Stocks close mixed, Trump names Stephen Miran to Fed board

Market Performance & Trends - Markets closed lower with mixed results: Dow finished on the downside, NASDAQ composite up about 35 basis points (1/3 of a percent) [1] - Volatility is creeping higher, but still off the highs seen last Friday [1] - Utilities and staples led sector action, up 1% and 3/4 of a percent respectively; healthcare and financials each down more than 1% [1] - Big Tech's earnings growth, excluding Nvidia, was at 27%, with a magnitude of beat at 12 percentage points and net margins improving by almost 200 basis points [1] - Smaller components of the S&P 500 saw more extreme moves due to a greater ability to surprise [2] Earnings Season & Company Performance - Aggregate sales growth is running mid-single digits and earnings growth is almost 8 and a half percent, indicating positive operating leverage [1] - Two-thirds of the S&P 500 by weight reporting, 48% of stocks were down, indicating markets have priced in a lot [2] - Gilead beat earnings expectations and raised guidance, with the CEO expressing confidence in growth despite patent cliffs [8][9] - Eli Lilly's stock dropped 14% due to results from a late-stage trial of its pill, potentially favoring Novo Nordisk [11][12] - Pagaya reported a beat on earnings and revenue, highlighting record performance and lifting its full-year guidance [14] Macroeconomic Outlook & Policy Impact - The market has become too optimistic and has moved up too fast since bottoming [2] - The Equity Euphoria Index indicated a high level of optimism in the market prior to the NFP print [2] - Earnings are estimated to be up 9% next year, accelerating from this year, assuming moderate economic growth and sticky inflation [3] - Consumer-facing segments are facing trouble due to demand inelasticity and the accumulated impact of price increases [3]