Stock Market Update

[BRIEFING.COM] The stock market has seen some subdued action in the wake of yesterday's retreat, with the S&P 500 (flat), Nasdaq Composite (flat), and DJIA (-0.1%) staying in close proximity to their flatlines. 

Today's action comes on lower-than-average volume as the market continues to search for fresh catalysts during another holiday-shortened week. 

Seven S&P 500 sectors trade lower, though losses are all within 0.3% or narrower. The financials sector (-0.3%) is a laggard, with Ares Management (ARES 163.89, -5.16, -3.05%) the worst-performing S&P 500 name so far. 

Meanwhile, the energy sector (+0.6%) once again tops the leaderboard despite the price of oil decreasing $0.11 (-0.2%) to $57.97 per barrel. 

The communication services sector (+0.3%) is another top mover, supported by strength in Meta Platforms (META 665.67, +6.98, +1.06%) after the company announced it acquired the Singapore-based AI startup Manus. The stock is a standout across mega-cap names today, which are largely flattish, keeping the Vanguard Mega Cap Growth ETF on its flatline. 

A solid rebound in metals prices has the materials sector (+0.2%) in modestly positive territory as well. Newmont Corporation (NEM 102.32, +2.51, +2.51%) is an S&P 500 standout after retreating 5.6% amid falling gold and silver prices yesterday. 

The top-weighted information technology sector (-0.1%) has spent time both above and below its unchanged level today. NVIDIA (NVDA 187.85, -0.37, -0.20%) is modestly lower, but a solid gain in Intel (INTC 37.82, +1.14, +3.12%) and mixed performances across other chipmakers keep the PHLX Semiconductor Index (+0.3%) in positive territory. 

All told, the session has passed in a relatively uneventful fashion so far, with attention now turning to the 2:00 p.m. ET release of the December FOMC minutes. 

Reviewing today's data:

• October FHFA Housing Price Index 0.4% (Briefing.com consensus 0.1%); Prior was revised to -0.1% from 0.0%
• October S&P Case-Shiller Home Price Index 1.3% (Briefing.com consensus 1.1%); Prior 1.4%
• December Chicago PMI 43.5 (Briefing.com consensus 40.4); Prior 36.3