Stocks @ Night is a daily newsletter delivered after hours, giving you a first look at tomorrow and last look at today. Sign up for free to receive it directly in your inbox. Here’s what CNBC TV’s producers were watching on Tuesday and what’s on the radar for Wednesday’s next session. The last Fed decision of the year Markets are betting the central bank will almost certainly cut rates by a quarter point Wednesday, and those hopes have helped stock markets climb back toward record highs. The S & P 500 was down slightly on Tuesday and it’s a little over a percent off its record from Oct. 29. The Dow shed 180 points and is 1.8% off its Nov. 12 record. The Nasdaq eked out a gain on Tuesday, and is up 0.9% in December. It’s 1.9% from its Oct. 29 high. The small-cap Russell 2000 though, closed at a record. It’s up 13% this year. The yield on 10-year Treasurys rose on Tuesday , and is up nearly 20 basis points this month. Senior economics reporter Steve Liesman will have all the headlines and market reaction on Wednesday. Reading the Oracle The business software giant reports earnings after the bel l on Wednesday. A blowout in its last quarter sent Oracle shares soaring 36% for its best day on record, and briefly got its market cap over $1 trillion on an intraday basis. But shares are down 36% from that high, with the company shedding $300 billion in market cap. Adobe also reports Wednesday night. Shares are down 2.8% in the last three months. Synopsys shares are down 23% since its earnings report three months ago. ORCL 3M mountain Oracle shares over the past three months Nvidia ripple effects China is reportedly going to limit the number of H200 AI chips Nvidia can sell in the country, even as the Trump administration has given the hyperscaler the green light . Nvidia shares, which had been up more than 2% after hours on Monday, finished the day down slightly. The stock is now 13% from its record high hit Oct. 29. Meanwhile, Chinese stocks were under pressure Tuesday. The KraneShares CSI China Internet ETF (KWEB) was down 1.3% The iShares China Large-Cap ETF (FXI) was down 1.7%. The iShares MSCI China ETF (MCHI) was down 1.4%. JPMorgan’s Warning The big bank stock took a sharp leg lower midday after an executive warned of a “more fragile” environment for the consumer, and the bank shared higher-than-expected 2026 expense projections . JPMorgan shares ended the day down more than 4%, and are now down nearly 7% from its November record. CNBC’s Leslie Picker spoke with other executives at the Goldman Sachs Financial Services Conference, including the CFO of Goldman and the CEO of Brookfield. She’ll talk with Bank of America CEO Brian Moynihan and the head of Ares Management on Wednesday. Morgan Stanley , Goldman Sachs , Bank of New York Mellon , Capital One , State Street and Synchrony Financial all hit all-time highs during Tuesday’s session Citigroup hit its highest level since 2008. JPM YTD mountain JPMorgan shares year to date Grocery Games Campbell’s reported results before the bell Tuesday morning amid a rough run for consumer staples stocks. The soup company saw both sales and profit fall from the prior year on weak demand for snack foods. It also said it was buying a 49% stake in the maker of Rao’s pasta sauce. Shares fell over 5% and are now down 32% this year. The broader staples sector is up just 1% this year. Dollar General and Dollar Tree are the best performers this year, each up 60% or more. Conagra leads the losses, down more than 38% in 2025; followed by Clorox , down nearly 38%; and Constellation Brands , down 35%. Investor days Nuclear power provider GE Vernova held its investor day. Shares were higher after hours, after the company raised its revenue target and upped its dividend and buyback plans. Shares were already up 90% this year, but the after-hours move puts it at a new record. Health care provider CVS Health also held its investor day, forecasting profit next year would come in ahead of expectations as its turnaround efforts take hold. Shares were up over 2%, bringing its gains for the year to nearly 75%. The stock on pace for its best year since 1982. Home Depot gave weaker-than-expected earnings growth guidance for next year at its investor day. Shares fell a percent today. They are down over 11% this year and down 3.5% since its last earnings report three weeks ago Energized gains Exxon Mobil jumped nearly 2% for its best day since July. The oil major upped expectations for earnings and cash flow growth through 2030. Exxon is up about 10% this year. XOM YTD mountain Exxon Mobil shares year to date Step aside, gold Silver notched its 10th record high of the year, jumping more than 4% and settling at over $60 an ounce. The “other” precious metal is up 108% in 2025, pacing for its best year since 1979. Silver miners came along for the ride, with many hitting 52-week highs, or better. Pan American Silver was up 11%, closing at a record. Silvercorp Metals was up almost 5%, at its best in about 5 years. Small-cap Integra Resources was up over 6%, hitting its best level since early 2022. Gold , meanwhile, settled 0.4%. It’s up 60% this year, also its best since 1979.
