The S&P 500 Index ($SPX) (SPY) today is down by -0.34%, the Dow Jones Industrials Index ($DOWI) (DIA) is up by +0.59%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -0.89%. December E-mini S&P futures (ESZ25) are down -0.34%, and December E-mini Nasdaq futures (NQZ25) are down -0.92%.
Stock indexes are mixed today, with the Nasdaq 100 falling to a 1-week low and the Dow Jones Industrials climbing to a 4-week high. The broader market is under pressure today after Oracle's earnings, viewed as a bellwether of the AI investment boom, came in worse than expected, fueling concerns about the vast spending tied to artificial intelligence. Shares of Oracle are down more than -14% to lead AI stocks lower after it reported Q2 cloud sales that missed estimates and raised its 2026 capital spending outlook by $15 billion to $50 billion. Oracle’s results reignited worries about tech valuations and whether the capital outlays on AI infrastructure will pay off.
Stocks have underlying support from a jump in weekly jobless claims to a 3-month high, which knocked bond yields lower. The 10-year T-note yield is down -4 bp to 4.11%.Â
US weekly initial unemployment claims rose by +44,000 to a 3-month high of 236,000, showing a weaker labor market than expectations of 220,000.
The US Sep trade deficit unexpectedly shrank to -$52.8 billion versus expectations of a widening to -$63.1 billion and the smallest deficit in 5.25 years.
The markets are discounting a 22% chance that the FOMC will cut the fed funds target range by 25 bp at the January 27-28 FOMC meeting.
Q3 corporate earnings season is drawing to a close as 495 of the 500 S&P companies have released results. According to Bloomberg Intelligence, 83% of reporting S&P 500 companies exceeded forecasts, on course for the best quarter since 2021.  Q3 earnings rose +14.6%, more than doubling expectations of +7.2% y/y.Â
Overseas stock markets are mixed today. The Euro Stoxx 50 is up +0.52%.  China’s Shanghai Composite closed down -0.70%.  Japan’s Nikkei Stock 225 closed down -0.90%.
Interest Rates
March 10-year T-notes (ZNH6) today are up by +14 ticks.  The 10-year T-note yield is down -4.1 bp to 4.106%. T-notes are climbing today as weakness in stocks has prompted some safe-haven buying of government debt. T-notes also have carryover support from Wednesday when the FOMC cut its 2025 and 2026 US core PCE price estimates, and Fed Chair Powell said that he doesn't think a rate hike is anybody's base case for the Fed's next policy move.  T-notes held their gains after weekly jobless claims unexpectedly rose to a 3-month high, a dovish factor for Fed policy. Supply pressures may limit further upside in T-notes ahead of the Treasury’s $22 billion auction of 30-year T-bonds later today.
European government bond yields are moving lower today. The 10-year German bund yield is down by -0.2 bp to 2.849%. The 10-year UK gilt yield is down by -2.6 bp to 4.480%.
Swaps are discounting a 1% chance for a -25 bp rate cut by the ECB at its next policy meeting on December 18.
US Stock Movers
Oracle (ORCL) is down more than -13% to lead the S&P 500 losers, and AI-infrastructure stocks are lower today after reporting Q2 adjusted revenue of $16.06 billion, below the consensus of $16.21 billion, and raising its 2026 capital spending outlook by $15 billion to $50 billion.  CoreWeave (CRWV) is down more than -7%, and Nebius Group NV (NBIS) is down more than -6% on the news.Â
Chip makers are sliding today, weighing on the broader market. ARM Holdings Plc (ARM) is down more than -3% to lead losers in the Nasdaq 100, and Advanced Micro Devices (AMD) is down more than -3%. Also, Nvidia (NVDA) is down more than -2% to lead losers in the Dow Jones Industrials, and Broadcom (AVGO), Applied Materials (AMAT), and Lam Research (LRCX) are down more than -2%. In addition, GlobalFoundries (GFS), Marvell Technology (MRVL), Micron Technology (MU), and KLA Corp (KLAC) are down more than -1%.Â
Cryptocurrency-exposed stocks are under pressure today with Bitcoin (^BTCUSD) down more than -2%. Galaxy Digital Holdings (GLXY), Riot Platforms (RIOT), Strategy (MSTR), MARA Holdings (MARA), and Coinbase Global (COIN) are down more than -2%.Â
Oxford Industries (OXM) is down more than -15% after cutting its 2026 adjusted EPS forecast to $2.20-$2.40 from a previous estimate of $2.80-$3.20, well below the consensus of $2.91.Â
Lovesac Co (LOVE) is down more than -8% after cutting its 2026 net sales forecast to $685 million-$705 million from a previous forecast of $710 million-$740 million, weaker than the consensus of $713.7 million.Â
Stellantis NV (STLA) is down more than -3% after BNP Paribas Exane downgraded the stock to underperform from neutral.Â
Coherent (COHR) is down more than -2% after Bain Capital unloaded $987.3 million of its Coherent holdings via an unregistered block trade.Â
Gemini Space Station Inc (GEMI) is up more than +6% after the company’s application for a derivatives exchange was approved by the Commodity Futures Exchange Commission.Â
Ciena Corp (CIEN) is up more than +4% after reporting Q4 revenue of $1.35 billion, better than the consensus of $1.29 billion.Â
Unity Software (U) is up more than +4% after Piper Sandler upgraded the stock to overweight from neutral with a price target of $59.Â
Adobe (ADBE) is up more than +2% to lead gainers in the Nasdaq 100 after forecasting Q1 adjusted EPS of $5.85 to $5.90, stronger than the consensus of $5.66.
West Pharmaceutical Services (WST) is up more than +1% after Nephron Research LLC upgraded the stock to buy from hold with a price target of $367.Â
JB Hunt Transport Services (JBHT) is up more than +1% after Deutsche Bank upgraded the stock to buy from hold with a price target of $227.Â
Earnings Reports(12/11/2025)
Broadcom Inc (AVGO), Ciena Corp (CIEN), Costco Wholesale Corp (COST), Lululemon Athletica Inc (LULU), RH (RH).Â
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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