It was a mixed session for Wall Street overnight, with the major indices modestly down. The Dow dropped 398 points and the Nasdaq was 0.1% lower. The SP500 was down 0.2%. US earnings season began, injecting some uncertainty as results begin to flow through to the market. Big tech was weaker, likely held back from valuation concerns and investor rotation into sectors with better potential upside. That may be a theme for 2026. US financials were down too as high expectations make further gains harder to achieve after a strong rally in 2025. Indeed, financials were the weakest sector in the SP500 overnight. US inflation data came out and showed a CPI rise of 2.6% over the last 12 months, and cemented Fed rate cuts in for 2026, but largely built into prices now. There was little action in the EU either, at least as far as stocks are concerned.

SPI Futures are down 5 points.

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