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Markets closed 2025 with mixed tone: the S&P 500 held near record highs while the Nasdaq lagged as megacap tech profit‑taking widened. The Dow slipped amid energy and industrial weakness. Volatility rose in commodity and crypto markets as AI chip demand and precious‑metals rallies drove sector rotation; Treasury yields climbed on firmer labor prints and higher bond yields.
U.S. initial claims for unemployment continued to trend lower at year-end, signalling a still‑tight labor market despite economic headwinds. These reports underpin markets’ expectations for growth and shape Fed rate‑cut bets.
6.15% – 30‑year U.S. mortgage rate falls to its lowest level of 2025, offering relief to prospective buyers.
Minutes from the Fed’s December meeting show deep divisions among policymakers over the timing and scale of future cuts. Economists warn the Fed could surprise markets with more easing than priced in for H1 2026.
Mortgage rates fell to their lowest levels of 2025 in the final week, easing pressure on prospective homebuyers. Lower long‑term rates reshape housing affordability expectations heading into 2026.
Vanda Wins FDA Approval for Motion‑Sickness Drug — Shares Soar
The FDA approved Vanda’s tradipitant (NEREUS) for motion‑sickness vomiting prevention, a commercial milestone that lifts the company’s outlook and sent shares sharply higher.
More on prnewswire.com
Nvidia is pressing contract manufacturers to lift production of its H200 AI chips to meet surging demand from China and global customers. Supply pressures and strategic ordering are reshaping chip supply chains and corporate capital plans.
ByteDance is lining up a multibillion‑dollar chip buying spree as AI compute demand climbs across its services. Large Chinese buyers are reshaping global GPU allocations and pushing OEMs to prioritise regional orders.
Hyatt Cuts Full‑Year Guidance After Hurricane Damage — Profit Hit
Hyatt trimmed full‑year EBITDA guidance after hurricane losses in Jamaica dented expected results, signaling near‑term pressure on margins and room for further revisions.
More on wsj.com
Meta moved aggressively into AI agents with a major Manus acquisition, accelerating its push to own agent‑grade capabilities. The deal draws scrutiny over geopolitical and sourcing ties while reshaping the AI M&A landscape.
Wall Street is debating whether leverage tied to AI builds a bigger systemic risk than equity froth. Prominent investors warn of a data‑centre debt shock even as AI spending powers gains across tech sectors.
France to ban social media for under‑15s starting in 2026; Crypto‑Asset Reporting Framework (CARF) reporting begins Jan. 1 across many jurisdictions; California delays revocation of thousands of commercial driver licenses amid litigation; U.S. freezes Minnesota childcare payments pending fraud audits.
China completed large‑scale military drills reportedly focused on Taiwan while Beijing pledged more proactive macro policy for 2026. The twin signals — military reach and fiscal support — recalibrate regional geopolitical and economic risk.
Cross‑border strikes and drone attacks have intensified, with Ukraine hitting Russian oil infrastructure and attacks in Odesa causing civilian and energy damage. The conflict’s energy footprint is adding volatility to global markets.
We foresee a significant financial crisis
— AI super‑bull investor (anonymous)
Widespread protests in Iran over a collapsing currency have spread beyond Tehran, prompting rapid government changes to try to steady markets. Authorities moved to replace central bank leadership amid mounting unrest.
A bizarre tanker saga off Venezuela highlights the maritime and diplomatic fallout from sanctions and seizures, while U.S. covert action reports deepen regional tensions. The incidents complicate energy flows and raise legal risks for operators.
Warren Buffett stepped down as Berkshire Hathaway CEO after a six‑decade run, triggering scrutiny of succession plans and portfolio strategy under new leadership. Markets and investors are watching how Greg Abel will steer the conglomerate.
Tesla warned of lower 2025 deliveries and published analyst forecasts implying weaker near‑term sales, rattling EV investors. The guidance shift compounds scrutiny on margins and robotaxi promises heading into 2026.
Biotech volatility continues as the FDA rejected Corcept’s drug, sending shares tumbling, while Axsome gained a regulatory boost with priority review for an Alzheimer’s agitation therapy. Regulators remain the key swing factor for sector returns.
U.S. crude inventories fell as imports dropped and refining rates rose, but oil still faces pressure from record U.S. production and weak demand indicators. The market is headed for a sizeable annual loss despite supply swings.
Bulgaria formally joins the euro on Jan. 1, deepening EU economic integration and raising questions about fiscal convergence and market impacts. The move is largely symbolic politically but material for regional finance flows.
Authorities in the Baltic region seized a vessel suspected of damaging undersea telecom cables, raising fears of hybrid sabotage targeting critical infrastructure. The incidents complicate NATO‑area security and telecom resilience planning.
Asset managers and exchanges are racing to productize crypto exposure with new ETF filings even as platforms expand their institutional footprint. Moves by Bitwise and Coinbase aim to normalise crypto access for mainstream investors.
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