The major averages performed well today as the broader market overcame weakness in a number of large cap stocks including tech stocks. The Dow Jones Industrial Average rose 485 points or 1%. The S&P 500 rose 42 points or 0.6% while the Nasdaq rose 151 points or 0.65%.

Among the “Magnificent Seven” members only Amazon performed well up 3%. Apple was lower on cautious analyst comments. Tesla was down 4% on increased competition for robotaxis and robots. Nvidia and Google were also lower while Meta was modestly higher.

Outside the magnificent Seven, chip stocks and the chip equipment makers performed well. Micron jumped 10% as strong demand and limited supply keep pushing DRAM prices higher.

Healthcare and the drug space had a good day. Industrials were strong along with basic materials.

Interest rates were quiet awaiting Friday’s December jobs report. The 10-year Treasury

 yield was up a basis point to 4.16%. The 2-year Treasury note rose a basis point to 3.46%.

One of the weakest sectors today was energy with oil down 2%. Chevron fell 4% while Exxon fell 3% after rising yesterday on the Venezuela regime change.

Gold and Silver continue to perform well. Bitcoin was down a percent, but the rest of the crypto currencies were modestly higher.

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