Major indices are modestly lower, except for the Dow Jones. The renewed weakness in semiconductors is weighing on the S&P 500 and Nasdaq.

Six sectors are moving higher with Consumer Staples (XLP) in the lead with Target (TGT) giving a boost to the sector as it continues to get a rise from its latest earnings. Altria Group (MO) and Philip Morris International (PM) are also helping the sector after news that Philip Morris USA will produce combustible cigarettes for PMI's non-U.S. markets, with first shipments expected early in 2027. Communication Services (XLC) are in close second place as the sector gets a boost from its Magnificent Seven components. Financials (XLF) are also catching a bid driven by strength in credit services names, in particular Visa (V) and Mastercard (MA).

On the other end, Energy (XLE) is lagging as oil prices move lower. Technology (XLK) is also lagging due to weakness in semiconductor names, particularly in memory names.

Oil is moving lower and broke below the $85 level due to investors awaiting further details on the economic actions against Iran.

Bitcoin (BTC) is continuing to rally and now testing the $80,000 level.

Trump took to Truth today to announce an increase on Canadian tariffs for certain goods including automobiles and steel starting on January 1st.

NVDA News

Nvidia (NVDA) is making headlines with several notable announcements today. The first is a strategic partnership with Lancium to deploy its AI factory platform across the company's 15+ GW portfolio.

Reports also circulating that Nvidia (NVDA) is in talks to invest in Perplexity at over a $30 billion valuation

Furthermore, SpaceXAI (SPCX) and Nvidia deepened their tie-up, with SpaceXAI adopting Vera CPUs for agentic workloads, expanding Grok's infrastructure onto Vera Rubin, and building its first Starmind satellite around an optimized Vera Rubin NVL72.

Separately, Nvidia said Groq 3 LPX, its low-latency inference accelerator built to extend Vera Rubin NVL72, has entered full production, splitting agentic workloads between Rubin GPUs for context processing and LPX for token generation, with Nebius (NBIS) the first neocloud to deploy it.

AI Investments

Softbank is reportedly planning a $6.3 billion 7-year bond sale in Japan to continue to fund its AI push.

Bessent Preview

Bond yields are moving lower ahead of Treasury Secretary Scott Bessent's press conference at 2 PM ET.

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