Tech Giants and Metals Drag Markets Down

The stock market is having a rough day. Big tech companies like Nvidia and Tesla are losing value, pulling the market down with them. Meanwhile, metals like silver and platinum are also taking a hit after a big rise in prices. This drop is affecting mining companies, with some losing over 6% of their value. On the bright side, oil prices are up by more than 2%. This is helping energy companies, like Devon Energy and Chevron, to gain some ground. The rise in oil prices is due to ongoing geopolitical tensions and China's plans to boost its economy. The economic news from the US is mixed. While pending home sales rose more than expected, the manufacturing outlook in Dallas fell, which is not good news. This mixed bag of news is making it hard for the market to decide which way to go.Looking ahead, the market will be watching for more economic data this week. This includes reports on manufacturing, unemployment, and the Federal Reserve's meeting minutes. Investors are also keeping an eye on interest rates, with the chance of a rate cut in January at 19%. Overseas, stock markets are showing mixed results. Europe's Euro Stoxx 50 is up slightly, while Japan's Nikkei Stock 225 is down. China's Shanghai Composite, however, is on a winning streak, closing higher for the ninth day in a row. In the bond market, yields are falling. This is good news for bond prices, as lower yields mean higher prices. The 10-year Treasury note yield hit a one-week low, showing that investors are seeking safer assets. Some individual stocks are making big moves. Praxis Precision Medicine is up over 14% after getting a breakthrough therapy designation from the FDA. DigitalBridge Group is also up by more than 9% after being acquired by SoftBank Group. Verisk Analytics and Coupang are also seeing gains, but for different reasons.