Stock Market Update

[BRIEFING.COM] The stock market continues to enjoy a steady bid. In the period between now and our last update, it was announced that the Supreme Court voted to uphold the ban on TikTok that is slated to go into effect Sunday, January 19. That is ostensibly good news for the likes of Meta Platforms (META 607.31, -3.99, -0.6%), Snap (SNAP 10.94, -0.28, -2.5%), and Alphabet (GOOG 195.93, +1.52, +0.8%), although it is thought President Trump is likely to pause the ban for 90 days.

On a related note, President Trump said he had a phone call with Chinese President Xi Jinping today that covered "balancing trade, fentanyl, TikTok, and many other subjects." This call, the incoming president said, was "a very good one."

So far, it is a very good day for stocks. The early buying interest has pushed the market cap-weighted S&P 500 above its 50-day moving average (5,966), which has been a key resistance point during a week that has seen the equal-weighted S&P 500 outperform.