Major indices are split with small caps and the Russell 2000 leading the charge. The S&P 500 is bouncing around its baseline and seeing profit taking action in chip and storage names after their recent strength.

The Magnificent Seven are mostly moving lower today as Nvidia (NVDA) lags. The company awaits China’s decision over H200 imports.

Only two sectors are in the red with Technology (XLK) as the worst performer, driven lower by semiconductor names. Meanwhile, Consumer Staples (XLP) are in the lead, getting a boost from Constellation Brands (STZ). The company reported a double beat on earnings yesterday after the bell. The runner up is Energy (XLE), driven by higher oil prices.

In other news, the Trump administration is considering offering Greenlanders between $10,000 and $100,000 per person to sway them to join the United States.

On the economic front, the New York Fed Survey year ahead inflation expectations rose to 3.4% in December from 3.2% in November. However, long term inflation expectations remained unchanged at 3%.

Meanwhile, the mean perceived probability of finding a job fell 4.2 percentage points to 43.1% in December. This came while the mean perceived probability of job loss in the next 12 months rose 1.4 percentage points to 15.2%.

December Challenger Gray job cuts declined 8.3% y/y vs. +23.55% in November. The transportation sector saw the largest jump in cut announcements, while telecommunications saw the largest drop.

The Atlanta Fed is now projecting Q4 GDP at 5.45, a massive expansion, largely driven by the narrowing trade deficit, consumer spending, and investments rocketing higher.

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