The market is rallying across the board as investors return from holiday to a full trading week. The Russell 200 and smaller caps are leading the charge.

It’s a mixed session for Technology (XLK), with hardware underperforming, while software stocks are showing solid gains. The Magnificent Seven are mostly moving higher, with Tesla (TSLA) leading the pack.

Seven sectors are moving higher. Financials (XLF) are in the lead, with Coinbase (COIN), Robinhood (HOOD), and Interactive Brokers (IBKR) driving most of the gains in the sector, as crypto prices recover. The runner up is Energy (XLE), getting a boost from oil prices, which are moving higher after the successful operation in Venezuela, which is also paving the way to development of their oilfields. Oilfield services names such as Halliburton (HAL) and SLB (SLB) are holding the widest gains.

On the other hand, Utilities (XLU) are lagging in today’s session.

The Ten-Year Treasury Yield (TNX) is making a move lower today, down 3.2 basis points to 4.155%

The Atlanta Fed GDPNow estimates for Q4 moved down to 2.7% from 3% at the end of December.

Economic Data

ISM manufacturing PMI fell to 47.9 in December from 48.2 in November and below forecasts of 48.3.

Notable Changes:

• Production fell to 51 from 51.4
• Inventories moved to 45.2 from 48.9
• Employment rose to 44.9 from 44
• New Orders improved to 47.7 from 47.4
• Backlogs of orders also improved to 45.8 from 44
• Prices remained at 58.5

It’s going to be another busy week for economic data.