Afternoon Note
A mixed market is kicking off this holiday shortened week. Investors are reacting to news over the weekend that President Biden and House Speaker McCarthy reached a debt ceiling deal; however, uncertainty remains until the deal passes Congress.
On the economic front, Consumer Confidence and Expectations fell again in May, dragged down by a decline in how Americans perceive the job market.
|
Conf. Board |
Actual |
Consensus |
Prior |
Revised |
|
Consumer Confidence |
102.3 |
99.0 |
101.3 |
103.7 |
|
Present Situation |
148.6 |
-- |
151.1 |
-- |
|
Expectations |
71.5 |
-- |
68.1 |
-- |
Another disappointing data report, Dallas Fed Manufacturing Survey, contracted for the thirteenth straight month. Economists were expecting a bounce in May (actual -29 vs. consensus -18), but it didn’t happen.
The respondents’ remarks say it all:

Four sectors in the S&P 500 are hanging onto gains, while seven are trading lower with Energy and Consumer Staples down more than 1.1%.

NVIDIA (NVDA) rallied over 5%, hitting a $1 trillion market cap this morning after CEO Jensen Huang unveiled a host of new AI-related products and services yesterday.
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| 1/2/2026 1:06 PM | Mixed Session |
| 1/2/2026 9:41 AM | DAY ONE - 2026 |
| 12/31/2025 9:38 AM | HAPPY NEW YEAR |
| 12/30/2025 1:17 PM | Investors Await FOMC Minutes |
| 12/30/2025 9:38 AM | FED MINUTES TODAY |
| 12/29/2025 2:11 PM | Holiday Continues |
| 12/29/2025 9:44 AM | LARGE STAYS IN CHARGE HEADING INTO 2026 |
| 12/26/2025 12:47 PM | Slow Session |
| 12/26/2025 9:30 AM | The Market’s Gift: New Heights |
| 12/24/2025 9:10 AM | HO HO HO, MERRY CHRISTMAS |
| 12/23/2025 1:35 PM | Just In Time For Santa |
| 12/23/2025 9:26 AM | STRONG START TO A SHORTENED TRADING WEEK |
| 12/22/2025 1:37 PM | Broad Strength |
| 12/22/2025 9:26 AM | GETTING READY FOR THE YEAR-END |
| 12/19/2025 1:40 PM | Is Santa Coming? |
| 12/19/2025 9:38 AM | DEAR SANTA |
| 12/18/2025 1:44 PM | Markets Enthusiastic |
| 12/18/2025 9:28 AM | ORACLE CONTINUES TO HAUNT THE AI TRADE |
| 12/17/2025 1:23 PM | Technology Slides |
| 12/17/2025 9:40 AM | SPRING LOADED |
| 12/16/2025 1:44 PM | Drifting Lower |
| 12/16/2025 9:41 AM | JOBS DATA ARRIVES (FINALLY!) |
| 12/15/2025 1:27 PM | Choppy Action |
| 12/15/2025 9:38 AM | LOOKING FOR A NUDGE |
| 12/12/2025 1:29 PM | Friday Fury |
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