December S&P 500 E-Mini futures (ESZ25) are trending down -0.02% this morning, taking a breather after a record-breaking rally, while investors await the start of the Federal Reserve’s two-day policy meeting, a new round of corporate earnings reports, and U.S. private-sector economic data.
In yesterday’s trading session, Wall Street’s main stock indexes closed at record highs. The Magnificent Seven stocks climbed, with Tesla (TSLA) rising over +4% and Nvidia (NVDA) advancing more than +2% to lead gainers in the Dow. Also, Qualcomm (QCOM) surged over +11% and was the top percentage gainer on the S&P 500 and Nasdaq 100 after introducing new chips and computers for the lucrative AI data center market. In addition, Avidity Biosciences (RNA) soared more than +42% after Novartis agreed to acquire the company in a deal valued at about $12 billion. On the bearish side, rare earth stocks slumped after Treasury Secretary Scott Bessent said he anticipated China would postpone the implementation of its stricter export controls on rare earths, with USA Rare Earth (USAR) sliding over -8% and MP Materials (MP) falling more than -7%.
