Stocks Slip Due to Weakness in Megacap Technology Stocks

Market Performance - The S&P 500 Index is down -0.24%, the Dow Jones Industrials Index is down -0.09%, and the Nasdaq 100 Index is down -0.24% [1] - March E-mini S&P futures are down -0.28%, and March E-mini Nasdaq futures are down -0.27% [1] Sector Performance - Stock indexes are declining, primarily due to losses in megacap technology stocks [2] - A significant drop in metals prices is negatively impacting mining stocks [2] - Crude oil prices have increased by more than +2%, benefiting energy producers and mitigating broader market losses [4] Commodity Market - Silver and platinum have sharply fallen from record highs due to profit-taking and technical selling after reaching overbought levels [3] - The CME has raised margin levels for precious metals trading, leading to long liquidation pressure [3] Economic Indicators - Seasonal factors are bullish for stocks, with the S&P 500 historically rising 75% of the time in the last two weeks of December, averaging a 1.3% increase [5] - Upcoming US economic news includes expectations for a +1.0% increase in Nov pending home sales and a +3.5 point rise in the Dec MNI Chicago PMI [6] - Initial weekly unemployment claims are projected to increase by 1,000 to 215,000 [6] - The Dec S&P manufacturing PMI is expected to remain unchanged at 51.8 [6] Interest Rate Expectations - The market is pricing in a 19% probability of a -25 basis point rate cut at the FOMC's next meeting on January 27-28 [7]