Major indices are sitting mixed, with the S&P 500 notching a fresh all-time high for the second consecutive session.

Don’t look now but a change of guards has begun. The Russell 2000 is outpacing the S&P 500, big time.

Five sectors are in the green, with Health Care (XLV) is the best performer and getting a boost from Eli Lilly and Company (LLY). The company is near a deal to purchase Ventyx Biosciences (VTYX), which focuses on immunological and inflammatory illnesses, for more than $1 billion. On the other hand, Utilities (XLU) are the laggard today.

The Magnificent Seven are mostly moving higher. Alphabet (GOOG/L) is in the lead, surpassing Apple’s (AAPL) market cap for the first time since 2019.

In other news, China has asked several Chinese tech companies to halt orders for Nvidia’s (NVDA) H200 chips this week and is expected to issue a mandate for domestic AI chip purchases.

Economic Data

On the economic front, there are lots of compelling developments. The November JOLTs plunged to 7.15 million, the street was looking for 7.6 million.  This is the lowest point of the cycle.

Then there’s the ISM Services number, which surged to 54.4, the highest since October 2024, while the street was looking for 52.2.

Some Highlights:

• Prices decelerated to 64.3 from 65.4
• New Orders increased to 57.9 from 52.9
• Employment expanded to 52 from 48.9