Stocks Pressured by Tech Weakness and Iran Tensions

Economic Indicators - The US economy is showing "resilience" according to Minneapolis Fed President Neel Kashkari, who does not see the need for an interest rate cut this month [1] - US MBA mortgage applications increased by 28.5% in the week ending January 9, with purchase mortgage applications up 15.9% and refinancing applications up 40.1% [1] - US November retail sales rose by 0.6% month-over-month, exceeding expectations of 0.5% [2] - The Producer Price Index (PPI) for November increased by 3.0% year-over-year, also surpassing expectations of 2.7% [2] Stock Market Performance - The S&P 500 Index is down 0.75%, the Dow Jones Industrial Average is down 0.46%, and the Nasdaq 100 Index is down 1.22% [5] - Weakness in chip makers and the Magnificent Seven technology stocks is negatively impacting the broader market [4][16] - Energy producers are experiencing gains, with WTI crude oil reaching a 2.5-month high [17] Company-Specific News - Wells Fargo reported Q4 net interest income of $12.33 billion, below the consensus estimate of $12.43 billion, leading to a decline of more than 5% in its stock [19] - Trip.com ADRs fell over 15% following an investigation by Chinese regulators for alleged antitrust conduct [18] - TG Therapeutics shares rose over 9% after reporting preliminary full-year 2025 revenue of $616 million, exceeding the consensus of $606.1 million [20]