S&P 500 – 6,929.74 (-0.030%)

Dow Jones – 48,710.97 (-0.041%)

NASDAQ – 23,593.10 (-0.086%)

• U.S. Equity Markets: U.S. equity markets saw little movement on Friday as trading volumes remained light during the holiday-shortened week. The S&P 500 closed just below Wednesday’s record high, while the Nasdaq was largely unchanged. For the week, the S&P 500 gained 1.4%, marking its fourth weekly advance in five weeks, with the Dow and Nasdaq also rising more than 1% week-to-date.
• FBI Headquarters Move: The FBI announced that it will permanently close the J. Edgar Hoover Building in Washington, D.C., scrapping previous plans to move headquarters to Maryland. The bureau’s workforce will instead relocate to the Ronald Reagan Building, occupying the former site of the U.S. Agency for International Development, which was dismantled earlier this year.
• Tim Cook Boosts Nike: Nike received a holiday boost thanks to Apple CEO Tim Cook, who disclosed a $3 million purchase of Nike shares, nearly doubling his stake in the company. The news lifted Nike’s stock and signaled confidence in CEO Elliott Hill’s turnaround strategy, which focuses on culture, product, marketing, marketplace, and in-person presence. Another board member, Robert Swan, also bought approximately $500,000 in shares this week.
• Taiwan Earthquake and TSMC Evacuation: Taiwan was shaken by a 7.0-magnitude earthquake near the city of Yilan, with the quake felt across the island, causing buildings to sway in Taipei. Isolated damage included minor structural issues, gas and water leaks, and brief power outages affecting more than 3,000 households in Yilan. Taiwan Semiconductor Manufacturing Company (TSMC) temporarily evacuated some facilities at its Hsinchu Science Park, although employees later returned to work. Authorities warned residents to remain alert for aftershocks.
• Oracle Stock Decline: Oracle shares are on track for their worst quarter since 2001, dropping about 30% this quarter. Investor concerns center on the company’s ability to expand AI infrastructure for OpenAI, which has committed over $300 billion to Oracle. Oracle plans $50 billion in capital expenditures and $248 billion in leases for cloud expansion. The company recently raised $18 billion through a bond offering, one of the largest in tech history, while analysts warn that Oracle may struggle to meet its financial obligations without renegotiating its OpenAI contract.
• Mortgage Rates and Treasury Yields: Mortgage rates remain stubbornly high at 6.2%–6.3% and are expected to stay elevated into 2026. The benchmark 10-year Treasury note yield was little changed on Friday, slipping less than one basis point to 4.13%, while the 2-year yield fell more than two basis points to 3.483%. The unusual combination of a slowing labor market, persistent inflation, and government shutdown disruptions has contributed to the stability of rates, while Fed policy and bond yields continue to influence trends.
• Gold and Silver Prices: Precious metals climbed to new heights on Friday. Gold futures reached an intraday all-time high of $4,579.60 per ounce, tracking for the 54th record close of 2025, while silver futures set a new intraday record of $76.15 per ounce, heading for the fifth consecutive record close and 18th of the year. Freeport-McMoRan shares rose as gold and other metals reached record levels.
• Global Events and Oil Prices: The U.S. launched military strikes in Nigeria against Islamic State targets, citing persecution of the country’s Christian population. Initial tensions, combined with concerns over Venezuelan oil supplies, pushed WTI crude toward its largest weekly gain since late October. However, optimism over potential progress in Ukraine and the possibility of easing Russian oil sanctions brought prices down to $57 per barrel on Friday, providing relief for U.S. consumers.
• 2025 Market Performance: 2025 has been a strong year for diversified investors, with global equities and bonds delivering positive returns. International stocks led the way, with the MSCI AC World ex US Index up more than 30% including dividends, marking the strongest annual gain since 2009. Domestically, the S&P 500 recorded 39 new all-time highs and is on pace for a third consecutive year of gains exceeding 15%. Credit-sensitive fixed income assets, including U.S. high-yield bonds and emerging-market debt, rose more than 8%, while U.S. investment-grade bonds are on track for gains above 7%. Artificial intelligence infrastructure plays and several popular retail stocks, including Palantir and Robinhood Markets, rank among the S&P 500’s top performers this year.
• Semiconductors and AI: Nvidia halted testing AI chips using Intel’s 18A process, designed to compete with TSMC, marking a potential setback for Intel. Nvidia later announced a $20 billion acquisition of AI startup Groq, its largest-ever purchase. Micron Technology and SanDisk rose after reports indicated that Samsung and SK Hynix plan to raise prices for their fifth-generation high-bandwidth memory 3E chips by nearly 20% for 2026 deliveries.
• Retail Sector Moves: Target gained following reports that hedge fund Toms Capital invested significantly, despite shares being down over 27% for the year. Warner Brothers slipped as it pressured Paramount to increase its hostile takeover offer, while Coupang jumped after confirming a cybersecurity breach affected only about 3,000 accounts.

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“I think the best way to create a good life is to make it yourself.” – Martha Stewart

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Notable Stocks

• Nvidia (NVDA)
• Tesla (TSLA)
• Micron (MU)
• Intel (INTC)
• Nike (NKE)

Weekly Notables

Tim Cook Boosts Nike Shares With $3 Million Holiday Purchase

Nike received a festive lift this holiday season thanks to Apple CEO and longtime Nike board member Tim Cook. Cook disclosed in a filing that he purchased approximately $3 million in Nike shares, nearly doubling his stake in the company to just over 105,000 shares, or about $6 million. Nike’s stock jumped following the purchase, signaling support for CEO Elliott Hill’s ongoing turnaround strategy. “You buy with your own personal wealth, you put your money where your mouth is, you’re making a point,” said Simeon Siegel, equities analyst at Guggenheim, on CNBC.

Oracle Shares on Track for Worst Quarter Since 2001 As New CEOs Face AI Expansion Concerns

Oracle’s stock is on pace for its worst quarterly performance in more than two decades, as investors raise doubts about the company’s ambitious plans to expand infrastructure for artificial intelligence. Shares of the database software giant have fallen about 30% this quarter, putting Oracle on track for its steepest decline since the third quarter of 2001, during the dot-com bust. The drop comes just three months after Oracle appointed Clay Magouyrk and Mike Sicilia as its new co-CEOs.

What's Ahead

Investors are looking for the U.S. stock market to end 2025 on a high note next week, with equities at record peaks and nearing further bullish milestones to close out another strong year.

"Momentum is certainly on the side of the bulls," said Paul Nolte, senior wealth adviser and market strategist at Murphy & Sylvest Wealth Management. "Barring any exogenous event, the path of least resistance for stocks, I think, is higher."

Monday December 29

• China industrial profits
• Bank of Japan’s summary of opinions from Dec. 18-19 meeting are released
• (8:30 a.m. ET) U.S. goods trade deficit for October.
• (8:30 a.m. ET) U.S. wholesale and retail inventories for October.
• (10 a.m. ET) U.S. pending home sales for November.

Tuesday December 30

• China current account surplus
• (9 a.m. ET) U.S. S&P Cotality Case-Shiller Home Prices (20 city) for October. Estimate is a rise of 0.1 per cent from September and up 1.1 per cent year-over-year.
• (9 a.m. ET) U.S. FHFA House Price Index for October. Estimates are increases of 0.1 per cent from October and 1.4 per cent year-over-year.
• (2 p.m. ET) U.S. Fed minutes from Dec. 9-10 meeting are released.

Wednesday December 31

• China PMI
• (8:30 a.m. ET) U.S. initial jobless claims for week of Dec. 27.

Thursday January 1

• Markets closed in North America, Europe, China and Japan

Friday January 2

• China and Japan markets closed
• Euro zone manufacturing PMI and private sector credit
• (9:30 a.m. ET) Canada’s S&P Global Manufacturing PMI for December.
• (9:45 a.m. ET) U.S. S&P Global Manufacturing PMI for December.
• (10 a.m. ET) U.S. construction spending for November.
• Also: Canadian and U.S. auto sales for December.