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Bill Baruch is back at the NYSE to join the CNBC Halftime Report for the hour and help break down everything from memory to geopolitics, ahead of a deluge of news tomorrow.
E-mini S&P (March) / E-mini NQ (March)
S&P, yesterday’s close: Settled at 6963.25, down 24.50
NQ, yesterday’s close: Settled at 25,838.75, up 16.75
E-mini S&P futures traded above 7000, the E-mini Dow set a fresh record high on the open, and the E-mini NQ broke above its downtrend line from October. It was certainly a valiant effort by the indices, but a tornado of news kept price action contained. President Trump said he will ban institutions from buying single-family homes, which hit the financial sector, along with a JPM downgrade. He then went after defense-sector executives, capping pay at $5 million, pausing dividends, and halting buybacks. However, after the bell, Trump posted on Truth Social that the U.S. defense budget should go from $1 trillion to $1.5 trillion. For instance, LMT finished -4.82%, and is now +7.5% ahead of the bell. Welcome to 2026, the news cycle has been heavy to start the week, and will not slow down as we look to a Supreme Court ruling on Trump’s tariffs tomorrow, along with the December Nonfarm Payrolls report.
E-mini S&P futures traded to a high of 7006.75, before the undertow of news was too much, or was it? The E-mini NQ tested and failed at rare major four-star resistance at 25,935-25,971, which may have been the true catalyst for the session’s reversion. Price action responded to support overnight, and has consolidated into U.S. hours, but faces what is likely a tough challenge at resistance ahead of tomorrow’s news, starting at…
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