[BRIEFING.COM] The S&P 500 (+0.3%), Nasdaq Composite (+0.6%), and DJIA (+0.4%) captured modest gains as tech and mega-cap names traded higher, though action was choppy throughout the session and stocks finished well off of their morning highs. 

The top-weighted information technology sector (+0.8%) provided solid leadership from the open, supported by strength across its mega-cap components. NVIDIA (NVDA 181.29, +1.37, +0.76%) saw its second consecutive day of strength, while Apple (AAPL 286.19, +3.09, +1.09%) and Microsoft (MSFT 490.00, +3.26, +0.67%) also captured nice gains. 

Meanwhile, Intel (INTC 43.47, +3.46, +8.65%) finished with the widest gain in the sector, contributing to a 1.8% advance in the PHLX Semiconductor Index. 

Gains in mega-cap and tech stocks were crucial to today's index-level advance. A late-morning slide in equities saw the technology sector's gain eroded to just 0.3%, which briefly sent the S&P 500 below its flatline before recovering nicely. 

Mega-cap strength also underpinned the gains in the communication services (+0.4%) sector and dictated the standing of the consumer discretionary sector (flat). Both sectors oscillated around their flatlines following swings in their mega-cap components. Meta Platforms (META 647.10, +6.23, +0.97%) was a standout, while Amazon (AMZN 234.42, +0.54, +0.23%) was particularly volatile, trading over 2.0% higher before finishing with just a modest gain. 

All told, the Vanguard Mega Cap Growth ETF (+0.5%) notched a solid gain, though the gap between the market-weighted S&P 500 (+0.3%) and the S&P 500 Equal Weighted Index (+0.1%) wound up being much slimmer than it was when the major averages were at session highs. 

Meanwhile, the industrials sector (+0.9%) was more resilient to volatility today and ended up with the widest gain of the three S&P 500 sectors that finished in positive territory. Boeing (BA 205.41, +18.95, +10.16%) was the best-performing S&P 500 name today, capturing a double-digit gain after positive commentary from its investor presentation at a UBS conference this morning. The company expects increased deliveries for both its 737 and 787 models and expects low single-digit growth in free cash flow in FY26. 

The financials sector (-0.1%) traded higher for much of the session but slipped below its flatline just before the close. Robinhood Markets (HOOD 125.95, +2.71, +2.20%) and Coinbase Global (COIN 263.26, +3.42, +1.32%) both traded higher as Bitcoin recovered from yesterday's sell-off, reaching a peak above $92,000 this afternoon.

Losses in the five other retreating S&P 500 sectors were relatively modest, with the exception of the energy sector (-1.1%), which faced pressure amid a falling price of oil that saw crude oil futures settle today's session $0.71 lower (-1.2%) at $58.67 per barrel.

While not components of the S&P 500, MongoDB (MDB 401.99, +73.12, +22.23%) and Credo Technology Group (CRDO 188.44, +17.31, +10.12%) traded sharply higher after solid beat-and-raise earnings reports, which added to the positive sentiment across the technology sector and bodes well for other tech names set to report earnings this week. 

Though stocks finished well off of their session highs from this morning, the major averages were able to notch a modestly higher finish after stocks retreated to start the month yesterday. The information technology sector was back in the driver's seat today, and its ability to maintain a gain through to the close despite some intraday volatility was a positive sign given recent uneasiness in the sector amid valuation and AI expenditure concerns. 

U.S. Treasuries finished Tuesday with modest gains across the curve, halting their two-day slide from one-month highs. The 2-year note yield settled down two basis points to 3.52%, and the 10-year note yield settled down one basis point to 4.09%. 

The market did not receive any domestic data, but tomorrow will feature a full slate of data, including the November ADP Employment Change (Briefing.com consensus 20,000; prior 42,000) at 8:15 ET and November ISM Services (Briefing.com consensus 52.4%; prior 52.4%) at 10:00 ET.

• Nasdaq Composite: +21.3% YTD
• S&P 500: + 16.1% YTD
• DJIA: +11.6% YTD
• Russell 2000: +10.5% YTD
• S&P Mid Cap 400: +5.1% YTD

[BRIEFING.COM] The major averages set their sights on a higher finish, holding solid gains near the close after some intraday choppiness. 

Meanwhile, CrowdStrike (CRWD 515.51, +11.38, +2.26%) and Marvell (MRVL 92.98, +1.88, +2.06%) look to keep the positive sentiment across tech names flowing with their earnings reports after the close. 

Marvell in particular has trended higher in anticipation of its earnings release, gaining 11.1% in the past week. The stock gapped lower following its Q2 report in August on in-line EPS and guidance but has recovered amid renewed optimism about AI demand.

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.8%), and DJIA (+0.5%) hold solid gains as the market enters the final hour of the session. 

Stocks have seen some choppiness today, though it has been a relatively quiet session from a headlines perspective. 

The top-weighted information technology sector (+1.0%) continues to provide solid leadership, while the energy sector (-1.4%) holds the widest loss as crude oil futures settled today's session $0.71 lower (-1.2%) at $58.67 per barrel. 

Today's action has come on nearly even breadth figures, with decliners outpacing advancers by a slim 14-to-13 margin on the NYSE, while advancers hold a slim 11-to-10 advantage on the Nasdaq. 

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

Briefly, S&P 500 constituents NXP Semi (NXPI 213.49, +14.00, +7.02%), AppLovin (APP 656.20, +32.61, +5.23%), and Booking Holdings (BKNG 5,165.95, +274.14, +5.60%) dot the top of the standings. NXPI rises on general strength in tech/semis, while APP and BKNG, too, enjoys broader tech-related gains.

Meanwhile, Packaging Corp (PKG 192.18, -11.06, -5.44%) slides to the bottom of the average.

[BRIEFING.COM] With about two hours left on Tuesday the tech-heavy Nasdaq Composite (+0.60%) holds a commanding lead atop the major averages, up now north of 139 points.

Gold futures settled $54.00 lower (-1.3%) at $4,220.80/oz, as rising U.S. Treasury yields reduced the appeal of non-yielding assets and triggered profit-taking after Monday's six-week high. Lingering macro uncertainty keeps longer-term sentiment from turning outright bearish, but near-term pressure came squarely from higher yields and traders locking in gains.

Meanwhile, the U.S. Dollar Index is up less than +0.1% to $99.47.

[BRIEFING.COM] The Dow Jones Industrial Average (+0.20%) is up about 94 points this afternoon, putting it in last place among the major averages.

A look inside the DJIA shows that Boeing (BA 203.92, +17.46, +9.36%), Caterpillar (CAT 577.51, +9.45, +1.66%), and NVIDIA (NVDA 181.70, +1.78, +0.99%) are outperforming.

Meanwhile, Procter & Gamble (PG 143.99, -3.45, -2.34%) is today's top laggard.

The DJIA stands +29.4% higher off the April 2025 lows.

[BRIEFING.COM] The S&P 500 (+0.3%), Nasdaq Composite (+0.7%), and DJIA (+0.5%) hold modest gains shortly after midday as stocks rebound from a late-morning slide that wiped out the bulk of this morning's gains.

Strength in the information technology sector (+1.1%) has underpinned the index-level advance, with the sector recovering nicely after its early gain of nearly 1.5% was whittled down to just 0.3%. 

Intel (INTC 42.94, +2.93, +7.32%) is the sector's top mover, contributing to a day of relative strength across chipmaker names that has the PHLX Semiconductor Index up 1.7%. 

NVIDIA (NVDA 182.22, +2.30, +1.28%) is also among the chipmakers that trade higher and is a standout among mega-cap names for the second consecutive day this week. Microsoft (MSFT 492.45, +5.71, +1.17%) and Apple (AAPL 286.01, +2.91, +1.03%) were also able to maintain gains despite the late-morning slide. 

Mega-cap strength has been crucial to today's gains, as the market-weighted S&P (+0.3%) comfortably outpaces the S&P 500 Equal Weighted Index (-0.1%). The Vanguard Mega Cap Growth ETF is up 0.7%, though it previously held a gain wider than 1.0%. 

While stocks are still recovering from session lows, improvements in Alphabet (GOOG 315.90, +0.78, +0.25%) and Amazon (AMZN 236.10, +2.22, +0.95%) help push the communication services (+0.1%) and consumer discretionary (flat) sectors back to their flatlines. 

Meanwhile, Tesla (TSLA 425.23, -4.91, -1.14%) is a laggard, with Michael Burry publicly questioning the company's valuation and commenting that its stock-based compensation practices dilute the stock's value to its shareholders. 

Outside of the mega-cap space, the industrials sector (+0.7%) holds a solid gain as Boeing (BA 203.43, +16.97, +9.10%) is the best-performing S&P 500 name today. The company stated at a conference today that it expects low single-digit free cash flow in 2026 and expects increased deliveries for both its 737 and 787 models. 

The financials sector (+0.3%) also trades modestly higher, with Coinbase Global (COIN 270.34, +10.50, +4.04%) and Robinhood Markets (HOOD 128.24, +5.00, +4.06%) leading the advance as Bitcoin rebounds after yesterday's sharp sell-off. Bitcoin is currently 6.2% and has reclaimed the $91,000 mark. 

Six S&P 500 sectors hold losses at this juncture, with the energy sector (-1.2%) retreating the furthest as the price of oil slips $0.38 (-0.6%) to $58.94 per barrel.

The defensive consumer staples (-0.9%), utilities (-0.6%), and health care (-0.4%) sectors are all lower today amid solid tech leadership. 

On the earnings front, MongoDB (MDB 404.86, +75.99, +23.11%) and Credo Technology Group (CRDO 195.54, +24.42, +14.27%) both trade sharply higher after beat-and-raise earnings reports. While not components of the S&P 500, the gains add to positive sentiment around tech and AI names, which have experienced some choppiness in recent weeks. 

Investors did not receive any economic data this morning. 

[BRIEFING.COM] The S&P 500 (+0.3%), Nasdaq Composite (+0.7%), and DJIA (+0.5%) are modestly improved from a late-morning slide in equities that wiped out a sizable chunk of their earlier gains. 

During a Cabinet meeting, President Trump said he plans to unveil his choice for the next Fed Chair in early 2026. 

Reports suggest that National Economic Council Director Kevin Hassett remains the frontrunner for the position. 

The market's rate cut expectations are holding steady, with the CME FedWatch tool currently assigning an 87.2% probability to a 25-basis point rate cut at the December FOMC meeting, up from 86.4% yesterday and 85.2% one week ago. 

[BRIEFING.COM] The major averages are at least temporarily stabilized following a retreat that saw the S&P 500 (+0.1%) briefly enter negative territory. 

The information technology sector (+0.6%) gave back nearly 1.0% of its early advance as NVIDIA (NVDA 181.10, +1.18, +0.66%) saw its gain halved from session highs. 

While the intraday slide sent several sectors back beneath their flatlines, the financials sector (+0.2%) did the opposite, moving into positive territory after a lower finish yesterday. 

Coinbase Global (COIN 267.72, +7.88, +3.03%) and Robinhood Markets (HOOD 125.84, +2.60, +2.11%) are among the top movers in the sector as Bitcoin gains 5.0% today, reclaiming the $90,000 mark. 

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (+0.3%), and DJIA (+0.2%) currently sit near session lows as the market faces some choppy action this morning, with particular volatility acorss mega-cap names. 

The information technology sector (+0.7%) is a standout this morning, supported by strength in its mega-cap components. NVIDIA (NVDA 180.90, +0.98, +0.54%) trades higher for a second consecutive day this week, contributing to strength across chipmaker names that has the PHLX Semiconductor Index up 1.3%. Intel (INTC 43.04, +3.04, +7.59%) is a leader both in the sector and the S&P 500 as a whole this morning. 

While NVIDIA finished higher yesterday, mega-caps as a whole were mostly weaker, which has garnered some buy-the-dip interest today that has been crucial to the index-level advance. The Vanguard Mega Cap Growth ETF is up 0.7%, and the market-weighted S&P 500 (+0.2%) outperforms the S&P 500 Equal Weighted Index (flat). However, NVIDIA and other mega-caps that previously held solid gains, such as Alphabet (GOOG 314.68, -0.43, -0.14%) and Amazon (AMZN 234.92, +1.04, +0.44%), are well off their session highs, which currently weighs on the major averages.

Elsewhere, the industrials sector (+0.6%) sits near the top of the leaderboard as Boeing (BA 201.96, +15.50, +8.31%) surges higher. 

Outside of the S&P 500, the small-cap Russell 2000 (+0.4%) holds a similar gain to that of its larger-cap counterparts, while the S&P Mid Cap 400 (+0.1%) holds just a slight gain. 

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+1.0%), and DJIA (+0.4%) are back near their best levels of the morning as stocks experience some choppiness this morning. 

Though not members of the information technology sector (+1.3%) themselves, several tech companies delivered strong earnings reports before the open today. 

MongoDB's (MDB 411.15, +82.28, +25.02%) beat-and-raise 3Q26 report propelled the stock to new 52-week highs after crushing consensus expectations for both revenue and EPS. Non-GAAP EPS grew 14% year-over-year, driven by strong operating leverage, improving Atlas gross margins, consistent cost discipline, and robust free-cash-flow generation, which benefited from higher cash collections and more efficient working-capital dynamics. Revenue surged 19% year-over-year to $628 million, well above guidance, as Atlas continued to outperform. 

Credo Technology Group (CRDO 195.95, +24.82, +14.50%) is also surging today after posting its strongest quarter ever. Q2 (Oct) revenue jumped 272% year-over-year and 20% quarter-over-quarter to $268 million, well above expectations, and Q3 (Jan) guidance of $335-345 million far exceeded analyst estimates. The company's Q2 performance and Q3 guidance signal accelerating momentum tied to AI infrastructure spending. While the company is not typically viewed as a frontline AI beneficiary, its interconnect offerings are becoming increasingly critical as GPU clusters scale in size and complexity.

[BRIEFING.COM] The S&P 500 (+0.5%) and Nasdaq Composite (+0.8%) maintain their early gains, while the DJIA (+0.4%) has also moved more confidently above its baseline. 

The top-weighted information technology sector (+1.3%) continues to outperform, with the industrials sector (+0.6%) solidifying its advance today as well. 

Boeing (BA 201.83, +15.37, +8.24%) is the top-performing S&P 500 name today, trading higher after headlines that the company was awarded a $104 million Navy contract after the close yesterday. At a conference today, the company stated it expects low single-digit growth in free cash flow in FY26. The company said it expects deliveries to be up for both its 737 and 787 models and still expects to achieve a $10 billion framework. 

[BRIEFING.COM] Solid early strength in the information technology sector (+1.2%) has pushed the S&P 500 (+0.3%) and Nasdaq Composite (+0.7%) to solid early gains, while weakness in the broader market keeps the DJIA (+0.1%) near its flatline. 

NVIDIA (NVDA 185.32, +5.40, +3.00%) jumps out to a strong start, building on yesterday's 1.7% gain and contributing to a 2.4% gain in the PHLX Semiconductor Index.

Alphabet (GOOG 317.25, +2.13, +0.68%) is also modestly higher after facing some profit-taking yesterday, helping the communication services sector (+0.1%) remain above its flatline.

Strength elsewhere is limited to just the industrials sector (+0.3%). 

Losses across the seven other sectors are relatively modest, though there are a few exceptions. The energy sector (-1.6%) gives back yesterday's gain as the price of oil decreases $0.92 (-1.6%) to $58.40 per barrel. 

Meanwhile, the consumer staples sector (-0.9%) retreats as a majority of its components trade lower. 

The stock market is on track for a higher opening this morning on the heels of a softer start to December that was precipitated by a sell-off in Bitcoin and other cryptocurrencies. 

Bitcoin is up 1.7% this morning, which is contributing to an improvement in sentiment this morning. In particular, tech names are trending higher after yesterday's action saw the technology sector eke out a slight gain after holding a 1.3% loss early in the session. 

NVIDIA (NVDA 182.21, +2.29, +1.3%), which was a standout yesterday, is leading the "magnificent seven" group again this morning in the premarket.

The S&P 500 futures currently trade 23 points above fair value. 

Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note. Hyundai, Kia, and SK Hynix had a strong showing after U.S. officials confirmed that South Korea's tariff rate has been reduced to 15%. Consumer confidence in Japan reached its highest level since April 2024 in the November reading. China Securities Journal reported that local Chinese governments are buying stakes in listed companies. Honda indicated plans to reorganize its presence in China amid recent political tension between leaders from Japan and China.

• In economic data:
  • Japan's November Monetary Base -8.5% yr/yr, as expected (last -7.8%) and November Household Confidence 37.5 (expected 36.2; last 35.8)
  • South Korea's November CPI -0.2% m/m (expected -0.3%; last 0.3%); 2.4% yr/yr (last 2.4%)
  • Australia's October Building Approvals -6.4% m/m (expected -4.3%; last 11.1%); -1.8% yr/yr (expected 12.4%; last 14.9%). Q3 Current Account deficit AUD16.6 bln (expected deficit of AUD13.2 bln; last deficit of AUD16.2 bln). Q3 Net Exports Contribution -0.1% qtr/qtr (last 0.1%). October Private House Approvals -2.1% (last 3.2%)
  • New Zealand's Q3 Terms of Trade Index -2.1% qtr/qtr (expected 0.3%; last 4.2%)

---Equity Markets---

• Japan's Nikkei: UNCH
• Hong Kong's Hang Seng: +0.2%
• China's Shanghai Composite: -0.4%
• India's Sensex: -0.6% 
• South Korea's Kospi: +1.9%
• Australia's ASX All Ordinaries: +0.1%

Major European indices trade in the green. British investors have some concerns that the budget plan that was announced last week will not be realized since it would require additional cuts leading into elections expected in 2029. The Bank of England lowered the systematic capital buffer to 13% from 14% after the latest round of bank stress tests. The Countercyclical Capital Buffer was maintained at 2%. European Central Bank policymaker Kocher said that slight inflationary or disinflationary deviations from target should not trigger policy changes, echoing recent comments from officials who also suggested that policy is in a good place.

• In economic data:
  • Eurozone's flash November CPI -0.3% m/m (last 0.2%); 2.2% yr/yr (expected 2.1%; last 2.1%). November Core CPI -0.5% m/m (last 0.3%); 2.4% yr/yr, as expected (last 2.4%). October Unemployment Rate 6.4% (expected 6.3%; last 6.4%)
  • U.K.'s November Nationwide HPI 0.3% m/m (expected 0.0%; last 0.2%); 1.8% yr/yr (expected 1.4%; last 2.4%)
  • France's October government budget balance -EUR136.2 bln (last deficit of EUR155.4 bln)
  • Spain's November Unemployment Change -18,800 (expected -12,400; last 22,100)
  • Italy's October Unemployment Rate 6.0% (expected 6.1%; last 6.2%). October PPI -0.2% m/m (last 0.2%); 0.1% yr/yr (last 1.1%)

---Equity Markets---

• STOXX Europe 600: +0.3%
• Germany's DAX: +0.4%
• U.K.'s FTSE 100: +0.3%
• France's CAC 40: +0.1%
• Italy's FTSE MIB: +0.2%
• Spain's IBEX 35: +0.7%

The S&P 500 futures currently trade 21 points above fair value. 

Bitcoin has stopped its skid, which weighed on the market yesterday, trading 1.2% higher this morning. 

In corporate news, Warner Bros. Discovery (WBD 24.19, +0.32, +1.3%) fielded a second round of bids on Monday, including a mostly cash offer from Netflix (NFLX 109.40, +0.27, +0.3%), according to Bloomberg; Fox Business reporter Charles Gasparino says Paramount (PSKY 15.75, +0.04, +0.3%) made an all-cash offer for WBD.

Equity futures point to a modestly higher opening this morning after yesterday's action saw the major averages post losses amid a sharp cryptocurrency sell-off in the first session of December. 

The energy sector was the only real winner sector-wise yesterday, though the technology sector shed a 1.3% early loss, which substantially improved the standing of the major averages. 

Mega-cap tech names are mostly higher this morning against a quiet backdrop of news flow. The market's expectations for a December rate continue to hover just under 90% (87.2% to be exact), according to the CME FedWatch tool, and there are no economic data releases on the calendar this morning. 

While the market received just a slim batch of earnings reports after the close yesterday, several tech stocks delivered notable moves in response. 

In corporate news:

• Credo Technology Group (CRDO 199.10, +27.97, +16.3%) beat EPS expectations by $0.18, beat revenue expectations, and guided Q3 revenues above consensus.
• Disney (DIS 106.85, +0.08, +0.07) is likely to choose a new CEO from within the company, according to The Wall Street Journal. 
• OpenAI CEO Sam Altman told employees he is declaring a "code red" effort to improve ChatGPT amid competition from Google (GOOG 316.35, +1.23, +0.4%), according to The Wall Street Journal.
• MongoDB (MDB 404.50, +75.63, +23.00) beat EPS expectations by $0.51, beat revenue expectations, and guided Q4 EPS and revenues above consensus. The company reported Atlas revenue growth of 30%. 

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note. Japan's Nikkei: UNCH, Hong Kong's Hang Seng: +0.2%, China's Shanghai Composite: -0.4%, India's Sensex: -0.6%, South Korea's Kospi: +1.9%, Australia's ASX All Ordinaries: +0.1%.

In news:

• Hyundai, Kia, and SK Hynix had a strong showing after U.S. officials confirmed that South Korea's tariff rate has been reduced to 15%.
• Consumer confidence in Japan reached its highest level since April 2024 in the November reading.
• China Securities Journal reported that local Chinese governments are buying stakes in listed companies.
• Honda indicated plans to reorganize its presence in China amid recent political tension between leaders from Japan and China.

In economic data:

• Japan's November Monetary Base -8.5% yr/yr, as expected (last -7.8%) and November Household Confidence 37.5 (expected 36.2; last 35.8)
• South Korea's November CPI -0.2% m/m (expected -0.3%; last 0.3%); 2.4% yr/yr (last 2.4%)
• Australia's October Building Approvals -6.4% m/m (expected -4.3%; last 11.1%); -1.8% yr/yr (expected 12.4%; last 14.9%). Q3 Current Account deficit AUD16.6 bln (expected deficit of AUD13.2 bln; last deficit of AUD16.2 bln). Q3 Net Exports Contribution -0.1% qtr/qtr (last 0.1%). October Private House Approvals -2.1% (last 3.2%)
• New Zealand's Q3 Terms of Trade Index -2.1% qtr/qtr (expected 0.3%; last 4.2%)

Major European indices trade in the green. STOXX Europe 600: +0.3%, Germany's DAX: +0.4%, U.K.'s FTSE 100: +0.2%, France's CAC 40: +0.3%, Italy's FTSE MIB: +0.4%, Spain's IBEX 35: +0.9%.

In news:

• British investors have some concerns that the budget plan that was announced last week will not be realized since it would require additional cuts leading into elections expected in 2029.
• The Bank of England lowered the systematic capital buffer to 13% from 14% after the latest round of bank stress tests.The Countercyclical Capital Buffer was maintained at 2%.
• European Central Bank policymaker Kocher said that slight inflationary or disinflationary deviations from target should not trigger policy changes, echoing recent comments from officials who also suggested that policy is in a good place.

In economic data:

• Eurozone's flash November CPI -0.3% m/m (last 0.2%); 2.2% yr/yr (expected 2.1%; last 2.1%). November Core CPI -0.5% m/m (last 0.3%); 2.4% yr/yr, as expected (last 2.4%). October Unemployment Rate 6.4% (expected 6.3%; last 6.4%)
• U.K.'s November Nationwide HPI 0.3% m/m (expected 0.0%; last 0.2%); 1.8% yr/yr (expected 1.4%; last 2.4%)
• France's October government budget balance -EUR136.2 bln (last deficit of EUR155.4 bln)
• Spain's November Unemployment Change -18,800 (expected -12,400; last 22,100)
• Italy's October Unemployment Rate 6.0% (expected 6.1%; last 6.2%). October PPI -0.2% m/m (last 0.2%); 0.1% yr/yr (last 1.1%)

[BRIEFING.COM] The stock market faced a broad-based retreat to start December as a sharp sell-off across Bitcoin and other cryptocurrencies weighed on sentiment, sending the S&P 500 (-0.5%), Nasdaq Composite (-0.4%), and DJIA (-0.9%) lower. 

Stocks steadily rebounded from the opening lows, with the S&P 500 and Nasdaq Composite nearly breaching their flatlines as the information technology sector (+0.1%) recovered from an early 1.3% loss. 

NVIDIA (NVDA 179.92, +2.92, +1.65%) was a standout across the mega-cap stocks, trading higher after announcing a strategic partnership with Synopsys (SNPS 438.29, +20.28, +4.85%) in which the companies will advance agentic AI engineering using GPUs, accelerated computing, and digital-twin technologies.

Apple (AAPL 283.10, +4.25, +1.52%) also notched a solid gain, which helped mask losses in over half of the sector's components. 

Meanwhile, Amazon (AMZN 233.88, +0.66, +0.28%) was the only other "magnificent seven" name to capture a gain, which helped the consumer discretionary sector finish on its flatline. 

Alphabet (GOOG 315.12, -5.00, -1.56%), which has notably outperformed this quarter, faced some profit-taking. 

The energy sector (+0.9%) was the only sector to maintain any space above its flatline, supported by crude oil futures settling today's session $0.83 higher (+1.5%) at $59.38 per barrel. OPEC+ announced over the weekend that it will leave oil output levels steady for the first quarter of 2026.

Stocks were unable to maintain the rebound from opening lows, with eight S&P 500 sectors ultimately finishing in negative territory. 

The utilities sector (-2.4%) faced the widest loss as all but one of its components traded lower amid a rise in longer-term treasury yields, sending the sector below its 50-day moving average. 

The health care (-1.5%) sector also faced a considerable loss despite the U.S. and U.K. reaching a broad pharmaceutical pricing agreement in which the U.K. will boost NHS payments for new medicines and ease rebate pressures, while the U.S. will lift tariff threats and drop investigations into U.K. pricing practices. 

Moderna (MRNA 24.16, -1.82, -7.01%) was the worst-performing S&P 500 name, trading lower following a report from The Washington Post that the FDA is planning on imposing stricter standards for vaccine approvals due to alleged coronavirus vaccine deaths, though the link between the vaccine and the fatalities in question is contested. 

The industrials sector (-1.5%) finished similarly, with significant pressure coming from defense names amid some speculation that President Trump's plan to end the Russia-Ukraine war could be successful. The iShares U.S. Aerospace and Defense ETF closed with a 2.9% loss. 

Meanwhile, stocks with direct ties to the cryptocurrency market faced outsized losses. Coinbase Global (COIN 259.84, -12.98, -4.76%) and Robinhood Markets (HOOD 123.24, -5.25, -4.09%) were two of the worst-performing names in the financials sector (-0.9%), while Bitmine Immersion Technologies (BMNR 28.98, -4.14, -12.50%) faced a double-digit loss as Ethereum slid alongside Bitcoin. Strategy Inc (MSTR 171.42, -5.76, -3.25%) reversed from its session lows but still finished with a loss. 

The small-cap Russell 2000 (-1.3%) underperformed amid today's risk-off sentiment, while the S&P Mid Cap 400 (-0.5%) finished with a loss similar to that of its larger-cap counterparts. 

Ultimately, today's broad-based retreat was reminiscent of earlier-November sessions, not the rally that came amid a spike in rate-cut expectations near the month's end. While expectations for further Fed easing remain elevated, the market was subject to some profit-taking from last week's highs, while a sharp sell-off in cryptocurrency and a dip in U.S. Treasuries weighed on sentiment. Fortunately, the month-ending rally put enough space between the major averages and their 50-day moving averages that they all remain over 1% above the key technical level even after today's weakness. 

U.S. Treasuries began December on a lower note, sliding alongside other sovereign debt amid solidifying expectations for a rate hike from the Bank of Japan on December 19. The 2-year note yield settled up five basis points to 3.54%, and the 10-year note yield settled up eight basis points to 4.10%. 

• Nasdaq Composite: +20.5% YTD
• S&P 500: +15.8% YTD
• DJIA: +11.2% YTD
• Russell 2000: +10.7% YTD
• S&P Mid Cap 400: +5.4% YTD

Reviewing today's data:

• The November ISM Manufacturing Index checked in at 48.2% for November (Briefing.com consensus: 49.0%), down from 48.7% in October. The dividing line between expansion and contraction is 50.0%, so the November figure, which is the ninth straight month below 50.0%, suggests manufacturing activity contracted at a faster pace than the prior month.
  • The key takeaway from the report is that the manufacturing sector resembled a sector in a state of stagflation in November, punctuated by a faster pace of contraction, rising prices, and weakening employment.
• The S&P Global U.S. Manufacturing PMI hit 52.2 in the final reading for November, down from 52.5 in October.