To The Moon

The S&P 500 index closed slightly lower in subdued trading, with major technology stocks showing divergent trends. The Nasdaq 100 Index and an index tracking the cohort of major U.S. tech stocks also edged lower. Energy and communication services sectors advanced, while consumer discretionary, financials, and industrials led the declines. "Analysts continue to raise 2026 corporate earnings estimates, underpinned by an underestimation of corporate profitability," wrote Jonathan Golub, Chief Equity Strategist at Seaport Global Holdings, in a report. He believes the 2025 returns are "almost entirely fundamentally driven, as opposed to excess speculation." Minutes from the December Federal Reserve meeting released on Tuesday indicated that most officials believed further interest rate cuts would be appropriate if inflation recedes over time as expected. Shares of Tesla fell 1.1% after the company's official website unusually published a pessimistic analyst delivery forecast. Meta's stock price rose 1.1% as the tech giant agreed to acquire Singapore-based startup Manus. Shares of Warner Bros. Discovery edged up 0.5% following reports that the company plans to reject a takeover proposal from Paramount next week. At the close, the S&P 500 was down 0.1% at 6,896.24 points. The Dow Jones Industrial Average fell 0.2% to 48,367.06 points. The Nasdaq Composite Index declined 0.2% to 23,419.08 points. The Nasdaq 100 Index dropped 0.3% to 25,462.56 points. The Russell 2000 Index decreased 0.8% to 2,500.586 points.