Looks like Rudolph’s nose is shining and helping guide the major indices higher, albeit off their best levels. The beaten down Russell 2000 along with the Nasdaq are the best performers today, and the S&P is at another intraday high.

Currently,  five of the eleven S&P 500 sectors are lower with Consumer Discretionary leading and Staples lagging.

Breadth is positive and almost 3-1 on the Nasdaq but 52-week lows still reign.

Cruise stocks are under pressure after the CDC issued a warning to “avoid cruise travel, regardless of vaccination status."  Speaking of vaccines, Johnson & Johnson (JNJ) said its booster is 85% effective against Omicron hospitalization in South Africa.

WTI is up, trading at $76.88, while the 10-year yield is relatively flat at 1.52%, and the greenback is up slightly to $96.10.

Chicago PMI

The Chicago Business Barometer rose to 63.1 in December 2021 vs expectations of 62 and was up from 61.8 in the prior.

Highlights:

• Production highest reading since July
• New Orders Up
• Inventories at a 4 year high
• Prices Paid 7 month low

However, employment declined to the lowest since June.  Supply chain issues for both labor and raw material shortage continue to weigh, contributing to the lowest order backlog for the year.