The major averages quietly pulled back to start the week following a solid rally in equities over the Christmas week. The Dow Jones Industrial Average fell 249 points or 0.5%. The S&P 500 fell 24 points or 0.35% while the Nasdaq declined 118 points or 0.5%.

The weakness in the markets was in the tech space. Tesla and Palantir were the weakest tech stocks while Nvidia pulled back 1% and 5% in last week. Micron, on the other hand, was one of the few tech and chip stocks higher today up 3% to a new all-time high once gain.

Outside the tech space, the commodity sector reversed as well with gold and silver lower. Silver touched $80 per ounce overnight before pulling back 7%, its worst day since 2021. Gold was down 4%. Both commodities have performed well this year with gold up over 60% for the year and Silver well up over 100% for the year. Newmont Corp, the gold mining stock, was a dog down 5% the worst-performing S&P 500 name today.

Oil was higher by nearly 2% on tensions in Yemen while peace in Ukraine remains elusive.

Crypto currencies were modestly lower and quiet today.

Interest rates were also quiet with the U.S. 10-year Treasury yield slightly lower on Monday as investors returned from the Christmas holiday and began to look ahead to the new year. The yield on the 10-year Treasury slipped 2 basis points to 4.10%. The yield on the 2-year Treasury was lower by 2 basis points to 3.45%.

All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it’s usage.