Tue 9 Dec: After the Bell🔒

Muted Equities Before the Fed, JPMorgan weakness, SpaceX IPO plans. Your 5’ evening market wrap📄📈

ℹ️ Today’s performance tables & charts on the ‘Market Data’ post.

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Good evening,

Markets were broadly steady ahead of tomorrow’s Fed decision, with investors reluctant to take new positions before the central bank’s updated guidance. Sentiment was weighed down slightly by JPMorgan, whose warning about higher 2026 expenses dragged on the Dow, while the S&P 500 and Nasdaq were little changed. SpaceX’s plans for a record IPO next year added a notable corporate headline but had limited market impact.

Core fixed income softened further, with investors positioning around tomorrow’s policy outlook. A quarter-point rate cut is fully priced in, leaving the focus on the Fed’s tone for 2026. The 2-year Treasury yield rose 3bp to 3.61%, its highest close in three weeks, though still comfortably below its 200-day moving average.

Silver surged to fresh all-time highs, breaking above the $60 level, as momentum buying and safe-haven flows intensified.

Currencies were mostly quiet, aside from renewed ¥ weakness driven by expectations of higher relative yields, while cryptocurrencies posted another positive session.