Stock Market Update

[BRIEFING.COM] The stock market has taken a step back from the record-high levels of last week, with the S&P 500 (-0.5%), Nasdaq Composite (-0.7%), and DJIA (-0.5%) holding similar losses just before midday. Weakness in the market is relatively broad-based, and the Russell 2000 (-0.7%) and S&P Mid Cap 400 (-0.7%) hold losses comparable to that of their larger-cap counterparts. 

Mega-cap tech names are mostly lower, which is pushing the information technology (-0.8%) and consumer discretionary (-0.8%) sectors lower, though both sectors face losses in a majority of their components. The Vanguard Mega Cap Growth ETF is down 0.7%.

The materials sector (-1.1%) holds the widest loss as metal prices retreat from record-high levels, while the energy sector (+1.1%) is supported by a $1.48 (+1.4%) increase in the price of oil to $58.22 per barrel. 

Meanwhile, the defensive utilities (+0.7%) and consumer staples (+0.1%) trade modestly higher amid the tech sell-off. 

Volume is once again lighter than average amid another relatively uneventful near-the-end-of-year session. There are, however, a few notable geopolitical headlines this morning, with Bloomberg reporting that China is conducting military exercises around Taiwan. 

Additionally, White House Press Secretary Karoline Leavitt said via X that "President Trump has concluded a positive call with President Putin concerning Ukraine."