US stock futures leaned lower on Tuesday after the Dow’s (^DJI) latest record close, as a slowdown in retail sales figures led out a flood of crucial data highlighted by the monthly jobs report to come on Wednesday.

Dow Jones Industrial Average futures (YM=F) hovered below the flatline, with a fresh all-time high just within reach. Contracts on the S&P 500 (ES=F) and the Nasdaq 100 (NQ=F) were also largely flat, both looking to build on back-to-back closing wins.

Investors appear to have regained confidence that tech stocks can maintain their rebound from a recent pullback tied to concerns around software and megacap names. Nvidia (NVDA) chipmaker TSMC’s (TSM) sales grew at their fastest rate in months in January, a solid sign of AI demand to rebut bubble fears.

December retail sales data led the way into a deluge of economic data to come this week with a downtrodden read on the economy, as retail spending on the month remained “virtually unchanged” from the month prior. The flatlining sales data signals a slowdown in spending through the end of the holiday season from November’s month-on-month growth of 0.6%, and it fell well below economist expectations.

The consumer data lays the ground for Wednesday‘s all-important January jobs report, in high focus following last week’s signs of softening in the labor market. The latest Consumer Price Index reading is then due on Friday to give a look at inflation pressures.

Meanwhile, investors combed through the latest batch of quarterly earnings, Coca-Cola (KO) and CVS Health (CVS) among them. Ford (F) is a highlight on Tuesday’s docket after the market close.

Gold (GC=F) and bitcoin (BTC-USD) are still on investors’ radar, as the assets try to stabilize after last week’s sharp pullback. After rallying above $5,000 to start the week, gold slipped back slightly early Tuesday, though strategists remain bullish on its prospects this year. But a risk-off mood weighed on bitcoin, which resumed its slide to trade well below $69,000. The leading cryptocurrency has seen heavy volatility, driven by what one analyst called a “crisis of confidence.“

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Jake Conley

December retail sales come in flat month-on-month, suggesting slowdown in consumer spending

Retail spending remained virtually unchanged from the previous month in December 2025, according to data released on Tuesday, signaling a potential slowdown in consumer activity.

Adjusted advance monthly sales for retail and food services for December moved 0% from November, at $735 billion compared to November’s $735.1 billion, the Census Bureau said Tuesday morning.

The month-on-month stall comes after November, when sales grew by 0.6%. December’s number also falls below consensus expectations for month-on-month retail sales growth of 0.4%. Sales excluding motor vehicles and gasoline also remained flat, contrary to expectations of month-on-month growth of 0.4%.

The flat numbers suggest an unexpected slowdown in spending that coincides with December’s holiday season, typically a strong time of year for consumer spending. Eight out of 13 spending categories measured by the Census Bureau saw drawdowns.

Stocks moving after earnings: Spotify, CVS, BP, Oscar Health

Here’s a look at some stocks trending on Yahoo Finance after following a slew of earnings reports:

Read more live coverage of corporate earnings here. 

Bitcoin, ether resume drop after steady start to week

Selling resumed in bitcoin (BTC-USD) on Tuesday after a calm start to the week, pushing the cryptocurrency below $69,000. Ether (ETH-USD) also slid to $2,013 per token as bearish sentiment returned and the crypto market looked for a sense of direction.

The losses came after a volatile week that saw bitcoin face its worst daily drop since November 2022, followed by a sharp rebound.

Bernstein analyst Gautam Chhugani wrote in a note on Monday morning that the bear case for bitcoin remains weak, however.

“The current bitcoin price action is a mere crisis of confidence,” Chhugani wrote. “Nothing broke, no skeletons will show up.”

Read more here.

Gold holds above $5,000 as banks remain bullish after rout

Gold (GC=F) is trading steady above $5,000 an ounce, holding onto a two-day gain after a historic sell-off,

While many traders are debating whether prices have found a bottom, banks are staying upbeat on gold’s prospects. BNP Paribas strategist David Wilson said the precious metal may climb to $6,000 by the end of the year, as geopolitical risks persist and investors search for risk protection.

Bloomberg reports:

Read more here.

US plans Big Tech carve-out from next wave of chip tariffs

The Financial Times reports:

Donald Trump’s administration intends to spare companies including Amazon (AMZN), Google (GOOG) and Microsoft (MSFT) from forthcoming tariffs on chips as they race to build the data centers powering the AI boom.

The commerce department is planning to provide US hyperscalers with tariff carve-outs, which would be tied to investment commitments made by Taiwan-based chip group Taiwan Semiconductor Manufacturing Company (TSM, 2330.TW), people familiar with the matter said.

The exemption scheme underscores President Trump’s determination to impose tariffs on chips and incentivise US domestic chipmaking, while offering some relief for the companies powering the US’s rapid AI expansion, which rely heavily on imported semiconductors.

Trump has used the threat of tariffs to push for more US manufacturing. But the administration has stopped short of applying broad tariffs on semiconductors from Taiwan, which would rock Big Tech’s AI supply chain.

Read more here.

On Semiconductor stock slides after Q4 earnings miss

On Semiconductor (ON) stock skidded in premarket trading on Tuesday, falling by 4%, after the company recorded lower profits in the fourth quarter than a year ago but said it’s seeing “signs of stabilization” in its key markets.

The chipmaker reported earnings per share of $0.45 on revenue of $1.53 billion, missing earnings estimates of $0.59 per share and falling below earnings per share of $0.88 in the same period a year ago, according to S&P Global Market Intelligence. The company’s fourth quarter revenue was in line with estimates.

The company saw annual sales declines across all of its business groups: Power Solutions, Analog & Mixed Signal, and Intelligent Sensing. Intelligent Sensing was the only segment that saw sales grow quarter over quarter, while Power Solutions and Analog & Mixed Signal sales fell 2% and 5%, respectively.

For the first quarter, On Semiconductor expects revenue in the range of $1.43 billion to $1.53 billion, which has a midpoint below the consensus estimate of $1.5 billion. Adjusted diluted earnings per share are expected to be between $0.56 and $0.66; Wall Street expects $0.61.

Memory chip surging cost tanks profits across electronics companies

Bloomberg reports:

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Japanese election result leads benchmark index surge, major gauges across region rise

AP Finance reports:

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