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Markets closed a volatile 2025: the S&P 500 and Nasdaq delivered strong annual gains but finished lower in the final session, while the Dow lagged. Volatility is centered on AI and chip names, energy’s sharp split (oil down, copper up) and safe‑haven flows into gold; Fed minutes and expiring health subsidies are primary near‑term catalysts.
A deadly New Year’s Eve explosion and fire ripped through a bar at the upscale Crans-Montana ski resort, leaving dozens dead and scores wounded. Authorities have opened an investigation as officials and leaders offer condolences and emergency services respond.
4.6M – BYD sold 4.6 million new‑energy vehicles in 2025.
Widespread protests over Iran’s collapsing economy have spread beyond Tehran, including strikes and a government-ordered shutdown. Security forces and hardline responses, plus leadership reshuffles, have deepened the crisis and market anxiety.
Enhanced ACA subsidies expired at midnight, sending millions of Americans into higher premiums and sparking warnings about hospital and state fiscal strain. Lawmakers face pressure to act as immediate coverage gaps and cost spikes hit consumers.
Bridgewater’s Pure Alpha surges 33% in 2025 — standout hedge fund return
Bridgewater’s flagship fund outperformed peers with a 33% gain in 2025, underscoring demand for macro strategies amid market volatility.
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Luxury retailer owner Saks skipped a bond interest payment as it negotiates with creditors, paving the way for a likely Chapter 11 filing. The missed payment raises alarms across retail credit markets and among suppliers tied to Neiman Marcus assets.
The White House delayed tariff hikes on furniture and cabinetry, reprising a pattern of tariff rollbacks amid consumer inflation concerns. The postponements affect several industries and leave companies recalibrating supply‑chain and pricing plans.
Apple cuts Vision Pro production after weak demand
Poor sales forced Apple to reduce production and marketing for its Vision Pro headset, raising questions about the company’s hardware strategy and consumer appetite for premium spatial devices.
More on ft.com
Former special counsel Jack Smith’s testimony and the release of his deposition keep legal scrutiny of the Jan. 6 probes and Trump’s role in the spotlight. Democrats and Republicans are trading new lines of attack as the material circulates in Congress.
Ukraine reported sustained Russian drone barrages overnight, shooting down a large share of incoming drones amid heavy attacks on infrastructure. Kyiv and Western partners highlight escalating tactics and stress the need for continued air‑defense support.
Key policy moves: ACA enhanced subsidies expired at year‑end, triggering immediate premium rises; the White House delayed new furniture and cabinet tariffs to 2027; UK and other governments rolled out crypto tax‑reporting and data rules.
Three flagship private tech groups eye landmark IPOs that would reshape the market for bankers and investors. OpenAI is also racing to ship new audio models ahead of a rumored standalone device, intensifying 2026 tech deal flow.
AI data center build‑outs are remaking U.S. landscapes and stressing local grids, prompting on‑site power solutions and regional infrastructure debates. Communities and planners are scrambling to balance investment, jobs, and environmental impacts.
‘Millions will lose health care, millions will see costs spike, millions will face impossible choices.’
— Senate Minority Leader Chuck Schumer
Crypto’s 2025 boom ended with major hacks and a painful drawdown, exposing persistent security gaps across exchanges and protocols. Investors and regulators are reassessing custody, insurance, and systemic risk after record thefts and a market hangover.
Oil recorded its steepest annual fall since the pandemic as producers kept pumping and global demand softened, while natural gas plunged on ample supplies and warm temperatures. The energy split is reshaping commodity and energy‑sector strategies for 2026.
Fed minutes reveal internal divisions as policymakers weigh the path for 2026, at a moment when bond markets saw notable moves. Investors are parsing minutes and year‑end bond wraps for clues on rate cuts and market stability.
Warren Buffett handed Berkshire Hathaway’s helm to Greg Abel, marking the end of a six‑decade era and prompting investor focus on succession and capital allocation. Markets and analysts are scrutinizing Abel’s playbook and Berkshire’s $358 billion cash pile.
The U.S. granted TSMC an annual licence to import American chip tools into China, easing some supply‑chain constraints. At the same time, NVIDIA is pressing TSMC for more GPUs as Chinese demand surges, underscoring global semiconductor tensions.
Companies and sectors are bracing for layoffs after a difficult 2025, while hundreds of national and regional retailers closed their doors last year. The employment and retail restructurings will shape consumer spending and credit in 2026.
Legal fallout from fraud and high‑profile probes continues: JPMorgan is fighting charges over outsized legal fees tied to a fraud case, and DOJ intensifies review of remaining Epstein documents. Both moves carry political and market implications.
China’s BYD reported strong full‑year deliveries but also signs of slowing sales growth as domestic competition heats up. Investors are reassessing margins and the global EV race as Chinese makers scale rapidly.
Finnish authorities seized a Russia‑linked ship accused of cutting an undersea data cable, highlighting rising cyber and infrastructure tensions in Europe. EU diplomats flagged concerns about sabotage and the security of critical communications links.
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