Jason Brown says he's turning slightly bearish as the tech trade continuously fails to catch a bid heading into the new year. He tuns to three "picks and shovels" trades tied to A.I. in today's Big 3, highlighting why Eaton (ETN), Quanta Services (PWR), and Southern Copper (SCCCO) are stocks to watch. Jason offers example options trades for his picks while Rick Ducat turns to bearish and bullish levels to watch in the charts.

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Jordan Shapiro, Sr. and Daryl Fairweather discuss the homebuilders. Daryl thinks a recovery is happening, though 2026 is only expected to go by 3%. She also expects affordability to improve through the next few years. Jordan is concerned about the lack of new housing starts in areas that are creating jobs, noting that one housing start to two jobs is considered healthy. Multifamily starts are making up two-thirds of starts, abnormal by historical trends, he notes.

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Futurum CEO, Daniel Newman, pounds the table in favor of the A.I. trade. He maintains that we're not in an A.I. bubble but instead some parts of the tech trade may just be overheated. Nvidia (NVDA) is the company he expects to hold A.I. leadership as the company generates overwhelming amounts of revenue amid data center buildout. On chatbots, Daniel doesn't consider them the high point of A.I., though he believes they will be the backbone to innovation.

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Matthew Bryson with Wedbush says Micron's (MU) earnings will be all about the guidance. He believes price increases in dRAM and demand for storage chips will open a wide runway for Micron's growth. The biggest uncertainty for Matthew lies in the data center outlook, as a demand pullback can hit Micron. Tom White offers an example options trade for the A.I. chipmaker ahead of the company's earnings.

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The story of the day goes to oil after a U.S. blockade of sanctioned Venezuelan oil tankers sent crude prices higher. Kevin Green explains how the story goes beyond oil. He talks about the potential for retaliation and impact on Wall Street outside of the commodity space. In healthcare, KG has his eyes on Medline as it braces for what could be the largest IPO listing in four years. He touches on Micron's (MU) earnings report after Wednesday's closing bell.

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Joe Mazzola of Charles Schwab has his eyes on the tech trade, noting Micron's (MU) earnings as a potential catalyst after failing to catch a bid from Oracle (ORCL) and Broadcom's (AVGO) reports. He adds that markets are "trying to figure out what it wants to do" as the SPX hovers at the 50-day SMA. Kathy Jones makes the case for yield steepening to continue into next year. On the labor market, she explains the "slow deterioration" that's keeping "two" interest rate cuts on the table for 2026.

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John Kosar brings the Asbury 6, a tool to measure the strength of the stock market, noting that all indicators are positive. However, “on a relative performance basis, we’re starting to lose our leadership,” which can be a precursor to a decline. John also charts sector ETF asset flows, noting industrials, tech and healthcare are the top three, while energy and consumer discretionary are lagging. He also points out important levels he sees on the S&P 500 (SPX).

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General Mills (GIS) served an earnings beat even though revenue declined year-over-year. Diane King Hall explains how the food giant got a boost from international sales. She turns to the EV space and explains California's sales suspension on Tesla's (TSLA) vehicles, even as the stock hit a new all-time high at the opening bell. In the cybersecurity space, Diane notes a downgrade on Fortinet (FTNT) from JPMorgan.

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Michael Green is watching full-time employment numbers, which he notes have been weakening for two years. “We’re not seeing the rebound that we need to,” he says, and “unfortunately” other areas of the economy are not picking up. Tech is driving the economy right now but not making a lot of jobs, he adds. “I’m not a big believer in the rotation story,” Michael says, arguing that it would be hard for the market to lose tech leadership when they’re mostly driving GDP.

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Futures moved higher before the opening bell even after mortgage applications faced some pressure due to higher mortgage rates. Kevin Hincks talks about the latest data and how it can impact Wednesday's session. A blockade on Venezuelan sanctioned oil tankers already rippled through commodity markets, with crude oil rallying in reaction to heightened geopolitical tensions.

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