S&P 500 – 6,896.24 (-0.14%)

Dow Jones – 48,367.06 (-0.20%)

NASDAQ – 23,419.08 (-0.24%)

• Global Markets Mixed Ahead of Year-End: Asian markets closed mixed overnight, while European equities traded higher as investors assessed end-of-year positioning. U.S. stocks were down on Tuesday, with the S&P 500 on track for its third consecutive year of gains exceeding 15%, capping a strong 2025.
• Bond Yields Edge Up: U.S. Treasury yields rose modestly, with the 10-year note opening near 4.14% and the 2-year yield climbing to about 3.46%. Investment-grade bonds, meanwhile, staged a strong comeback this year, posting roughly 7.5% gains and outperforming cash by more than 3%—the widest gap since 2020.
• Precious Metals and Commodities Rally: Silver rebounded sharply, climbing over 3% on Tuesday and finishing a roller-coaster 2025 with gains of 158% for the year. Gold advanced nearly 1% and is on pace for a staggering 60% yearly gain. Copper approached all-time highs near $5.86 per pound, supported by strong industrial demand. Crude oil futures also rose amid renewed Middle East tensions and ahead of an OPEC meeting expected to maintain production levels.
• Cryptocurrency Holds Steady: Bitcoin traded slightly lower, remaining within its recent range of $85,000 to $90,000.
• Housing Market Shows Signs of Life: U.S. housing data suggests a rebound, with the FHFA home price index rising 0.4% in October and the Case-Shiller 20-city index climbing 0.3%, its strongest monthly gain since January. Pending home sales hit their highest level since February 2023, reflecting the impact of gradually falling mortgage rates.
• Dollar Weakens as Economy Stays Strong: The ICE U.S. Dollar Index is down more than 9% for the year, marking its largest annual decline since 2017. Meanwhile, U.S. GDP growth surprised to the upside in Q3, expanding at a 4.3% annualized rate, with consumer spending up 3.5% and exports surging 8.8%.
• Corporate Moves Make Waves:
  • SoftBank surged ahead, fully funding its $40 billion OpenAI investment and moving $4 billion to acquire DigitalBridge, boosting AI infrastructure ambitions.
  • Nvidia plans a $20 billion licensing deal with Groq, a leader in inference technology.
  • Applied Digital announced a spin-off and merger of its cloud unit with Ekso Bionics, sending Ekso shares up over 40%.
  • Target climbed after reports Toms Capital built a stake, while Lululemon rose on founder Chip Wilson’s proxy fight to refresh the board.
  • Tesla dipped after Elon Musk warned about higher silver costs affecting industrial production, and Meta edged lower following its $2 billion AI acquisition plan.
  • Novo Nordisk fell after cutting obesity drug prices in China, and Warner Bros. Discovery shares declined amid a potential higher bid from Paramount.
  • DigitalBridge surged on SoftBank acquisition talks, and Origin Energy’s Kraken Technologies was valued at $8.65 billion after its first standalone funding.
• Outlook: As the final week of 2025 unfolds, markets are balancing strong year-to-date gains with geopolitical tensions, corporate maneuvers, and ongoing commodity volatility. Investors remain focused on end-of-year positioning, AI expansion, and industrial demand as 2026 approaches.

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“Cheers to a new year and another chance for us to get it right.” — Oprah Winfrey

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Notable Stocks

• Nvidia (NVDA)
• Tesla (TSLA)
• Micron (MU)
• Meta Platforms (META)
• Target (TGT)

Weekly Notables

SoftBank Completes $40 Billion Investment in OpenAI

SoftBank has fully funded its $40 billion investment commitment to OpenAI, according to sources cited by CNBC. The Japanese investment firm reportedly sent its final tranche of approximately $22 billion to $22.5 billion last week, completing the deal. SoftBank had previously invested $8 billion directly into the ChatGPT maker and syndicated an additional $10 billion alongside co-investors. With the full commitment now funded, SoftBank’s ownership stake in OpenAI exceeds 10%. CNBC first reported in February that SoftBank was finalizing the investment at a $260 billion pre-money valuation, with funding expected to be deployed over a 12- to 24-month period.

Lululemon Founder Chip Wilson Launches Proxy Fight to Shake Up Board Amid CEO Transition

Lululemon Athletica founder Chip Wilson has initiated a proxy fight by nominating three independent directors to the company’s board, just weeks after CEO Calvin McDonald’s departure left the athletic apparel maker without a clear successor. Wilson’s move comes as Lululemon shares have dropped nearly 50% this year, pressured by competition from fast-growing rivals like Alo Yoga and Vuori, challenges attracting younger consumers, and activist investor Elliott Management.

What's Ahead

Wednesday 12/31: 

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

Thursday 1/1:

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

Friday 1/2:

• 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.