The market may likely see more upside over the coming weeks, according to Barclays.

“Momentum seems so strong that a continued rally seems the path of least resistance for the rest of 2024,” analyst Ajay Rajadhyaksha wrote in a note this week.

Rajadhyaksha also said that bond markets are expected to be “range-bound,” given that investors are awaiting more details on President-elect Donald Trump’s policies.

— Sean Conlon

The S&P 500 has had more declining than advancing stocks in each of the last six completed trading days, according to BTIG data. Despite that, it’s been a winning period for the broad index in an unusual twist.

The S&P 500 is up around 0.3% over that timeframe. There’s never been a six-day run with both negative daily breadth and a positive overall return in the last two decades, according to BTIG.

— Alex Harring

While stocks may be due for more gains in 2025, Citi believes investors should also brace for more volatility given an uncertain policy outlook and raised valuations.

“We maintain a positive view on US equities headed into 2025,” the firm’s U.S. equity strategist Scott Chronert wrote. “Ongoing soft landing and Artificial Intelligence tailwinds now interact with Trump policy promise, and risks. Continued broadening beyond Mega Cap Growth impacts is critical but an extended valuation starting point will be an ongoing hurdle.”

The strategist has a year-end 2025 base case target for the S&P 500 of 6,500, allowing for gains in the mid-single digits next year. However, his bull case of 6,900 and bear case of 5,100 allow for a broad range of outcomes.

“Our bull and bear case assumptions help frame an expectation for increased volatility next year,” Chronert continued.

— Sean Conlon

Oracle shares shed about 8% and are on pace for their worst day since Dec.12, 2023.

The decline came on the heels of a disappointing fiscal second-quarter earnings report that fell short of Wall Street’s estimates on the top and bottom lines. Oracle also issued a weak current-quarter outlook.

The drop in shares comes as Oracle heads for its best year since 1999 as investors snatch up shares of cloud infrastructure players assisting companies with the demand storage needs for artificial intelligence models.

During Tuesday’s trading session, eight stocks in the S&P 500 reached new 52-week highs.

Names that hit this milestone included:

• AutoZone trading at all-time high levels back to its IPO in April, 1991
• O’Reilly Auto trading at all-time high levels back to its IPO in Apr, 1993
• Tesla trading at levels not seen since Nov, 2021
• Citigroup trading at levels not seen since Oct, 2021
• MSCI Inc. trading at levels not seen since Dec, 2021
• Catalent trading at levels not seen since Apr, 2023
• Apple Inc. trading at all-time high levels back to its IPO in Dec, 1980
• ServiceNow trading at all-time high levels back to its IPO in June, 2012

On the flip side, just three stocks were trading at their 52-week lows: Baxter, Centene and Teleflex.

— Lisa Kailai Han, Christopher Hayes

Among the worst-performing semi stocks was Broadcom, which slid about 4%. Micron and Taiwan Semiconductor also each dropped more than 3%.

Notably, artificial intelligence darling Nvidia shed nearly 2%.

— Alex Harring

Shares of Alphabet rose more than 5% in afternoon trading following Google’s breakthrough in quantum computing.

The company said its new chip, known as Willow, is able to decrease errors “exponentially” as the amount of qubits, which are considered the units of information in quantum computing, are increased. This “cracks a key challenge in quantum error correction that the field has pursued for almost 30 years,” Google also said.

The stock’s move brings its year-to-date gains to more than 32%. Shares have also risen more than 24% over the past three months.

The dollar index rose 0.4% Tuesday to 106.58.

Against the euro, the dollar gained 0.5%. The euro last traded at 1.05 against the greenback.

Meanwhile, the dollar strengthened 0.6% to 152.13 yen, and climbed 0.4% against the won to 1,434.23. In December, the greenback has gained 1.6% and 2.8% against the won and the yen, respectively.

Walgreens Boots Alliance shares popped 18% in midday trading, after briefly halting for volatility, following a Wall Street Journal report, citing sources familiar, that said the pharmacy chain is in talks to sell itself to private equity firm Sycamore Partners.

The deal could be completed as soon as early next year if talks don’t fall apart, the report said. Sycamore Partners declined CNBC’s request for comment.

The move would take Walgreens off the public market after it was booted off the Dow Jones Industrial Average earlier this year. The stock is down 57% in 2024.

Check out the companies making headlines in midday trading:

• Alphabet — The online search giant operator launched its latest quantum chip, called Willow. Alphabet said this marks a major breakthrough in the field of quantum computing, leading shares 4% higher. Quantum computing is considered the next frontier for many tech companies.
• Oracle — Shares dropped 8% after the cloud infrastructure company fell short of Wall Street’s fiscal second-quarter expectations. The company also issued disappointing fiscal second-quarter guidance, saying it expects earnings per share to range between $1.50 and $1.54, versus an LSEG estimate of $1.57.
• Alaska Air Group — The airline carrier’s share price soared more than 14% after Alaska Air issued better-than-expected guided fourth-quarter results higher and said it expects to grow profits by $1 billion through 2027. The company is also planning to launch nonstop flights next year to Tokyo and Seoul from its home hub of Seattle.

For the full list, read here.

— Pia Singh

There were just 209 advancers in the S&P 500, with the index itself little changed as investors awaited this week’s consumer prices data.

Communication services and consumer discretionary were the top-performing sectors, up 2% and 0.8%, respectively. By contrast, real estate stocks slid 1%.

Boeing was the No. 1 stock in the broader index, gaining more than 5% after Reuters, citing people familiar, said the company restarted production of its 737 Max jetliner.

On the other hand, Super Micro Computer and Oracle were lower by 8% and 7%, respectively.

— Sarah Min

The declines have also come during the session. As Bespoke Investment Group pointed out in a post on social media site X, the RSP has seen intraday declines in six straight sessions. It would need to rally and close above $184.46 to snap that streak on Tuesday.

The struggles for the RSP are notable because the equal weight fund can be a proxy for market breadth. While the S&P 500 has become increasingly concentrated in a handful of tech names over the past year, the behavior of the RSP is more indicative of the broader large cap stock universe.

— Jesse Pound

Despite those slides, all three funds are still higher compared with where they started the week. That underscores the strength of Monday’s rally.

— Alex Harring

The Trump Trade is already running out of steam, according to Wolfe Research.

“Uncertainty in the first half of 2025 should put a damper on the ‘Trump Trade,'” the firm’s chief investment strategist Chris Senyek wrote Tuesday. “So in the meantime we’d continue to own the Mag 7!”

The Trump Trade will have three parts, Senyek wrote, with the first part unwinding in the immediate aftermath of the election. Senyek expects the second part of the trade will likely come in the first 100 days of the president-elect’s term. The third, he said, will come in the second half of 2025, as incoming data indicates whether Trump’s policy agenda is a positive or negative for economic growth.

For now, as the first part of the Trump Trade finishes its course, Senyek said he would stick to the “Magnificent Seven” that are not in the “crosshairs of policy risk” through the first half of 2025.

— Sarah Min

Shares of Sirius XM slid more than 8% on Tuesday after the radio operator appointed a new chief operating officer and announced cost-cutting initiatives.

The firm said it will target an initial incremental $200 million of annualized savings as it exits 2025, citing “marketplace headwinds.” The company said it will also move its marketing and other resources away from “high-cost, high-churn audiences in streaming.”

Shares of Alaska Air Group rose nearly 11% in premarket trading on the heels of the carrier raising its fourth-quarter earnings forecast and authorizing a $1 billion stock buyback.

The company now expects earnings to come in between 40 cents and 50 cents per share, up from its prior guidance of 20 cents to 40 cents per share. Analysts polled by FactSet were looking for earnings of 49 cents per share for the period.

Alaska Air also announced it is going to launch new nonstop flights to Japan and Korea in 2025 as part of its plan to deliver $1 billion in profit by 2027.

The stock has outperformed the broader market this year, jumping more than 38% year to date. Shares have also gained around 36% over the past three months.

— Sean Conlon, Leslie Josephs

Morgan Stanley analyst Adam Jonas appears to be cautiously optimistic about the outlook for the auto industry heading in 2025.

“The US election result has extended the ‘ICE is Nice’ trade for a bit longer but keep on the lookout for hidden value in the EV ecosystem into the 2H. We recommend investors stay nimble and selective given the volatility of policy outcomes,” Jonas said in a note to clients on Tuesday. “ICE” stands for internal combustion engine, the traditional alternative to electric vehicles.

Morgan Stanley made two changes to its ratings of auto stocks: an upgrade of General Motors to equal weight from underweight, and hiking the price target on Tesla to $400 per share from $310.

The new price target is just 2.5% above where Tesla closed on Monday, but the stock is still Jonas’ top pick in the industry.

Tesla could be a beneficiary from the new Trump administration if change leads to regulatory changes that usher along an autonomous driving future.

“If the Trump Administration looks to clear the path for a Federal framework on autonomous vehicles, we believe investors will eventually appreciate that the discussion of AVs is also a discussion about EVs. Among a range of policy tools, we see tariffs as a lever to help accelerate onshoring of enabling technology underpinned by more de-risked supply chain,” Jonas said.

— Jesse Pound

These are the stocks moving the most in premarket trading:

• Oracle — The database software company slid roughly 7% after posting fiscal second-quarter earnings and revenue that lagged analysts’ estimates.
• Alaska Air Group — The Seattle-based carrier guided Q4 results higher and set a $1 billion buyback, sending the stock 11% higher.
• MongoDB — The database platform tumbled 7% after Chief Financial Officer and Chief Operating Officer Michael Gordon stepped down effective Jan. 31.

Read the full list of stocks moving here.

— Lisa Kailai Han

Small businesses sentiment popped to its highest level in nearly three and a half years following November’s presidential election, the National Federation of Independent Business reported Tuesday.

The NFIB Small Business Optimism Index hit 101.7 for November, an increase of 8 points and the best reading since June 2021. Economists surveyed by Dow Jones had forecast a reading of 94.8.

“The election results signal a major shift in economic policy, leading to a surge in optimism among small business owners,” said Bill Dunkelberg, the group’s chief economist. “Owners are particularly hopeful for tax and regulation policies that favor strong economic growth as well as relief from inflationary pressures. In addition, small business owners are eager to expand their operations.”

Along with the higher reading for the headline index, the share of business owners expecting a better economy ahead jumped 41 points from October to a net 36%, the highest since June 2020.

— Jeff Cox

Fears surrounding aluminum packaging company Ball are overstated, according to Mizuho, which believes investors should buy the recent pullback in shares.

The firm upgraded the stock to outperform from neutral and maintained its $67 price target, which is 16% above where shares closed on Monday.

“Despite recent misplaced concerns about pricing and volume, we don’t believe earnings are at risk, or that fundamentals have changed. We believe the recent pullback in the shares represents a good buying opportunity and an attractive entry point,” analyst Edlain Rodriguez wrote in a Tuesday note.

The company shut down around 15% of its manufacturing capacity to account for lower consumer demand post-pandemic.

“That capacity closure has better positioned Ball for the medium-term as demand gradually normalizes,” Rodriguez said.

— Hakyung Kim

Nvidia shares were down slightly a day after the chipmaker pulled back on China launching an investigation into the company possibly violating the country’s antimonopoly law.

The stock was last down 0.3% in the premarket. On Monday, it fell 2.6%, leading to Nvidia’s longest losing streak since September.

— Fred Imbert

Citi believes Broadcom‘s fiscal fourth-quarter results will top expectations ahead of the company’s earnings release on Thursday.

Analyst Christopher Danely raised his price target on shares to $205 from $175, implying 14.6% upside potential from Monday’s close. Danely also reiterated his buy rating on the stock.

Danely estimates Broadcom could report up to $15 billion in sales, or a 7% rise from the previous quarter. The company’s non-AI semiconductor business will likely drive its better-than-consensus results, he added.

Current-quarter guidance could be held back on a slowdown in orders from Google, a leading AI customer, Danely said.

“We do expect business to ramp from Meta throughout C25 and pick up the slack,” Danely wrote in a Tuesday note.

— Hakyung Kim

South Korean markets led gains in Asia on Tuesday, with the country’s blue-chip Kospi surging 2.43% and seeing its best day in almost three months, while the small-cap Kosdaq spiked 5.52%.

That comes as the country continues to grapple with the fallout of President Yoon Suk Yeol’s short-lived martial law declaration.

Other markets in Asia also climbed, with Japan’s Nikkei 225 up 0.53% and mainland China’s CSI 300 rising by 0.73%.

— Lim Hui Jie

European stocks opened lower on Tuesday, as investors reacted to Chinese import and export figures that came in below expectations in November.

The pan-European Stoxx 600 index was 0.25% lower shortly after the opening bell, with all major bourses trading in negative territory.

Read the latest here.

— Chloe Taylor

Check out some of the companies making headlines in extended trading:

• Oracle — Stock in the computer technology company slipped 5% after Oracle slightly missed fiscal second-quarter earnings estimates. The firm reported adjusted earnings of $1.47 per share, while analysts polled by LSEG were looking for $1.48 in earnings per share. Oracle’s revenue of $14.1 billion matched analysts’ estimates.
• MongoDB — Shares added more than 9% after the database company raised its fourth-quarter forecast. MongoDB now expects adjusted earnings per share in the range of 62 cents to 65 cents, while analysts polled by LSEG were looking for 58 cents in earnings per share. The firm also expects revenue in the current quarter of $515 million to $519 million, against a forecast $509 million.
• Vail Resorts — The operator of ski resorts saw shares jump close to 3% after posting a narrower-than-expected loss in the fiscal first quarter. Vail reported an adjusted loss of $4.61 per share on revenue of $260 million. Analysts polled by LSEG were looking for a loss of $5.00 per share and revenue of $253 million.

Read the full list here.

— Brian Evans

Stock futures were little changed on Monday, after both the S&P 500 and Nasdaq Composite pulled back from their respective highs.

S&P 500 futures ticked down 0.03%, while Nasdaq 100 futures lost 0.01%. Futures tied to the Dow Jones Industrial Average hovered near the flatline.

— Brian Evans

Activity in both the manufacturing and services sectors accelerated in November, according to surveys of purchase managers released by S&P Global on Friday.

The flash PMI reading for services moved up to 57.0, a two-point increase from October and the highest reading in 32 months. On the manufacturing side, the index nudged higher to 48.8, up slightly from October and the highest level in four months.

The manufacturing reading met the Dow Jones estimate while the services index was slightly better than the 55.0 forecast.

The indexes measure the percentage of companies reporting growth, so anything above 50 represents expansion.

—Jeff Cox

Check out some of the companies making headlines in premarket trading:

• Intuit — Stock in the financial software firm pulled back about 3% after its earnings guidance for the current quarter missed analyst estimates. Intuit forecast second-quarter earnings of $2.55 to $2.61 per share, while analysts polled by FactSet were looking for a profit of $3.25 per share.
• Flutter Entertainment – Shares rose more than 1% after Goldman Sachs initiated coverage of the stock with a buy rating and a price target that reflects almost 20% upside from Thursday’s close. The bank cited stronger U.S. margins and share buybacks as catalysts for growth ahead.
• Gap — Shares of the clothing retailer surged more than 20% after the company upped its full-year outlook for the third time in 2024. Gap now expects sales to advance by 1.5% to 2%, compared with a previous outlook that said sales would be “up slightly” on the year.

Read the full list here.

— Brian Evans

President-elect Donald Trump‘s new choice for attorney general, Pam Bondi, is much better for tech platforms than his former pick, Matt Gaetz, according to TD Cowen.

Trump named Bondi his intended nominee Thursday evening, just hours after Gaetz withdrew from consideration. Bondi, a former Florida attorney general, is now a lobbyist working on online privacy issues, among other things, at Ballard Partners. The firm represents Google and Amazon.

After the Justice Department’s proposed remedies in the Google antitrust case on Thursday, a possible settlement now takes on “heightened importance,” TD Cowen policy analyst Paul Gallant wrote in a note Thursday.

“We view Ms. Bondi’s likely leadership of DOJ as a materially better starting point for a settlement with the Trump Administration than had Gaetz been confirmed,” he said. “We would make the same observation about a possible settlement with Apple, which DOJ sued for antitrust violations six months ago (case goes to trial in mid-2026).”

— Michelle Fox

Piper Sandler downgraded Sunrun, anticipating further cash generation uncertainty for the company under a higher-for-longer interest rate environment.

Analyst Kashy Harrison lowered her rating on the struggling solar panel and battery storage company to neutral from overweight. She also cut her price target by $12 to $11, which suggests 7.6% potential upside for the stock.

Sunrun’s shares have plunged nearly 48% this year, with losses piling as fears that President-elect Donald Trump could repeal the Inflation Reduction Act — which has supported tax credits to expand solar energy — have led to a downbeat outlook on solar stocks.

“Rates remain elevated, Republicans control the Presidency and Congress; as a result, equity performance has been dismal … Thus, while some curtailment is expected, we see a low probability of a hard landing on the IRA as it pertains to power supply (i.e. ITC/PTC) or manufacturing credits,” Harrison said. “If our base case expectation comes to fruition (commercial ITC remains; homeowner ITC repealed), we’d expect a volatile resi solar market moving forward.”

— Pia Singh

Don’t sweat the early losses in futures too much, advised Adam Crisafulli of Vital Knowledge.

“Stocks are getting hit in Europe and the US following some downbeat Eurozone flash PMI data, although the magnitude of the S&P futures pullback at 4amET is more a reflection of thin liquidity than extremely negative news, and thus it’s likely prices will rebound,” he said in a note.

— Fred Imbert

Two retail stocks surged in after hours trading following their quarterly reports.

Shares of Gap climbed 15% after beating estimates on the top and bottom lines and raising its full-year sales guidance. Ross Stores popped 7% after reporting earnings per share of $1.48, ahead of the $1.40 projected by analysts, according to LSEG.

Check out more after hours movers here.

— Jesse Pound

Wall Street is headed for its second positive week in three across the board, if the stock market holds up on Friday.

• The Nasdaq Composite is up 1.56% week to date
• The S&P 500 is up 1.33% week to date
• The Dow is up 0.98% week to date.

Additionally, Thursday’s 1.06% rally for the Dow was its best day since Nov. 6.

— Jesse Pound, Christopher Hayes

Energy stock Texas Pacific Land is set to join the S&P 500 next week, with current constituent Marathon Oil being officially acquired by ConocoPhillips.

S&P Dow Jones Indices announced the move as part of a series of index changes on Thursday evening. In corresponding moves, Mueller Industries will slide up to the S&P MidCap 400, and Atlas Energy Solutions will join the S&P SmallCap 600.

The moves will take effect prior to the open of trading on Nov. 26.

Texas Pacific Land, based in west Texas, has a market cap of around $35 billion.

— Jesse Pound

Stock futures opened slightly lower on Thursday evening.

Nasdaq 100 futures saw the biggest move, falling about 0.2%. Dow and S&P 500 futures were down around 0.1%.

— Jesse Pound