Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (+0.7%), and DJIA (-0.4%) sit mixed, though near their best levels of the session shortly after midday. With today's modest advance, the S&P 500 has now notched a fresh all-time high for the second consecutive session.

Strength in the broader market is mixed, as breadth figures and sector strength have seen modest improvements. Four S&P 500 sectors now trade in positive territory, though solid gains across many of the market's largest names keep the major averages stable. 

Microsoft (MSFT 488.48, +9.97, +2.08%), Alphabet (GOOG 321.19, +6.64, +2.11%), and Amazon (AMZN 244.65, +3.72, +1.54%) are among the mega-cap names that lift the information technology (+0.7%), communication services (+0.8%), and consumer discretionary (+1.0%) sectors to similar gains. 

NVIDIA (NVDA 190.00, +2.76, +1.48%) is another top mover, though many chipmakers are giving back some of yesterday's strong rally, pushing the PHLX Semiconductor Index 1.3% lower. 

The Vanguard Mega Cap Growth ETF is up 1.1%, and the market-weighted S&P 500 (+0.2%) outperforms the S&P 500 Equal Weighted Index (-0.6%), which is the opposite of yesterday's trend. 

Meanwhile, the health care sector (+0.9%) expands upon yesterday's strength. The sector's largest component, Eli Lilly (LLY 1104.90, +40.86, +3.84%), trades higher after The Wall Street Journal reported that the company is in advanced talks to acquire Ventyx Biosciences (VTYX 13.78, +3.73, +37.11%). 

The defensive utilities (-1.7%) and consumer staples (-0.6%) sectors trade lower, as do several cyclical sectors that mounted strong advances earlier in the week. 

President Trump announced that Venezuela will immediately begin providing the U.S. with 30-50 million barrels of oil. The price of oil is currently down $1.23 (-2.2%) to $55.90 per barrel, though refiner Valero Energy (VLO 184.71, +6.44, +3.61%) trades higher despite broader weakness in the energy sector (-1.1%). 

Elsewhere, the materials sector (-1.5%) faces pressure as metals prices face a sharp retreat today, while the financials sector (-1.2%) sees some profit-taking across investment manager and banking names. 

Outside of the S&P 500, the Russell 2000 (-0.8%) and S&P Mid Cap 400 (-0.5%) also give back some of yesterday's strength. 

While certain pockets of the market that excelled in previous sessions are facing a pullback, a rotation back into the mega-caps has helped keep things steady at the index level, allowing the S&P 500 to expand its push into record territory. 

Reviewing today's data:

• Weekly MBA Mortgage Applications Index -9.7%; Prior -5.0%
• December ADP Employment Change 41K (Briefing.com consensus 45K); Prior was revised to -29K from -32K
• December ISM Non-Manufacturing Index 54.4% (Briefing.com consensus 52.2%); Prior 52.6%
  • The key takeaway from the report is that activity in the services sector accelerated in December to its best level for 2025, accented by the first expansion reading for the employment index since May 2025.
• October Factory Orders -1.3% (Briefing.com consensus -1.0%); Prior 0.2%
  • The key takeaway from the dated report is that it was better than the headline suggests thanks to a pickup in business spending that was reflected in the increase in new orders for nondefense capital goods excluding aircraft.
• November JOLTS - Job Openings 7.146 mln; Prior was revised to 7.449 mln from 7.670 mln