Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.8%), Nasdaq Composite (+1.0%), and DJIA (+1.3%) continue to steadily tick higher as the market advances in relatively broad fashion. 

The financials sector (+2.4%) provides strong leadership, with strength in major banking names such as Goldman Sachs (GS 957.74, +43.40, +4.75%) and JPMorgan Chase (JPM 335.69, +10.21, +3.14%). 

Meanwhile, Coinbase Global (COIN 253.18, +16.65, +7.04%) outperforms after Goldman Sachs upgraded the stock to Buy from Neutral, with a target price of $303 (up from $294). The stock also benefits from a 2.0% increase in the price of Bitcoin amid escalating geopolitical tensions. 

On the data front, the ISM Manufacturing Index checked in at 47.9% for December (Briefing.com consensus: 48.4%), down from 48.2% in November. The dividing line between expansion and contraction is 50.0%, so the December figure, which is the tenth straight month below 50.0%, suggests manufacturing activity contracted at a faster pace than the prior month.

The key takeaway from the report is that the manufacturing sector operated in a state of contraction for the tenth consecutive month, with tariffs and weaker order activity cited as key drags on overall activity.