Market Update Into December 9th: Tech Fires Back

3 mins read

This week’s market action left no doubt—smart money rotated decisively out of small caps and back into big tech. The Magnificent Seven reclaimed the spotlight, with AAPL, META, and AMZN hitting fresh all-time highs, while NVDA, TSLA, and MSFT are closing in fast. Meanwhile, Bitcoin shattered the psychological $100k barrier for the first time ever, dominating headlines and fueling the crypto market buzz. Here’s what else you need to know:

Big tech’s resurgence has set the tone, but how has it impacted the broader market? Let’s turn to the major indexes to see how they’ve responded and where they stand heading into next week.

Weekly Analysis

SPY (SPDR S&P 500)

Is the SPY ETF ready for a breather? After hitting a fresh all-time high, this index closed the week marginally higher at $607.81 (+0.88%), but with a bearish cross on the Stochastic indicator which hints at fading bullish momentum. Adding to the case for caution, price is encountering resistance at the top of the daily ascending wedge—a pattern that could be signaling a shift as this leader shows potential signs of exhaustion.

QQQ (Invesco QQQ Trust)

The QQQ ETF emerged as the clear leader this week, closing at at an all-time high of $526.48 (+3.28%). Unlike its peers, the Stochastic indicator has yet to cross down, and instead of facing rejection at the top of its ascending wedge, price broke through and held above that key level to end the week.

IWM (iShares Russell 2000)

As the saying goes, the higher they climb, the harder they fall. After hitting a new all-time high last week, it’s first in three years, the IWM ETF gave back some gains this week, closing lower at $238.93 (-1.27%). A clear bearish cross on the Stochastic indicator signals fading momentum, with price failing to test top of its ascending wedge.

Earnings

Notable Results

CRM (Salesforce)

EPS: $2.41 vs $2.44 est
SALES: $9.44B vs $9.35B est

MRVL (Marvell Technology)

EPS: $0.43 vs $0.41 est
SALES: $1.52B vs $1.46B est

RY (Royal Bank of Canada)

EPS: $12.09 vs $12.09 est
SALES: $57.34B vs $57.14B est

DLTR (Dollar Tree)

EPS: $1.12 vs $1.07 est
SALES: $7.57B vs $7.44B est

CHWY (Chewy)

EPS: $0.20 vs $0.08 est
SALES: $2.88B vs $2.90B est

BMO (Bank of Montreal)

EPS: $1.39 vs $1.73 est
SALES: $6.56B vs $5.98B est

DG (Dollar General)

EPS: $0.89 vs $0.94 est
SALES: $10.20B vs $10.14B est

LULU (Lululemon Athletica)

EPS: $2.87 vs $2.71 est
SALES: $2.40B vs $2.36B est

KR (Kroger Company)

EPS: $0.98 vs $0.98 est
SALES: $33.63B vs $34.20B est

What’s Happening Now

PM (Phillip Morris)

Philip Morris International enters December with an 80% win rate over the past decade, highlighting strong seasonal performance this month. ZYN, now a $2 billion U.S. brand, is set to drive double-digit revenue growth through 2026. With record Q3 revenues, resilient smokeless performance, and a raised EPS outlook, PM is well-positioned to close the year on a high note.

This is a monthly seasonality chart for Phillip Morris.

COST (Costco)

Costco continues to impress, extending its November win streak to 16 years with a standout 11.16% return for the month. Now, the stock sits an inch shy of the $1,000/share milestone, with analysts growing increasingly bullish. Jefferies has set a new price target of $1,145/share—15% above current levels—highlighting confidence in Costco’s momentum as it inches closer to this historic benchmark.

This is an image of all the most recent analyst estimates on COST.

AMD (Advanced Micro Devices)

AMD enters three weeks of historic seasonal strength after underwhelming performance this year. Despite delivering an 18% YoY revenue increase to $6.8 billion and a net income of $771 million in Q3, the stock has returned just 1.2% YTD. With strong seasonality now in its favor, can AMD turn its back-end business growth into front-end market momentum?

This is a weekly seasonality chart for AMD.

Believe it or not, this is just a fraction of what happened in the markets this week. For a full run down delivered straight to your inbox every weekend, sign up for The Official Trendspider Newsletter!