Stocks finished lower yesterday. The S&P 500 fell by 0.53%, the Nasdaq 100 dropped by 1.00%, and the Dow Jones Industrial Average slipped by 0.09%.

Futures on US and European stock indices are up slightly this morning, recouping some of yesterday's losses after Taiwan Semiconductor Manufacturing Co., the world leader in chips and AI, reported earnings that beat expectations. Asian indices also rebounded from intraday lows.

Oil prices fell for the first time in six days after US President Donald Trump signaled he might hold off on military action against Iran. Precious metals also eased from record highs. Brent crude dropped by 2.9% after Trump said his sources assured him the Iranian government would stop killing protestors. Still, Iran temporarily closed airspace around its capital. Silver lost about 4% after the US president refrained from imposing new tariffs on critical minerals. Gold, platinum, and palladium also pulled back.

Yesterday's economic releases did not materially change expectations for a Fed rate cut in mid?year but convinced investors the central bank is unlikely to change policy in January.

"There is definitely rotation going on, rather than serious fatigue," Global X Management said. Analysts added that they would like to see broader market participation, particularly following the recent technology?led rally and the latest US inflation prints.

As for commodities, price fluctuations highlight the uncertainty driven by the US president's unpredictable policy style. So far, the pullback in commodities is not large enough to derail the broader gains this year. Investors still have substantial capacity to redeploy into commodity assets, given how often they have bounced back to new highs after periodic corrections in recent weeks.

Regarding the technical outlook for the S&P 500, buyers' primary task today is to overcome the nearest resistance level of $6,949. Doing so would confirm more upside and open the way to a move toward $6,961. Maintaining control above $6,975 would further strengthen bulls' positions. If risk appetite fades and quotes head lower, buyers should defend around $6,930. A break below this level would quickly push the index back to $6,914 and open the path to $6,896.