S&P, Nasdaq Slip; Nvidia & Intel Drive Year-End Q1

Introduction

Thin holiday volumes produced a muted finish for major U.S. indices as investors digested firming signals from the Federal Reserve and stock-specific developments in megacap technology names. The S&P 500 and Nasdaq slipped marginally, while Nvidia and Intel posted notable moves driven by technical setups and company-level news. At the same time, a high-profile financing deal for AI data-center power and a commodities rally highlighted the end-of-year repositioning.

Index Performance and Market Context

Small declines amid light volume

With trading volumes low, the S&P 500 dipped roughly 0.1%, the Dow fell about 0.2% and the Nasdaq slid near 0.2% during the session. These modest moves reflect year-end caution rather than broad trend changes; both the S&P 500 and the Dow were positioned to close the month with consecutive gains.

Macro signals — Fed minutes and yields

The Federal Reserve’s December meeting minutes revealed a split among policymakers: some members urged restraint on additional rate cuts, citing persistent labor-market strength. That division tempered immediate expectations for more easing and kept the 10-year Treasury yield near 4.12%, while the 2-year yield remained close to 3.45% — a reminder that monetary policy uncertainty continues to influence positioning into 2026.

Stock-Specific Movers: Nvidia and Intel

Nvidia’s technical momentum ahead of CES

Nvidia reclaimed its 50-day moving average and pierced a short-term technical “buy” trigger at about $188, signaling renewed upside interest among traders ahead of its CES presentation. The combination of a favorable technical backdrop and high visibility into AI demand makes Nvidia a focal point for investors monitoring hardware exposure to generative AI infrastructure.

Intel posts outperformance

Intel outperformed the broader indices, gaining roughly 1.7% and closing near $37.30 on stretched volume. While the stock remains below its 52-week highs, the several-day advance suggests selective optimism among investors betting on near-term catalysts or improved execution in its product roadmap.

AI Infrastructure and Corporate Finance

Goldman Sachs backs AI power project

Goldman Sachs co-led financing for a major AI data-center power project in Texas, a deal that underscores how capital markets are underwriting the energy needs of large-scale AI deployments. The project — designed to deliver gigawatts of local power — signals increasing investor appetite for infrastructure that supports AI growth outside traditional grids.

Commodities and sector rotation

Commodities saw notable moves: gold rose roughly 1.4%, silver posted a double-digit surge near 11%, and copper climbed over 4%. These gains echo demand expectations for data-center materials and energy inputs tied to AI and grid modernization investments, contributing to selective sector rotation even as major indices stayed subdued.

Conclusion

The session’s headlines combined policy nuance with concrete corporate developments. Fed minutes injected caution into expectations for further rate cuts, while stock-specific dynamics — Nvidia’s technical breakout and Intel’s steady gains — offered pockets of conviction for investors. Financing activity for AI power infrastructure and a strong commodities run further highlighted how capital and resources are reorienting toward AI-driven demand. As liquidity remains thin at year end, these event-driven stories are likely to guide trading into the start of 2026.