Market Recap: 12.19.25
Markets retreated slightly this week, with the Dow and S&P finishing down roughly -0.10% and the NASDAQ falling -0.59%. Looking to sectors, Healthcare continued its resurgence, with Utilities and Consumer Discretionary following suit.
By: CIO Office
Summary
Markets retreated slightly this week, with the Dow and S&P finishing down roughly -0.10% and the NASDAQ falling -0.59%. Looking to sectors, Healthcare continued its resurgence, with Utilities and Consumer Discretionary following suit. Semiconductors edged down slightly, and Materials were a hair below flat on the week. In the business world, Warner Bros urged shareholders to reject Paramount’s hostile takeover bid in favor of its planned merger with Netflix, Ford announced a $19.5 billion charge tied to restructuring and scaling back its EV business, and rumors circulated that Blue Owl may not back Oracle’s $10 billion data center deal. Precious metals gained, oil fell on the week, and Bitcoin fell.
10-Year Treasury Yield
- Current Rate: 4.18% (as of December 18, 2025)
- Week-to-date Movement: +0bps (from 4.18% on December 12, 2025)
Major U.S. Equity Indices Performance
- S&P 500: 6,827.41 → 6,817.65 (-0.14% WTD)
- DJIA: 48,458.05 → 48,416.56 (-0.09% WTD)
- Nasdaq Composite: 23,195.17 → 23,057.41 (-0.59% WTD)
Notable Market Events
- Macroeconomic Data: Markets received another jam-packed week of economic data. Nonfarm payrolls for October were much lower than expected and November saw an unexpected increase. The unemployment rate came in slightly higher than estimated, key S&P manufacturing data disappointed, but interestingly both headline CPI and core CPI for November were notably lower than expected.
- Economic Policy: Fed Governor Goolsbee said that rates have the potential to fall if inflation stays on track to their 2% target, which the CPI data discussed below seems to confirm. The largest news outside of the prior week’s interest rate decision was President Trump’s public comments on his imminent decision regarding the next Fed Chair. He announced a decision will be made “over the next couple of weeks”. In prior statements to the media, Trump expressed confidence in both Kevin Hassett and Kevin Warsh.
- Business: Warner Bros (NYSE: WBD) was in and out of headlines after more info about their merger came out. The company urged its shareholders to reject the hostile takeover bid by Paramount (NYSE: PSKY) in favor of the planned merger with Netflix (NYSE: NFLX). Ford Motor Company (NYSE: F) announced it will be taking a $19.5 billion charge in relation to restructuring and canceling a large portion of its EV business. Rumors emerged that Blue Owl (NYSE: OWL) will not back Oracle’s (NYSE: ORCL) next data center, a deal that is purportedly worth $10 billion.
- Markets: Markets had a difficult week, with most major indices finishing in the red. Gold gained +1.23%, Silver gained +2.87%, and Bitcoin fell over -7.5%. Oil was a few basis points away from going below $55 a barrel (a level not seen since the 2020 Pandemic) but rebounded slightly to end the week on a smaller loss.
Stock Sector Performance
All performance numbers and market events are sourced from Bloomberg as of market close 12/18/2025.
Disclosures
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