[BRIEFING.COM] The stock market's final session of 2025 was low in volume and largely devoid of catalysts, leaving the S&P 500 (-0.7%), the Nasdaq Composite (-0.8%), and the DJIA (-0.6%) to steadily drift lower in broad fashion. 

The major averages finished December mixed, with the outperformance of many cyclical stocks pushing the DJIA (+0.7% month-to-date) higher, while the S&P 500 (-0.1% month-to-date) finished flattish, and the tech-heavy Nasdaq Composite (-0.5% month-to-date) finished lower. 

Today's retreat encompassed a wide variety of stocks, with all eleven S&P 500 sectors finishing lower. Sector losses ranged from 0.4% (communication services) to 1.0% (real estate), with most sectors finishing at session lows amid a late-afternoon pickup in selling activity. 

The top-weighted information technology sector (-0.9%) was one such sector that lagged late in the trade. NVIDIA (NVDA 186.50, -1.04, -0.55%) previously held a gain, which helped limit losses earlier in the session following a Reuters report that the company approached Taiwan Semiconductor Manufacturing (TSM 303.89, +4.31, +1.44%) to increase production of its H200 chip amid growing demand in China. A separate Reuters report stated that TSM, which is not a component of the S&P 500, was granted an annual U.S. approval for chip-making exports to China.

All of the information technology sector's components closed with a loss. 

The consumer discretionary sector (-0.8%) at least had one component trade higher, being NIKE (NKE 63.71, +2.52, +4.12%), by far the best-performing S&P 500 name today. The stock was lifted by a disclosure that showed CEO Elliot Hill purchased 16,388 shares of common stock, which follows a 50,000-share purchase by Apple (AAPL 271.86, -1.22, -0.45%) CEO and Nike Director Tim Cook one week ago. 

The materials sector (-0.9%) was another underperformer, as precious metal prices slid following the CME Group raising the margin requirements on precious metals futures for the second time in a week. Silver led the retreat, settling today's session $7.30 lower (-9.4%) at $70.63 per ozt, while gold settled $44.00 lower (-1.0%) at $4,342.30 per ozt. Precious metals producer Newmont Corporation (NEM 99.85, -2.01, -1.97%) was unsurprisingly a laggard. 

Outside of the S&P 500, the Russell 2000 (-0.8%) and S&P Mid Cap 400 (-1.1%) furthered the recent trend of underperformance in comparison to their larger-cap counterparts. 

Stocks across the market closed out the year on a subdued note, as this week's broad pullback erased most of last week's gains and stalled the Santa Claus rally soon after it began. The near-term trend skews negative as the market searches for fresh catalysts. Still, stocks posted strong gains in 2025, with the major averages all capturing double-digit gains for the year. 

U.S. Treasuries finished 2025 on a modestly lower note, with the 10-year note yield (+4 basis points to 4.17%, -40 basis points in 2025) settling near the midpoint of this year's range, while the 2-year note yield (+3 basis points to 3.48%, -77 basis points in 2025) finished not far above its 2025 low as the Fed made three cuts to the fed funds rate range since the end of 2024. Today's session was largely uneventful, save for a couple waves of selling that lifted yields to their highest levels of the week.

Bond and equity markets will be closed for the New Year's Day holiday tomorrow, followed by a full session on Friday. 

• Nasdaq Composite: +20.4% YTD
• S&P 500: +16.4% YTD
• DJIA: +13.0% YTD
• Russell 2000: +11.3% YTD
• S&P Mid Cap 400: +5.9% YTD

Reviewing today's data:

• Initial jobless claims for the week ending December 27 decreased by 16,000 to 199,000 (Briefing.com consensus 226,000) from last week's revised rate of 215,000 (from 214,000), while continuing claims for the week ending December 20 decreased by 47,000 from last week's revised rate of 1.913 million (from 1.923 million) to 1.866 million.
  • The key takeaway from the report is that initial claims decreased unexpectedly, coming in below 200,000 for just the second time this year. This should be encouraging to a market that has grown more sensitive to signals from the labor market.

[BRIEFING.COM] The major averages are charting session lows shortly before the close as selling activity picks up. 

The information technology sector (-0.7%) is now among the worst-performing S&P 500 sectors, with NVIDIA (NVDA 187.53, -0.01, -0.01%) giving up its earlier gain. onsemi (ON 54.42, +0.18, +0.34%) is now the only stock in the sector that trades higher. 

Meanwhile, Transdigm Group (TDG 1337.51, +21.06, +1.60%) is an S&P 500 standout today and one of just a handful of names that trade higher in the industrial sector (-0.7%) after entering into a definitive agreement to acquire Stellant Systems, a portfolio company of Arlington Capital Partners, for ~$960 mln in cash, including certain tax benefits

[BRIEFING.COM] The S&P 500 (-0.5%), Nasdaq Composite (-0.5%), and DJIA (-0.5%) continue their steady trudge through modestly negative territory in the final session of 2025. 

Stocks have largely put up subdued performances ahead of the holiday closure tomorrow.  NIKE (NKE 63.86, +2.66, +4.36%), Molina Healthcare (MOH 174.21, +3.55, +2.08%), and Transdigm Group (TDG 1338.08, +21.63, +1.64%) are the only three S&P 500 names that hold gains wider than 1.0% at this juncture, highlighting the lack of buying interest. 

To be fair, there is not a great deal of selling interest either, which keeps losses across the major averages modest. 

[BRIEFING.COM] The S&P 500 (-0.21%) is in second place on Wednesday afternoon, down about 15 points.

Briefly, S&P 500 constituents Universal Health (UHS 219.18, -5.88, -2.61%), Moderna (MRNA 29.71, -0.70, -2.30%), and TKO Group Holdings (TKO 209.18, -4.99, -2.33%) pepper the bottom of the average. UHS and MRNA slide alongside broader weakness in healthcare stocks, while TKO falls despite a target raise to $250 (from $235) at BTIG Research.

Meanwhile, Molina Healthcare (MOH 173.98, +3.32, +1.95%) is near the top of the standings, continuing to rebound off late-November lows.

[BRIEFING.COM] The tech-heavy Nasdaq Composite (-0.11%) is down 25 points this afternoon, poised to end the month +0.62% higher.

Gold futures settled $45.20 lower (-1.0%) at $4,341.10/oz, as year-end profit-taking and position trimming followed recent margin hikes on precious-metals contracts, which pressured leveraged longs in thin holiday trading. The pullback was amplified by lighter safe-haven demand amid firmer risk sentiment, though analysts broadly see the longer-term bullish gold trend as intact.

Meanwhile, the U.S. Dollar Index is up +0.1% to $98.37.

[BRIEFING.COM] The Dow Jones Industrial Average (-0.25%) is in last place on Wednesday afternoon, down about 122 points.

A look inside the DJIA shows that IBM (IBM 296.32, -5.73, -1.90%), Walt Disney (DIS 113.74, -1.05, -0.91%), and McDonald's (MCD 306.27, -1.76, -0.57%) are among today's top laggards.

Meanwhile, Nike (NKE 63.91, +2.72, +4.45%) holds firm atop the average.

The DJIA is poised to end the month up +1.11%.

[BRIEFING.COM] The stock market continues to drift lower this week as losses across the major averages come closer to negating the entirety of last week's advance. 

The S&P 500 (-0.3%), Nasdaq Composite (-0.3%), and DJIA (-0.3%) currently sit in negative territory a touch above session lows as the market faces a broad retreat. All eleven S&P 500 sectors trade lower, though the action once again comes on lower-than-average volume, suggesting a mechanical consolidation rather than a change in sentiment. 

Losses are relatively modest in nature, with only the energy (-0.8%) and real estate (-0.7%) sectors holding losses wider than 0.5%. 

Corporate news flow is unsurprisingly light given tomorrow's holiday closure. 

NIKE (NKE 64.09, +2.90, +4.74%) is the top-performing S&P 500 name today, moving higher after disclosing that CEO Elliot Hill purchased 16,388 shares of common stock, reinforcing investor focus on insider conviction. The buy follows December 24 disclosures that Apple (AAPL 272.62, -0.46, -0.17%) CEO and Nike Director Tim Cook acquired 50,000 shares, while another director bought 8,691 shares, together representing a meaningful vote of confidence in the struggling athletic footwear and athleticwear giant.

Meanwhile, NVIDIA (NVDA 188.88, +1.34, +0.71%) is one of very few names in the information technology sector (-0.2%) that trades higher following a Reuters report that the company approached Taiwan Semiconductor Manufacturing (TSM 306.36, +6.78, +2.26%) to increase production of its H200 chip amid growing demand in China. 

Elsewhere, precious metals prices are tumbling again today after CME Group raised the margin requirements on precious metals futures for the second time in a week. After a 10.5% price increase yesterday, silver is down $7.22 (-9.3%) to $70.69 per oz today. The materials sector (-0.4%) is down as a result, with Newmont Corporation (NEM 100.67, -1.19, -1.17%) facing particular pressure. 

While there is a smattering of stock-specific moves, the market is largely devoid of any meaningful catalysts in the final session of the year. As a result, price action has remained subdued and orderly, with the major averages now trading sideways after the initial modest retreat.

Reviewing today's data:

• Weekly Initial Claims 199K (Briefing.com consensus 226K); Prior was revised to 215K from 214K, Weekly Continuing Claims 1.866 mln; Prior was revised to 1.913 mln from 1.923 mln
  • The key takeaway from the report is that initial claims decreased unexpectedly, coming in below 200,000 for just the second time this year. This should be encouraging to a market that has grown more sensitive to signals from the labor market.

[BRIEFING.COM] The S&P 500 (-0.3%), Nasdaq Composite (-0.2%), and DJIA (-0.3%) are slightly improved from session lows just after midday. 

The energy sector (-0.6%) remains one of the worst-performing S&P 500 sectors today as all of its components trade lower. The sector faces downside leadership from natural gas names as natural gas futures fall $0.17, or 5.3%, to $3.17/MMBtu, while WTI crude trades down $0.10, or 0.2%, at $57.81/bbl after marking a morning high just below its 50-day moving average (58.98).

EQT Corp. (EQT 53.32, -1.31, -2.41%) is the weakest performer in the sector, falling past its 200-day moving average (54.28) toward its lowest close since late October.

Expand Energy (EXE 109.85, -2.17, -1.94%) also underperforms, finding resistance near its 20-day moving average (112.51) with its 200-day moving average (107.65) looming below.

[BRIEFING.COM] The major averages remain little changed from previous values at midday. 

The materials sector (-0.4%) is near the bottom of today's leaderboard as recent volatility across precious metals prices swings negative. After a 10.5% price increase yesterday, silver is down $6.74 (-8.7%) to $71.17 per oz today. 

CME Group raised margin requirements on precious metal futures for the second time in the span of a week, adding to the volatile backdrop for precious metals. 

Precious metals miner Newmont Corporation (NEM 100.53, -1.33, -1.31%) is a laggard after trading 2.1% higher yesterday. With today's loss, the stock is now down 5.0% this week. 

[BRIEFING.COM] The stock market faces a broad retreat this morning, with the S&P 500 (-0.3%), Nasdaq Composite (-0.3%), and DJIA (-0.3%) holding similar losses just before midday. Week-to-date losses across the major averages almost entirely negate last week's advance, making for an underwhelming "Santa Claus rally" period. 

The small-cap Russell 2000 (-0.4%) and S&P Mid Cap 400 (-0.6%) are also lower, furthering a stretch of underperformance this week. 

All eleven S&P 500 sectors hold losses today, leaving just the energy (-0.7% today, +1.0% week-to-date) and utilities (-0.3% today, +0.1% week-to-date) sectors in positive territory this week. 

The real estate (-0.9%) and energy (-0.8%) sectors underperform, while losses elsewhere are contained within 0.5%. 

Like previous sessions this week, news flow is sparse and volume is lighter-than-average ahead of tomorrow's holiday closure. 

Decliners outpace advancers by a nearly 3-to-1 margin on the NYSE and a roughly 2-to-1 clip on the Nasdaq. 

[BRIEFING.COM] The major averages continue to drift lower as the session progresses. 

The information technology sector (-0.4%) is down 1.1% this week, giving back over half of last week's 1.8% rally. The vast majority of stocks in the sector are lower for the week, with Palantir Technologies (PLTR 180.36, -0.48, -0.27%) (-4.4% week-to-date), AppLovin (APP 686.84, -6.87, -0.99%) (-3.8% week-to-date), and Lam Research (LRCX 172.43, -1.35, -0.77%) (-3.1% week-to-date) among the notable laggards. 

The tech-heavy Nasdaq Composite (-0.4%), which is down 1.1% this week, now sits just 0.3% above its 50-day moving average (23,249.95). 

[BRIEFING.COM] The S&P 500 (-0.2%), Nasdaq Composite (-0.3%), and DJIA (-0.3%) continue to tick lower as stocks retreat in broad fashion. 

NIKE (NKE 62.32, +1.14, +1.85%) is a standout among S&P 500 names today, trading higher after CEO Elliot Hill bought 16,388 shares worth roughly $1 million. Nike is the top-performing stock today in the consumer discretionary sector (-0.3%), which is the worst-performing sector this week with a 1.5% loss. 

[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (-0.2%), and DJIA (-0.1%) sit lower across the board shortly after the open as the stock market continues to drift lower this week. 

The early retreat is broad-based, with ten S&P 500 sectors trading lower. The information technology sector (-0.2%) traded higher momentarily at the open, supported by a gain in NVIDIA (NVDA 188.54, +1.00, +0.53%), but has since ceded its gain, pushing the major averages lower. 

Like previous sessions this week, losses are modest, with the real estate sector (-0.5%) facing the widest loss. 

Only the health care sector, which trades flat, avoids negative territory.

Equity futures now point to a slightly higher opening to the final session of the year. 

Initial jobless claims for the week ending December 27 decreased by 16,000 to 199,000 (Briefing.com consensus 226,000) from last week's revised rate of 215,000 (from 214,000), while continuing claims for the week ending December 20 decreased by 47,000 from last week's revised rate of 1.913 million (from 1.923 million) to 1.866 million.

The key takeaway from the report is that initial claims decreased unexpectedly, coming in below 200,000 for just the second time this year. This should be encouraging to a market that has grown more sensitive to signals from the labor market.

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

Equity indices in the Asia-Pacific region ended the year on a mixed note while markets in Japan and South Korea were closed. China's PMI readings for December returned into expansionary territory by a slight margin, beating expectations. The Chinese government plans to continue issuing trade-in subsidies for auto purchases in 2026 and will expand the program to include digital and smart products. Bytedance plans to increase its purchases of chips from NVIDIA by 17% yr/yr. China Securities Journal reported that domestic banks will slash business loan rates below 3.0%.

• In economic data:
  • China's December Manufacturing PMI 50.1 (expected 49.2; last 49.2) and Non-Manufacturing PMI 50.2 (expected 49.6; last 49.5). December RatingDog Manufacturing PMI 50.1 (expected 49.8; last 49.9)
  • South Korea's December CPI 0.3% m/m (expected 0.2%; last -0.2%); 2.3% yr/yr, as expected (last 2.4%)
  • Hong Kong's November M3 Money Supply 4.5% yr/yr (last 3.5%)
  • Singapore's November Bank Lending SGD873.1 bln (last SGD866.1 bln)

---Equity Markets---

• Japan's Nikkei: CLOSED (+26.2% in 2025)
• Hong Kong's Hang Seng: -0.9% (+27.8% in 2025)
• China's Shanghai Composite: +0.1% (+18.4% in 2025)
• India's Sensex: +0.6% (+9.1% in 2025)
• South Korea's Kospi: CLOSED (+75.6% in 2025)
• Australia's ASX All Ordinaries: UNCH (+7.1% in 2025)

Equity markets in Germany, Italy, and Switzerland are closed for New Year's Eve while markets in Spain, France, and the U.K. are headed for an early close. This has resulted in a quiet session for the markets that are still open. France's CAC (-0.5%) lags with Stellantis leading to the downside.

• In economic data:
  • Swiss November Official Reserve Assets CHF852.4 bln (last CHF844.9 bln)

---Equity Markets---

• STOXX Europe 600: +0.4% (+16.7% in 2025)
• Germany's DAX: CLOSED (+23.0% in 2025)
• U.K.'s FTSE 100: -0.1% (+21.5% in 2025)
• France's CAC 40: -0.2% (+10.4% in 2025)
• Italy's FTSE MIB: CLOSED (+31.5% in 2025)
• Spain's IBEX 35: -0.2% (+49.4% in 2025)

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

Just released, initial jobless claims for the week ending December 27 decreased by 16,000 to 199,000 (Briefing.com consensus: 226,000) from a revised level of 215k (from 214k). 

Continuing jobless claims for the week ending December 20 increased by 47,000 to 1.866 million, from the revised previous level of 1.913 million (from 1.932 million). 

Equity futures point to a modestly lower opening as the stock market gears up for its final session of the year. 

The major averages finished slightly lower in yesterday's action that was once again devoid of any meaningful catalysts. Stocks drifted for much of the session, and the afternoon release of the December FOMC meeting minutes did not provide any surprises or change the market's expectations for policy easing in the near term.

While stocks have given back some of last week's gains, the major averages are still zeroing in on solid year-to-date gains. The Nasdaq Composite leads the way with a 21.3% gain heading into today's session, while the S&P 500 is up 17.3%, and the DJIA is up 13.7%. 

Newsflow is light again this morning ahead of tomorrow's New Year's Day holiday that will see the market close for the day. 

The market will receive the weekly initial jobless claims data (Briefing.com consensus 226k) at 8:30 a.m. ET.

In corporate news:

• Drugmakers are expected to increase prices on 350 medicines next year, according to Reuters.
• Banks anticipate more large M&A deals in 2026, according to The Wall Street Journal.
• NVIDIA (NVDA 188.23, +0.69, +0.4%) approached TSMC (TSM 302.49, +2.91, +1.0%) to increase production of H200 chips, according to Reuters.
• ByteDance is planning to spend $14 billion on NVIDIA (NVDA) chips in 2026, according to South China Morning Post. 
• Tesla's (TSLA 456.29, +1.86, +0.4%) supply deal with a South Korean company falls short of expectations, according to Bloomberg.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended the year on a mixed note while markets in Japan and South Korea were closed. Japan's Nikkei: CLOSED (+26.2% in 2025), Hong Kong's Hang Seng: -0.9% (+27.8% in 2025), China's Shanghai Composite: +0.1% (+18.4% in 2025), India's Sensex: +0.6% (+9.1% in 2025), South Korea's Kospi: CLOSED (+75.6% in 2025), Australia's ASX All Ordinaries: UNCH (+7.1% in 2025).

In news:

• China's PMI readings for December returned into expansionary territory by a slight margin, beating expectations.
• The Chinese government plans to continue issuing trade-in subsidies for auto purchases in 2026 and will expand the program to include digital and smart products.
• Bytedance plans to increase its purchases of chips from NVIDIA by 17% yr/yr.
• China Securities Journal reported that domestic banks will slash business loan rates below 3.0%.

In economic data:

• China's December Manufacturing PMI 50.1 (expected 49.2; last 49.2) and Non-Manufacturing PMI 50.2 (expected 49.6; last 49.5). December RatingDog Manufacturing PMI 50.1 (expected 49.8; last 49.9)
• South Korea's December CPI 0.3% m/m (expected 0.2%; last -0.2%); 2.3% yr/yr, as expected (last 2.4%)
• Hong Kong's November M3 Money Supply 4.5% yr/yr (last 3.5%)
• Singapore's November Bank Lending SGD873.1 bln (last SGD866.1 bln)

Equity markets in Germany, Italy, and Switzerland are closed for New Year's Eve while markets in Spain, France, and the U.K. are headed for an early close. This has resulted in a quiet session for the markets that are still open. France's CAC (-0.5%) lags with Stellantis leading to the downside. STOXX Europe 600: +0.4% (+16.7% in 2025), Germany's DAX: CLOSED (+23.0% in 2025), U.K.'s FTSE 100: -0.2% (+21.4% in 2025), France's CAC 40: -0.4% (+10.2% in 2025), Italy's FTSE MIB: CLOSED (+31.5% in 2025), Spain's IBEX 35: -0.2% (+49.34% in 2025).

In economic data:

• Swiss November Official Reserve Assets CHF852.4 bln (last CHF844.9 bln)

[BRIEFING.COM] The stock market drifted sideways today, with a lack of catalysts keeping the S&P 500 (-0.1%), Nasdaq Composite (-0.2%), and DJIA (-0.2%) within close range of their flatlines. 

Sector strength was a nearly even split, with five S&P 500 sectors finishing at or above their baselines. 

The energy sector (+0.8%) captured the widest gain, with strong leadership from oil and gas producers despite crude oil settling today's session $0.16 lower (-0.3%) at $57.94 per barrel. It was the only sector to finish with a gain wider than 0.5%.

The communication services sector (+0.3%) captured the next widest gain, supported by a strong showing from Meta Platforms (META 666.01, +7.32, +1.11%) amid a muted day for mega-cap stocks that saw the Vanguard Mega Cap Growth ETF finish 0.1% lower. The stock traded higher this morning after the company announced its acquisition of the Singapore-based AI startup Manus. 

Elsewhere in the sector, CNBC and Bloomberg both reported that Warner Bros. Discovery (WBD 28.96, +0.16, +0.57%) plans to reject Paramount Skydance's (PSKY 13.51, +0.01, +0.07%) latest takeover bid. 

Meanwhile, the materials sector finished flat as metal prices rebounded from yesterday's slide. Silver led the advance, settling today's session $7.41 higher (+10.5%) at $77.93 per ozt. Newmont Corporation (NEM 101.87, +2.06, +2.06%) was a standout after falling 5.6% yesterday.

Losses across the six retreating sectors were contained to 0.3% or less. However, the top-weighted information technology sector (-0.3%) was one of the sectors that finished at the bottom of the leaderboard, with its late slide pushing the major averages near session lows at the close.

The sector spent the session oscillating around its flatline, with Intel (INTC 37.30, +0.62, +1.69%) spending time as the top-performing S&P 500 name before giving up around half of its gain. NVIDIA (NVDA 187.54, -0.68, -0.36%) and Apple (AAPL 273.02, -0.74, -0.27%) finished with modest losses, while Palantir Technologies (PLTR 180.84, -3.34, -1.81%) was a laggard. 

Outside of the S&P 500, the Russell 2000 (-0.8%) and S&P Mid Cap 400 (-0.4%) underperformed. 

Ultimately today's low-volume action reflected a market in search of fresh catalysts heading into the new year. Last week's renewed enthusiasm in the AI trade has waned, leaving investors to question if the "Santa Claus" rally has come to a close as the market tilts slightly negative this week. The market will be open for a full trading day tomorrow before closing on Thursday for the New Year's Day holiday.

The 2:00 p.m. ET release of the December FOMC minutes did not produce any surprises. Most policymakers anticipate additional rate cuts if inflation continues to cool, although some officials favor keeping rates at current levels for a period of time.

U.S. Treasuries continued their quiet start to the week with a shallow Tuesday dip that narrowed Monday's gains in the belly of the curve. The 2-year note yield settled down one basis point at 3.45%, and the 10-year note yield settled up one basis point at 4.13%. 

• Nasdaq Composite: +21.3% YTD
• S&P 500: +17.3% YTD
• DJIA: +13.7% YTD
• Russell 2000: +12.2% YTD
• S&P Mid Cap 400: +7.1% YTD

Reviewing today's data:

• The Chicago PMI hit 43.5 in December (Briefing.com consensus 40.4), up from 36.3 in November.
• The FHFA Housing Price Index was up 0.4% month-over-month in October (Briefing.com consensus 0.1%) after decreasing a revised 0.1% (from 0.0%) in September.
• The S&P Case-Shiller Home Price Index was up 1.3% year-over-year in October (Briefing.com consensus 1.1%), down from 1.4% in September.