Our outlook on the 11 S&P 500 equity sectors.

Stocks are mixed today as Treasury yields tick higher on higher defense spending concerns. Signs of a continuation in the “rotation trade” persist as the Russell 2000 hits fresh all-time highs.

Investors are on pins and needles waiting for Friday's December payrolls report, with expectations at around 55,000. Weak data Wednesday helped weigh on Treasury yields and stocks.

Climbing yields might help explain weakness in stocks after Trump raised deficit worries, calling for more defense spending. Defense companies rallied, and jobs data looms Friday.

Silver futures (/SIH26) pull back 3% on Wednesday after opening at 81.285.

The latest perspective on the bond market from the Schwab Center for Financial Research, including a deep-dive on corporate and municipal bond markets.

Investors await job openings and ADP employment data, but worries about geopolitics, including Greenland and Venezuela, remain in the mix after Tuesday's rally to new record highs.

Wall Street responded positively Monday to weekend U.S. strikes on Venezuela. Focus could stay on developments there and in oil today before jobs data start rolling in tomorrow.

The recent military action in Venezuela is top of mind as 2026 begins.