect further deterioration of business in 2026. U.S. officials met with representatives from Ukraine and Russia in Florida, but a breakthrough has remained elusive.

• In economic data:
  • U.K.'s Q3 GDP 0.1% qtr/qtr, as expected (last 0.3%); 1.3% yr/yr, as expected (last 1.4%). Q3 Business Investment 1.5% qtr/qtr (expected -0.3%; last -1.7%); 2.7% yr/yr (expected 0.7%; last 3.2%). Q3 Current Account deficit GBP12.1 bln (expected deficit of GBP19.1 bln; last deficit of GBP21.2 bln)
  • Italy's November PPI 1.0% m/m (last -0.2%); -0.2% yr/yr (last 0.1%)

---Equity Markets---

• STOXX Europe 600: -0.3%
• Germany's DAX: -0.1%
• U.K.'s FTSE 100: -0.6%
• France's CAC 40: -0.5%
• Italy's FTSE MIB: -0.2%
• Spain's IBEX 35: -0.2%

The S&P 500 futures currently trade 32 points above fair value. 

Paramount Skydance (PSKY 13.42, +0.37, +2.9%) has amended its $30 per share all-cash offer for Warner Bros. Discovery (WBD 28.84, +1.07, +3.9%) to include an irrevocable personal guarantee of $40.4 billion of the equity financing from Larry Ellison. 

Mr. Ellison has agreed not to revoke the Ellison family trust (which has been operating for nearly 40 years as a counterparty to numerous transactions) or adversely transfer its assets during the pendency of the transaction.

Equity futures point to a higher opening to begin the holiday-abbreviated week. 

The major averages finished mixed last week due to strong showings from tech names on Thursday and Friday. An uptick in sentiment around the AI trade helped the S&P 500 and Nasdaq Composite reclaim their 50-day moving average. Momentum seems to have extended through the weekend, with mega-cap tech mostly higher in the premarket. 

Headlines are relatively quiet, with no economic data releases scheduled, though tomorrow's session will feature a full data slate. There are no companies set to report earnings this week. 

On the policy front, Cleveland Fed President Beth Hammack (FOMC voting member in 2026) told The Wall Street Journal that she expects rates to remain unchanged for some months, a view that reflects last week's data and Fed commentary that did little to change the market's expectations for further easing. 

The market will close at 1:00 p.m. ET on Wednesday and will be closed all day for the Christmas holiday on Thursday. 

In corporate news:

• The Information reported that OpenAI's margins on its paid products increased this year. 
• NVIDIA (NVDA 184.53, +3.54, +2.0%) is looking to start H200 shipments to China by mid-February, according to Reuters. 
• The Delaware Supreme Court reinstated Tesla (TSLA 497.50, +6.30, +1.3%) CEO Elon Musk's 2018 pay package, according to The New York Times. 

Reviewing overnight developments:

Equity indices in the Asia-Pacific region began the Christmas week on a higher note. Japan's Nikkei: +1.8%, Hong Kong's Hang Seng: +0.4%, China's Shanghai Composite: +0.7%, India's Sensex: +0.8%, South Korea's Kospi: +2.1%, Australia's ASX All Ordinaries: +0.9%.

In news:

• The Japanese yen bounced off its lowest level of the year against the dollar while JGBs retreated, sending yields on the 30-yr bond and shorter tenors to fresh highs for the year.
• Chip names saw renewed strength in Japan and South Korea.
• Softbank reportedly aims to provide its $22.5 bln commitment to OpenAI by the end of the year.
• South Korea's exports through the first 20 days of December were up 6.8% yr/yr with chip exports jumping 41.8%.
• The People's Bank of China made no changes to its one-year (3.00%) and five-year (3.50%) loan prime rates.

In economic data:

• Hong Kong's November CPI 0.0% m/m (last 0.3%); 1.2% yr/yr (last 1.2%)
• India's November Infrastructure Output 1.8% yr/yr (last 0.0%)

Major European indices trade in the red with France's CAC (-0.4%) and U.K.'s FTSE (-0.5%) showing relative weakness. STOXX Europe 600: -0.2%, Germany's DAX: UNCH, U.K.'s FTSE 100: -0.4%, France's CAC 40: -0.4%, Italy's FTSE MIB: -0.1%, Spain's IBEX 35: -0.1%. 

In news:

• European Central Bank policymaker Simkus said that growth has improved, but is still sluggish, and that inflation should stay near the 2.0% target in the medium term.
• A survey from Germany's ifo Institute showed that just over a quarter of German companies expect further deterioration of business in 2026.
• U.S. officials met with representatives from Ukraine and Russia in Florida, but a breakthrough has remained elusive.

In economic data:

• U.K.'s Q3 GDP 0.1% qtr/qtr, as expected (last 0.3%); 1.3% yr/yr, as expected (last 1.4%). Q3 Business Investment 1.5% qtr/qtr (expected -0.3%; last -1.7%); 2.7% yr/yr (expected 0.7%; last 3.2%). Q3 Current Account deficit GBP12.1 bln (expected deficit of GBP19.1 bln; last deficit of GBP21.2 bln)
• Italy's November PPI 1.0% m/m (last -0.2%); -0.2% yr/yr (last 0.1%)

[BRIEFING.COM] The stock market ended the last full trading week of the year on a positive note as tech names extended their late-week rally against a backdrop of solid participation in the broader market. 

The S&P 500 (+0.9%) and Nasdaq Composite (+1.3%) both closed above their 50-day moving averages and finished with modest week-to-date gains. The DJIA (+0.4%) missed out on a gain for the week but still captured a gain today. The small-cap Russell 2000 (+0.9%) and S&P Mid Cap 400 (+0.9%) also notched solid gains. 

There was some doubt entering today's session about the major averages' ability to build on their tech-driven gains following yesterday's late-session weakness, but the top-weighted information technology sector (+2.0%) provided exceptional leadership. 

Micron (MU 265.92, +17.37, +6.99%) extended its post-earnings strength, while memory and storage peers like Sandisk (SNDK 237.61, +18.15, +8.27%) and Western Digital (WDC 181.08, +6.07, +3.47%) also advanced, building on their own rallies after Micron's earnings report featured a rosy industry outlook.

Oracle (ORCL 192.40, +12.37, +6.87%) was another top performer, rallying after headlines that TikTok signed a deal to sell its U.S. unit to a group of investors, including Oracle. Additionally, Michigan regulators approved a request from DTE Energy (DTE 127.64, -2.26, -1.74%) to power an Oracle and OpenAI data center, according to Bloomberg. 

NVIDIA (NVDA 180.99, +6.85, +3.93%) was a standout across mega-cap names, and the PHLX Semiconductor Index finished with a 3.0% gain, highlighting the improved sentiment across the AI trade today. 

Strength in the rest of the market was broad throughout most of the session but saw some late-session profit taking, similar to yesterday's action. 

Still, seven S&P 500 sectors finished higher, with several noteworthy performances in the mix. 

The industrials sector (+0.9%) had a solid day. Defense stocks rallied after President Trump told NBC News that he is not ruling out a war with Venezuela, sending the iShares U.S. Aerospace and Defense ETF 2.7% higher.

The health care sector (+0.7%) was another point of strength, supported by its pharmaceutical and biotechnology names. The White House confirmed nine new agreements with major pharmaceutical companies to lower prescription drug prices for Americans in line with the lowest prices paid by other developed nations. Gilead Sciences (GILD 124.29, +2.82, +2.32%), Amgen (AMGN 327.38, +2.96, +0.91%), and Merck (MRK 101.09, +0.40, +0.40%) were among the names that struck agreements. 

Meanwhile, the defensive utilities (-1.3%) and consumer staples (-0.5%) sectors lagged amid the rally in tech. Lamb Weston (LW 44.01, -15.32, -25.82%) was the worst-performing S&P 500 stock despite beating earnings expectations, increasing its quarterly dividend, and reaffirming its FY26 guidance. 

The consumer discretionary sector (-0.3%) also finished lower amid some notable earnings moves. Carnival (CCL 31.11, +2.77, +9.77%) outperformed after an EPS beat and upbeat FY26 guidance, sending other cruise line names such as Norwegian Cruise Line (NCLH 23.04, +1.41, +6.52%) sharply higher as well. 

NIKE (NKE 58.70, -6.92, -10.55%), however, lagged after disappointing guidance and soft sales in China.

Though not a member of the sector itself, KB Home (KBH 57.37, -5.38, -8.57%) also fell after its earnings report, which pressured other homebuilders such as D.R. Horton (DHI 147.17, -4.23, -2.79%) and home improvement names such as Lowe's (LOW 240.46, -7.25, -2.93%). 

While several sectors saw some modest selling pressure late in the afternoon, the information technology sector charted session highs through the close, underscoring a strong end to the week for the AI trade. The late-week advance also left the major averages technically better positioned after reclaiming key moving-average levels, which could factor into near-term positioning as the calendar turns.

U.S. Treasuries ended Friday with a small dip from their best levels of the week. The 2-year note yield settled up three basis points to 3.49%, and the 10-year note yield settled up four basis points to 4.15%. 

• Nasdaq Composite: +20.7% YTD
• S&P 500: +16.2% YTD
• Russell 2000: +13.4% YTD
• DJIA: +13.1% YTD
• S&p Mid Cap 400: +7.4% YTD

Reviewing today's data:

• November Existing Home Sales 4.13 mln (Briefing.com consensus 4.10 mln); Prior was revised to 4.11 mln from 4.10 mln
  • The key takeaway from the report is that home sales in November were aided by lower mortgage rates, yet limited inventory, combined with high prices, got in the way of stronger selling activity.
• December Univ. of Michigan Consumer Sentiment - Final 52.9 (Briefing.com consensus 53.3); Prior 53.3
  • The key takeaway from the report is that consumer sentiment has fallen sharply versus the year-ago period, with "pocketbook issues," affordability concerns, and labor market worries weighing on consumers' psyche.