Briefing

• Market Snapshot

  • Dow: 49498.09, +17.05 (0.03%)
  • Nasdaq: 22878.40, -273.69 (-1.18%)
  • SP 500: 6910.85, -37.27 (-0.54%)
  • NYSE: Adv 1671, Dec 1046, Vol 1.36 bln
  • Nasdaq: Adv 2436, Dec 2267, Vol 9.09 bln

• Industry Watch

  • Strong: Financials, Real Estate, Energy, Industrials
  • Weak: Information Technology, Communication Services, Materials, Utilities, Health Care, Consumer Discretionary, Consumer Staples

• Moving the Market

  • NVIDIA stock moved lower despite strong earnings, pressuring semiconductor stocks.
  • Broader market mostly lower.
  • Continued strength in software names and financial stocks.

• Market Summary

  • Major averages finished mostly lower.
  • S&P 500, Nasdaq Composite, and DJIA finished off session lows.
  • NVIDIA's stock declined despite stellar earnings and bullish guidance, leading to pressure on mega-cap tech and semiconductor stocks.
  • Market concerns about sustained capital expenditure in AI buildout.
  • Broadcom and AMD also incurred losses, driving PHLX Semiconductor Index lower.
  • Software names showed continued strength, with Salesforce gaining despite cautious guidance.
  • Financials sector finished near session highs, supported by banking, financial publishing, and software stocks (e.g., Block, Fidelity Nat'l Info).
  • Industrials sector gained, aided by software components (e.g., Equifax, Paycom Software).
  • Energy and Real Estate sectors charted modest gains.
  • Communication Services lagged, with Alphabet among underperformers.
  • Tesla and Amazon finished lower, but travel-related names (Expedia Group, Norwegian Cruise Line) showed strength.
  • Vanguard Mega Cap Growth ETF was lower, underperforming S&P 500 Equal Weighted Index.
  • Russell 2000 and S&P Mid Cap 400 recovered to chart decent gains.
  • This session saw mega-cap tech pullback with rotational strength in cyclical sectors and outperformance in small/mid-caps.
  • Treasuries climbed, sending 10-year and 30-year note yields to lowest closing levels of the year.
    • 2-year yield: 3.45% (-2 bps)
    • 10-year yield: 4.02% (-3 bps)
    • 30-year yield: 4.67% (-3 bps)
  • YTD Performance:
    • S&P Mid Cap 400: +9.1%
    • Russell 2000: +8.8%
    • DJIA: +3.0%
    • S&P 500: +0.9%
    • Nasdaq Composite: -1.6%
  • Economic Data:
    • Initial jobless claims rose slightly to 212,000 (still low-firing, low-hiring).
    • Continuing jobless claims decreased to 1.833 million.
  • After-hours/Next Day: Earnings from Dell and CoreWeave expected after close; January PPI and Core PPI data due tomorrow morning.