[BRIEFING.COM] The major averages remain little changed from their flatlines as the market enters the final hour of the session. 

The materials sector (+0.3%) has steadily improved throughout the session, supported by strength in precious metals producer Newmont Corporation (NEM 102.41, +2.60, +2.61%). Precious metals rebounded from yesterday's retreat, with silver leading the advance, settling today's session $7.41 higher (+10.5%) at $77.93 per ozt. 

Gold settled today's session $40.80 higher (+0.9%) at $4,386.30 per ozt. 

[BRIEFING.COM] The S&P 500 (flat) is hovering near flat lines, consolidating a rebound from the prior two hours. Trading has been range bound for the last two hours as investors play a risk-off game into the final few hours of trading.

The December minutes show a Fed that is cautiously pivoting toward easing, but with clear internal debate. Most participants supported a 25 bp rate cut, citing rising downside risks to employment and a cooling labor market, though several characterized the decision as finely balanced and some preferred no change. Policymakers broadly agreed that further cuts could be appropriate if inflation continues to decline as expected, but many emphasized that policy is not on a preset path and that holding rates steady for a time after December may be warranted to assess lagged effects and inflation progress.

Inflation remained the central tension. While participants generally expect inflation to gradually return to 2%, with tariff-driven pressures fading and housing inflation easing, many judged that upside risks to inflation are still elevated. Several warned that cutting too aggressively could risk entrenching inflation or be misinterpreted as weakening the Fed's commitment to its target, underscoring the importance of keeping longer-run inflation expectations well anchored even as policy moves toward a more neutral stance.

On balance sheet policy, officials agreed that reserve balances have declined to "ample" levels and approved initiating reserve management purchases of shorter-term Treasuries to maintain smooth money market functioning. Policymakers stressed that these purchases are purely technical, aimed at interest-rate control rather than signaling any change in the stance of monetary policy, while also removing limits on standing repo operations to bolster rate control amid tighter funding conditions.

[BRIEFING.COM] The Nasdaq Composite (-0.02%) is in second place on Tuesday afternoon, down about six points, ahead of the FOMC's December meeting minutes which are due at the top of the hour.

Gold futures settled $40.80 higher (+0.9%) at $4,384.40/oz, as bargain-hunting and short covering emerged following this week's sharp, margin-driven selloff, with thin year-end liquidity amplifying the move. The bounce was supported by renewed safe-haven demand amid geopolitical uncertainty, a softer dollar, and expectations that gold's core macro tailwinds remain intact despite recent volatility.

Meanwhile, the U.S. Dollar Index is up about +0.2% to $98.19.

[BRIEFING.COM] The Dow Jones Industrial Average (-0.11%) is down about 52 points.

A look inside the DJIA shows that Goldman Sachs (GS 883.31, -8.87, -0.99%), IBM (IBM 303.81, -1.93, -0.63%), and Amgen (AMGN 327.88, -1.75, -0.53%) are underperforming.

Meanwhile, Boeing (BA 221.60, +4.35, +2.00%) is today's top gain getter.

The DJIA is now +1.45% higher month-to-date.

Also, at the top of the hour, Baker Hughes (BKR 45.91, +0.53, +1.17%) announced a weekly U.S. rotary rig count of 546, +1 w/w and -43 yr/yr.

[BRIEFING.COM] The stock market has seen some subdued action in the wake of yesterday's retreat, with the S&P 500 (flat), Nasdaq Composite (flat), and DJIA (-0.1%) staying in close proximity to their flatlines. 

Today's action comes on lower-than-average volume as the market continues to search for fresh catalysts during another holiday-shortened week. 

Seven S&P 500 sectors trade lower, though losses are all within 0.3% or narrower. The financials sector (-0.3%) is a laggard, with Ares Management (ARES 163.89, -5.16, -3.05%) the worst-performing S&P 500 name so far. 

Meanwhile, the energy sector (+0.6%) once again tops the leaderboard despite the price of oil decreasing $0.11 (-0.2%) to $57.97 per barrel. 

The communication services sector (+0.3%) is another top mover, supported by strength in Meta Platforms (META 665.67, +6.98, +1.06%) after the company announced it acquired the Singapore-based AI startup Manus. The stock is a standout across mega-cap names today, which are largely flattish, keeping the Vanguard Mega Cap Growth ETF on its flatline. 

A solid rebound in metals prices has the materials sector (+0.2%) in modestly positive territory as well. Newmont Corporation (NEM 102.32, +2.51, +2.51%) is an S&P 500 standout after retreating 5.6% amid falling gold and silver prices yesterday. 

The top-weighted information technology sector (-0.1%) has spent time both above and below its unchanged level today. NVIDIA (NVDA 187.85, -0.37, -0.20%) is modestly lower, but a solid gain in Intel (INTC 37.82, +1.14, +3.12%) and mixed performances across other chipmakers keep the PHLX Semiconductor Index (+0.3%) in positive territory. 

All told, the session has passed in a relatively uneventful fashion so far, with attention now turning to the 2:00 p.m. ET release of the December FOMC minutes. 

Reviewing today's data:

• October FHFA Housing Price Index 0.4% (Briefing.com consensus 0.1%); Prior was revised to -0.1% from 0.0%
• October S&P Case-Shiller Home Price Index 1.3% (Briefing.com consensus 1.1%); Prior 1.4%
• December Chicago PMI 43.5 (Briefing.com consensus 40.4); Prior 36.3

[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (-0.1%), and DJIA (-0.2%) remain seated with slight losses. 

Reuters reports that NVIDIA (NVDA 187.84, -0.38, -0.20%) is in talks to acquire AI21 Labs for up to $3 billion. The stock is off of its session highs that saw it briefly enter positive territory, though still well above session lows. 

Several other notable mega-cap names are putting up subdued performances, leaving the Vanguard Mega Cap Growth ETF flat for the day. 

[BRIEFING.COM] The major averages trade in slightly negative territory at midday. 

Boeing (BA 221.02, +3.77, +1.74%) is moving higher today after being awarded an $8.57 billion Air Force contract for the F-15 Israel Program, along with a separate $4.2 billion modification supporting E-4B logistics services. These awards help reinforce defense as an area of strength for BA.

Today's move highlights what these awards reinforce: BA's defense business continues to benefit from a supportive demand backdrop and remains a key player in U.S. defense exports, with the F-15IA win underscoring continued international demand for advanced fighter capabilities, consistent with management's view that demand is being supported by the current global threat environment. Defense is therefore a relative bright spot and steady contract flow helps bolster the broader recovery narrative as BA works through commercial execution and longer-cycle program risks (including the 777X overhang).

[BRIEFING.COM] The S&P 500 (+0.1%), Nasdaq Composite (+0.2%), and DJIA (-0.1%) have spent the morning in close proximity to their flatlines as the stock market navigates another session devoid of meaningful catalysts. The small-cap Russell 2000 (-0.3%) and S&P Mid Cap 400 (-0.2%) slightly underperform their larger-cap counterparts.

Sector strength is a nearly even split, and losses are contained to 0.3% or narrower. 

The communication services sector (+0.5%) is the early leader, supported by a solid gain in Meta Platforms (META 666.45, +7.76, +1.18%) after the company announced it acquired the Singapore-based AI startup Manus.

The energy sector (+0.4%) also holds a nice gain as the price of oil increases $0.20 (+0.3%) to $58.27 per barrel. Metal prices have started to rebound from yesterday's sharp retreat, keeping the materials sector (+0.1%) near its flatline. 

Corporate news flow is once again sparse ahead of the New Year's Day holiday on Thursday. 

Breadth is nearly even on the NYSE, while decliners outpace advancers by a roughly 6-to-5 clip on the Nasdaq. 

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (flat), and DJIA (-0.2%) are little changed from previous levels. 

Metal prices have seen a decent bump after yesterday's retreat from record-high levels. Gold is up $36.40 (+0.8%) to $4380.20 per ozt, and silver is up $5.34 (+7.6%) to $75.80 per ozt. Precious metals miner Newmont Corporation (NEM 101.30, +1.49, +1.49%) is the top-performing name in the materials sector (-0.1%) as a result. 

[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (-0.2%), and DJIA (-0.2%) are back in modestly negative territory. 

The consumer discretionary sector (-0.3%) holds the widest loss as a majority of its components trade lower, though Tesla (TSLA 460.29, +0.65, +0.14%) has stabilized after an outsized loss yesterday. 

After briefly holding a modest gain, the information technology sector (-0.2%) faces a similar retreat, with NVIDIA (NVDA 187.19, -1.03, -0.55%) extending yesterday's weakness. A solid gain in Intel (INTC 37.38, +0.70, +1.92%) and mixed performances across other chipmaker names keep the PHLX Semiconductor Index (+0.2%) in positive territory. 

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (flat), and DJIA (-0.1%) are steadily improving from modest opening losses. 

The broader market has a flattish tilt, with five S&P 500 sectors trading higher and losses that are modest in nature.

The energy sector (+0.8%) is on a trajectory that resembles yesterday's action, trading higher as the price of oil increases $0.35 (+0.6%) to $58.43 per barrel.

Meanwhile, the communication services sector (+0.5%) also holds a nice gain. Meta Platforms (META 667.93, +9.24, +1.40%) is a mega-cap standout after the company announced its acquisition of the Singapore-based AI startup, Manus. Elsewhere in the sector, CNBC's David Faber reported that Warner Bros. Discovery (WBD 28.93, +0.14, +0.49%) is expected to reject the latest offer from Paramount Skydance (PSKY 13.53, +0.03, +0.26%). 

On the data front, the December Chicago PMI expanded to 43.5 (Briefing.com consensus 40.4) from a prior reading of 36.3.

The stock market is on track for a flat opening, with little in the way of headlines to stir equity futures in either direction. 

The FHFA Housing Price Index increased 0.4% in October (Briefing.com consensus 0.1%) from a downwardly revised prior decrease of -0.1% (from 0.0%).

The S&P Case-Shiller Home Price Index expanded 1.3% in October (Briefing.com consensus 1.1%), from a prior increase of 1.4%.

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

Equity indices in the Asia-Pacific region had a mostly lower showing on Tuesday. South Korea's Retail Sales (-3.3% m/m) for November fell at their fastest pace in nearly two years due to lower sales of food and apparel. Separately, South Korea's finance ministry is expected to present a roadmap for the country's inclusion in the MSCI Developed Market Index early next year. Samsung and SK Hynix received U.S. approval to ship chip fabrication tools to China and there were reports that the U.S. may implement an annual system for granting these licenses. China's offshore yuan reached its strongest level against the dollar in 15 months. Markets in Japan and South Korea will be closed entirely tomorrow while markets in Australia, New Zealand, and Hong Kong will close early.

• In economic data:
  • South Korea's November Industrial Production 0.6% m/m (expected 2.2%; last -4.2%); -1.4% yr/yr (expected 3.0%; last -8.2%). November Retail Sales -3.3% m/m (last 3.6%) and November Service Sector Output 0.7% m/m (last -0.7%)

---Equity Markets---

• Japan's Nikkei: -0.4%
• Hong Kong's Hang Seng: +0.9%
• China's Shanghai Composite: UNCH
• India's Sensex: UNCH
• South Korea's Kospi: -0.2%
• Australia's ASX All Ordinaries: -0.1%

Major European indices trade in the green ahead of tomorrow's full day closures in Germany, Switzerland, and Italy, and early closures scheduled for the U.K., Spain, and France. Spain reported strong Retail Sales growth for November (6.0% yr/yr), combined with a decelerating CPI for December (to 2.9% from 3.0%). Sweden's Riksbank noted in its Minutes from the December meeting that policy should remain at its current level for some time, echoing the European Central Bank's view.

• In economic data:
  • Spain's December CPI 0.3% m/m (last 0.2%); 2.9% yr/yr (expected 2.8%; last 3.0%). December Core CPI 2.6% yr/yr (last 2.6%). November Retail Sales 6.0% yr/yr (last 3.9%) and October Current Account surplus EUR7.18 bln (last surplus of EUR1.87 bln)
  • Swiss December KOF Leading Indicators 103.4 (expected 101.5; last 101.7)

---Equity Markets---

• STOXX Europe 600: +0.5%
• Germany's DAX: +0.6%
• U.K.'s FTSE 100: +0.5%
• France's CAC 40: +0.5%
• Italy's FTSE MIB: +1.2%
• Spain's IBEX 35: +0.8%

The S&P 500 futures currently trade one point above fair value. 

Microsoft (MSFT 486.00, -1.10, -0.2%) CEO Satya Nadella has made changes to the company's senior leadership as the company looks to expand its presence in AI past OpenAI, according to Financial Times. 

Equity futures point to a flat opening after stocks pulled back from last week's record highs in yesterday's trade. Mega-cap tech names finished mostly lower, though they saw improvements late in the session, which helped the major averages finish well off of session lows. Metal prices also pulled back considerably from record high levels. 

The action came on lower-than-average volume and few directional drivers. There was, however, a myriad of geopolitical headlines, which seem to be stoking some tensions again this morning. Reuters reported that China has fired missiles into the waters off of Taiwan. Separately, NBC News reports that President Trump has issued new warnings against Iran and Hamas, with Iran threatening a "harsh" response. 

While corporate news flow remains light, the market will have several data and policy points to assess today. Most notably, the October Job Opening and Labor Turnover report will be released at 10:00 a.m. ET, and the December FOMC minutes will be released at 2:00 p.m. ET. 

In corporate news: 

• China is aiming to mandate 50% domestic equipment for producers of chips, according to Reuters. 
• Meta Platforms (META 657.75, -0.94, -0.1%) is set to acquire the Singapore-based AI startup Manus, according to The Wall Street Journal.
• Tesla (TSLA 461.96, +2.32, +0.5%) published a compilation of analyst predictions for vehicle deliveries, with the current quarters estimates projected to come in lighter than previous ones, according to Bloomberg. 

Reviewing overnight developments:

Equity indices in the Asia-Pacific region had a mostly lower showing on Tuesday. Japan's Nikkei: -0.4%, Hong Kong's Hang Seng: +0.9%, China's Shanghai Composite: UNCH, India's Sensex: UNCH, South Korea's Kospi: -0.2%, Australia's ASX All Ordinaries: -0.1%.

In news:

• South Korea's Retail Sales (-3.3% m/m) for November fell at their fastest pace in nearly two years due to lower sales of food and apparel.
• Separately, South Korea's finance ministry is expected to present a roadmap for the country's inclusion in the MSCI Developed Market Index early next year.
• Samsung and SK Hynix received U.S. approval to ship chip fabrication tools to China and there were reports that the U.S. may implement an annual system for granting these licenses.
• China's offshore yuan reached its strongest level against the dollar in 15 months.
• Markets in Japan and South Korea will be closed entirely tomorrow while markets in Australia, New Zealand, and Hong Kong will close early.

In economic data:

• South Korea's November Industrial Production 0.6% m/m (expected 2.2%; last -4.2%); -1.4% yr/yr (expected 3.0%; last -8.2%).November Retail Sales -3.3% m/m (last 3.6%) and November Service Sector Output 0.7% m/m (last -0.7%)

Major European indices trade in the green ahead of tomorrow's full day closures in Germany, Switzerland, and Italy, and early closures scheduled for the U.K., Spain, and France. STOXX Europe 600: +0.6%, Germany's DAX: +0.6%, U.K.'s FTSE 100: +0.5%, France's CAC 40: +0.5%, Italy's FTSE MIB: +1.1%, Spain's IBEX 35: +0.7%.

In news:

• Spain reported strong Retail Sales growth for November (6.0% yr/yr), combined with a decelerating CPI for December (to 2.9% from 3.0%).
• Sweden's Riksbank noted in its Minutes from the December meeting that policy should remain at its current level for some time, echoing the European Central Bank's view.

In economic data:

• Spain's December CPI 0.3% m/m (last 0.2%); 2.9% yr/yr (expected 2.8%; last 3.0%). December Core CPI 2.6% yr/yr (last 2.6%). November Retail Sales 6.0% yr/yr (last 3.9%) and October Current Account surplus EUR7.18 bln (last surplus of EUR1.87 bln)
• Swiss December KOF Leading Indicators 103.4 (expected 101.5; last 101.7)

[BRIEFING.COM] The stock market faced a relatively broad pullback to start the final week of 2025 following a solid rally in equities over the Christmas week. 

The S&P 500 (-0.4%) further retreated from Friday's record high level, while the Nasdaq Composite (-0.4%) and DJIA (-0.5%) faced similar pullbacks. 

Despite a lack of directional drivers, mega-cap names saw a fair share of profit-taking on the heels of last week's strength, sending the Vanguard Mega Cap Growth ETF 0.5% lower. 

NVIDIA (NVDA 188.22, -2.31, -1.21%) and Palantir Technologies (PLTR 184.18, -4.53, -2.40%) were among the AI-related leaders that sent the information technology sector (-0.5%) lower, though Micron (MU 294.37, +9.58, +3.36%) continues to shine after its most recent earnings report, with today's steady climb helping the PHLX Semiconductor Index (-0.4%) shed over half of its earlier losses. 

While the broader technology sector would improve through the afternoon, the consumer discretionary sector (-1.0%) remained pinned to session lows. Tesla (TSLA 459.64, -15.55, -3.27%) provided weak mega-cap leadership, with the vast majority of the sector's other components moving lower as well. 

It is not an easy task for the major averages to post gains when the market's largest names lag. That task becomes nearly impossible when the broader market also skews towards the negative. In total, seven S&P 500 sectors would finish lower, with decliners outpacing advancers by a roughly 2-to-1 ratio on both the NYSE and the Nasdaq. 

The materials sector (-1.0%) tied for the widest loss, moving lower as metal prices slipped from last week's record high levels. Gold settled today's session $205.80 lower (-4.5%) at $4,345.50/ozt
while silver settled today's session $6.69 lower (-8.7%) at $70.52/ozt. 

Newmont Corporation (NEM 99.81, -5.97, -5.64%), which has rallied amid the push to record highs for precious metals, was the worst-performing S&P 500 name today. 

Meanwhile, the energy sector (+1.0%) posted the only real gain of note today, supported by crude oil futures settling today's session $1.42 higher (+2.5%) at $58.10 per barrel.

The defensive utilities (+0.2%) and consumer staples (+0.1%) sectors captured slight gains amid the underperformance in growth names, while the real estate sector (+0.2%) notched a similar gain. 

The market was relatively starved of corporate developments today, though a fair share of geopolitical headlines crossed the wires. 

While White House Press Secretary Karoline Leavitt said that President Trump and Russian President Vladimir Putin had a productive call in regard to ending the war in Ukraine, Bloomberg reported that Putin told President Trump Russia will revise its negotiating position, raising questions over prospects for a peace deal. The situation remains touchy, and the lack of a clear resolution likely contributed to rising oil prices today. 

Meanwhile, Bloomberg also reported that China is conducting military operations around Taiwan.

To top things off, President Trump told reporters that if Iran is building up its nuclear program, the U.S. will have to "knock them down" again.

It is unclear how much today's geopolitical developments contributed to market weakness, as equities appeared due for a pullback following last week's record-high advance that occurred amid a relatively light catalyst backdrop. With little in the way of fresh catalysts to counter profit-taking pressure, the market struggled to find its footing. However, the major averages remain positioned near record-high levels, and there are still several sessions remaining in the historical Santa Claus rally period that has generally been very supportive of equities. 

U.S. Treasuries began the last week of December on a modestly higher, but generally sleepy, note. The 2-year note yield settled down two basis points to 3.46%, and the 10-year note yield settled down two basis points to 4.12%.

• Nasdaq Composite: +21.6% YTD
• S&P 500: +17.4% YTD
• DJIA: +13.9% YTD
• Russell 2000: +13.0% YTD
• S&P Mid Cap 400: +7.4% YTD

Reviewing today's data:

• Pending Home Sales rose 3.3% month-over-month in November (Briefing.com consensus 0.9%) after increasing a revised 2.4% (from 1.9%) in September.