Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.6%), Nasdaq Composite (+0.5%), and DJIA (+0.5%) spent the first session of the Christmas week trading in a stable range, capturing decent gains on broad strength. The Russell 2000 (+1.2%) and S&P Mid Cap 400 (+0.9%) notched even wider gains. 

Ten S&P 500 sectors finished higher, with four advancing 1.0% or further. 

The materials sector (+1.4%) captured the widest gain as silver and gold both set fresh record highs today, with Newmont Corporation (NEM 104.88, +3.59, +3.54%) and Freeport-McMoRan (FCX 50.64, +1.49, +3.03%) outperforming as a result. 

Oil prices were also higher today, amid reports that the U.S. is pursuing a third sanctioned tanker off the coast of Venezuela. Crude oil futures settled today's session $1.50 higher (+2.7%) at $58.03 per barrel, keeping the energy sector (+1.1%) near the top of today's leaderboard. 

Elsewhere the financials sector (+1.3%) was supported by solid gains in its investment manager and major banking names, while aerospace and defense stocks boosted the industrials sector (+1.1%). 

While the information technology sector (+0.4%) was not one of the day's top performers, its modest gain highlights some lingering enthusiasm around the AI trade. Strength in chipmakers saw the PHLX Semiconductor Index close 1.1% higher. NVIDIA (NVDA 183.69, +2.70, +1.49%) provided solid leadership, with Reuters reporting that the company looks to begin H200 shipments to China by mid-February. Additionally, Micron (MU 276.59, +10.67, +4.01%) extended its post-earnings run, and First Solar (FSLR 284.59, +17.61, +6.60%) was the top-performing S&P 500 name.

Only the defensive consumer staples sector (-0.4%), which was a laggard last week amid renewed optimism in the AI trade, finished lower. 

In corporate news, Paramount Skydance (PSKY 13.61, +0.56, +4.29%) once again garnered a fair share of coverage today in its takeover bid for Warner Bros. Discovery (WBD 28.75, +0.98, +3.53%). Paramount amended its $30 per share all-cash offer for Warner Bros. Discovery to include an irrevocable personal guarantee of $40.4 billion of the equity financing from Larry Ellison.

There was no economic data of note, and Fed commentary had a minimal impact on the market's rate-cut expectations for 2026. Fed Governor Stephen Miran (voting FOMC member) told Bloomberg that more rate cuts are needed to avoid risks of a recession, while Cleveland Fed President Beth Hammack (voting FOMC member in 2026) said interest rates should remain unchanged for several months. 

All told, today's session progressed in a relatively uneventful manner, which is unsurprising given the holiday week. Though gains were not as wide as the tech-fueled rally of last Thursday and Friday, the major averages still advanced on broad strength, lifting the S&P 500 to the doorstep of another record high. 

U.S. Treasuries began the Christmas week on a modestly lower note, with shorter tenors leading a quiet Monday dip as today's $69 billion 2-year note auction was met with weak demand. The 2-year note yield settled up two basis points to 3.51%, and the 10-year note yield settled up two basis points to 4.17%. 

• Nasdaq Composite: +21.3% YTD
• S&P 500 : +17.0% YTD
• Russell 2000: +14.7% YTD
• DJIA: +13.7% YTD
• S&P Mid Cap 400: +8.3% YTD

[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.