S&P500 and Nasdaq: Tech Stocks Under Selling Pressure Today as Traders Brace for CPI and Jobs Data

Stocks Slip Off Early Highs as Traders Eye Packed Data Week

Stocks are mixed about 30 minutes in after giving back an early pop, and the tone feels a little unsure as traders brace for a heavy run of delayed economic data.

The Dow is basically flat, the S&P 500 is up just 0.04%, and the Nasdaq is off 0.15%. Buyers stepped in on a few names out of the gate — especially Nvidia — but the broader market couldn’t hang onto the momentum from the open.

Is Tech Still the Pressure Point?

Last week’s pullback is still hanging over the market. Oracle’s 12.7% weekly drop and Broadcom’s more than 7% slide yanked traders out of the AI trade, leaving the S&P 500 down 0.6% and the Nasdaq off 1.7%. The Dow managed to rise 1.1% thanks to lighter tech exposure.

Early today, Nvidia is up more than 1%, and several chip-adjacent names — KLAC, Lam Research — are among the session’s top gainers. But tech as a whole is slightly red, down 0.25%, and the sector doesn’t quite have that “buyers chasing” feel.

Ed Yardeni’s note calling for the “Impressive 493” to benefit as the Magnificent-7 lose some shine in 2026 is circulating, and traders may be taking that as permission to rotate rather than reload.

Where Are Traders Putting Money to Work?

Health care and consumer discretionary are leading, each up close to 1%. Names like Eli Lilly, and Intuitive Surgical are catching steady bids.

Financials are firm as well, up 0.42%, with Goldman Sachs and Morgan Stanley each gaining around 1%. That’s helping offset weakness in energy, which is down nearly 1% as crude traders stay cautious.

Broadly, the sector board is green enough to keep sentiment from slipping, but it’s not a high-conviction move.

Top gainers include Akamai, Gartner, Tesla, Philip Morris, and Las Vegas Sands — a mix that hints at selective buying rather than any big thematic push.

On the downside, the standout is ServiceNow, dropping more than 10% on reports it’s in talks to buy cybersecurity firm Armis for roughly $7 billion.

Coinbase and Uber are also under pressure, with Oracle and Broadcom extending last week’s weakness.

Are Headlines Moving Individual Stocks?

Plenty. Tilray is showing signs of volatility after giving up 3% pre-market gains as traders lean into the potential reclassification of cannabis to Schedule III. Dollar General is higher after a JPMorgan upgrade.

Las Vegas Sands and Marriott are both up after Goldman Sachs boosted its view on travel names. Space-adjacent stocks Rocket Lab and EchoStar are popping on reports of SpaceX targeting a 2026 IPO.

On the other side, Chinese internet names like Alibaba and Baidu are trading lower after fresh data showed retail sales and industrial production cooling in November. And the shock move of the morning: iRobot collapsing 83% after filing for bankruptcy.

What’s the Market Really Waiting For?

This week’s backlog of economic releases could set the tone. Traders are bracing for Tuesday’s nonfarm payrolls and retail sales — both delayed by the fall shutdown — followed by Thursday’s CPI. With last week’s tech wobble still fresh, the market may need cleaner data to steady confidence. For now, positioning feels cautious, with traders probing opportunities but hesitant to chase.

More Information in our Economic Calendar.