Today is a festive day here at the New York Stock Exchange with 102nd Annual NYSE Tree Lighting. This year the tree comes from historic Peekskill, 5 minutes away from half of the MAC Desk’s stomping grounds. If you are in lower Manhattan, make sure to swing by and celebrate with us.

Thus far markets have been happy to oblige the festive theme with a mix of green and red on the screens. Most major indices are hovering around unchanged the fourth consecutive day of consolidation after last week’s rally. As we head to print, the S&P 500 is down 1pts to 6,848 (-0.0%), the Dow is down 103pts to 47,780 (-0.2%), while the Russell 2k is up 16pts to 2,528 (+0.6%). There are similarities to yesterday’s session with some outperformance in value versus growth within large caps just much less exaggerated. Broadly mega cap tech is underperforming with NYSE FANG+ index down ~0.2%, though there is plenty of dispersion beneath the surface. Meta is up >3% on reports that it will cut spending on the Metaverse (we may be in for another name change). Once again the R2k is outperforming but unlike large caps it is driven by strength in growth and thematic baskets (robotics, nuclear, space, quantum etc.). This started yesterday helped by reports that President Trump was considering signing an executive order to help accelerate the development of robots in the US.

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