Stock Market Update

[BRIEFING.COM] The stock market made some notable intraday moves in the first session of 2026, with the S&P 500 (+0.2%), Nasdaq Composite (flat), and DJIA (+0.7%) finishing the session mostly higher. 

Mega-cap and tech names opened to pronounced gains, sending the tech-heavy Nasdaq Composite over 1.0% higher this morning. Those gains were reversed in short order, with the mega-cap's move lower sending the major averages into negative territory. 

The broader market trended higher throughout the session, with the DJIA steadily improving as a result. Still, losses across many of the market's largest names prevented further growth at the index level, as evidenced by the outperformance of the S&P 500 Equal Weighted Index (+0.7%) over the market-weighted S&P 500 (+0.2%). 

The top-weighted information technology sector finished flat after an early gain that exceeded 1.5%. Microsoft (MSFT 472.94, -10.68, -2.21%) and Palantir Technologies (PLTR 167.86, -9.89, -5.56%) were notable laggards, though strength across chipmaker names prevented further losses. NVIDIA (NVDA 188.85, +2.35, +1.26%) was the "magnificent seven" standout, while Micron (MU 315.42, +30.01, +10.51%) and Intel (INTC 39.38, +2.48, +6.72%) finished even higher, pushing the PHLX Semiconductor Index (+4.0%) to a sturdy gain. 

Mega-cap pressure would see the consumer discretionary sector (-1.1%) close with the widest loss as Tesla (TSLA 438.07, -11.65, -2.59%) and Amazon (AMZN 226.50, -4.32, -1.87%) slid further into negative territory. Tesla faced pressure after its Q4 production and deliveries report, which showed a 15.7% year-over-year drop in deliveries to 418,000 vehicles.

The Vanguard Mega Cap Growth ETF would finish the day 0.5% lower. 

The communication services (-0.4%) and consumer staples (-0.2%) sectors were the only other sectors to finish lower. 

Meanwhile, eight S&P 500 sectors finished higher, with several notable performances. 

The energy sector (+2.1%) finished with the widest gain despite crude oil settling today's session $0.06 lower (-0.1%) at $57.34 per barrel. OPEC+ is not expected to make any changes to its output plans during this Sunday's policy meeting.

The industrials sector (+1.9%) finished with a similar gain, supported by strength in its construction names such as Comfort Systems (FIX 1003.51, +70.22, +7.52%) and Caterpillar (CAT 598.48, +25.61, +4.47%) and aerospace and defense names such as Boeing (BA 227.71, +10.59, +4.88%). 

The materials (+1.5%) and utilities (+1.2%) sectors also captured gains wider than 1.0%. 

Outside of the S&P 500, the small-cap Russell 2000 (+1.0%) and S&P Mid Cap 400 (+1.3%) decidedly outperformed today, steadily trading higher throughout the session. 

While there were plenty of notable stock- and sector-specific moves in play today, the market remains searching for its next directional driver. Mega-cap weakness limited gains at the index level, though a strong performance from chipmakers reflects continued optimism in the AI trade, which was a driving force of strength in 2025. 

U.S. Treasuries started 2026 with modest losses in the 5-year note and longer tenors, while the short end resisted the pressure, leaving the 2-year note near its closing level from Wednesday. The 2-year note yield settled finished unchanged at 3.48% (unchanged for the week), and the 10-year note yield settled up two basis points at 4.19% (+5 basis points this week). 

• S&P Mid Cap 400: +1.3% YTD
• Russell 2000: +1.1% YTD
• DJIA: +0.7% YTD
• S&P 500: +0.2% YTD
• Nasdaq Composite: flat YTD

Reviewing today's data:

• The S&P Global U.S. Manufacturing PMI hit 51.8 in the final reading for December, unchanged from the preliminary reading and down from 52.2 in November.

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (+0.1%), and DJIA (+0.6%) look to close the first session of 2026 on an upbeat note, ticking modestly higher late in the session. 

Meanwhile, the small-cap Russell 2000 (+1.1%) and S&P Mid Cap 400 (+1.5%) are decidedly outperforming today.  Sable Offshore Corp. (SOC 12.20, +3.18, +35.25%) is a small-cap standout after Bloomberg reported that an appeals court will allow the company to produce oil from three platforms off the coast of California.

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (flat), and DJIA (+0.7%) sit mostly higher as the market enters the final hour of the session. 

The energy sector (+2.2%) is the top performer today by a fairly wide margin despite crude oil settling today's session $0.06 lower (-0.1%) at $57.34 per barrel.

Monday marks the start of an energy conference hosted by Goldman Sachs, with Devon Energy (DVN 38.10, +1.47, +4.01%), EOG Resources (EOG 107.74, +2.74, +2.60%), and Phillips 66 (PSX 130.60, +1.56, +1.21%) among the names set to appear. 

[BRIEFING.COM] The S&P 500 (+0.12%) is in second place on Friday afternoon, up about 9 points.

Briefly, S&P 500 constituents AppLovin (APP 620.81, -53.01, -7.87%), Carvana (CVNA 400.42, -21.60, -5.12%), and Gartner (IT 240.49, -11.79, -4.67%) dot the bottom of the standings despite a dearth of corporate news.

Meanwhile, SanDisk (SNDK 268.32, +30.94, +13.03%) tops the average as memory stocks jump to begin the year.

[BRIEFING.COM] The Nasdaq Composite (-0.44%) is today's worst-performing major average, down 103 points.

Gold futures settled $11.50 lower (-0.3%) at $4,329.60/oz, as profit-taking, thin year-end liquidity, and lingering technical pressure tied to higher CME margin requirements weighed on prices after last year's sharp rally. That pullback came despite gold remaining underpinned by the broader backdrop of safe-haven demand, expectations for Fed rate cuts, strong central-bank and ETF buying, and a softer U.S. dollar.

Meanwhile, the U.S. Dollar Index is up about +0.2% to $98.48.