Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (flat), and DJIA (-0.2%) have ceded their opening gains amid relatively weak participation in the broader market, though the losses are modest and keep them close to their flatlines. 

The S&P 500 notched a fresh all-time high this morning, largely due to strength in the top-weighted information technology sector (+0.4%). NVDA has provided solid leadership following reports that the company executed a roughly $20 billion Christmas Eve strategic transaction with AI inference startup Groq, structured as a non-exclusive licensing agreement paired with a high-profile acqui-hire of Groq's founder, president, and senior engineering talent.

Currently, the materials sector (+0.4%) is the only other S&P 500 sector that trades higher. The sector is supported by gold reaching another all-time high level, sending Freeport-McMoRan (FCX 53.20, +1.28, +2.46%) and Newmont Corporation (NEM 105.74, +1.02, +0.97%) to fresh 52-week highs. 

Meanwhile, the other nine S&P 500 sectors move lower, though losses are modest in nature. Only the energy sector (-0.6%) holds a loss of 0.5% or wider as the price of oil slips $1.11 (-1.9%) to $57.24 per barrel. 

The Russell 2000 (-0.7%) and S&P Mid Cap 400 (-0.5%) hold losses wider than that of the major averages, with the smaller-cap indices now defending their modest week-to-date gains. While action has been muted and now has a slightly negative tilt in the broader market, the major averages still hold gains wider than 1.0% for the week.