Market Recap: 12.26.25
Markets posted mixed results this week, with the S&P 500 slipping -0.06%, the Dow rising +0.25%, and the Nasdaq down -0.12%. Utilities led sector gains, while Tech and Industrials lagged.
By: CIO Office
Summary
Markets posted mixed results this week, with the S&P 500 slipping -0.06%, the Dow rising +0.25%, and the Nasdaq down -0.12%. Utilities led sector gains, while Tech and Industrials lagged. In business headlines, Novo Nordisk received FDA approval for its first oral GLP-1 medication, Nike rebounded after a major share purchase by Apple’s CEO, and ServiceNow expanded its cybersecurity reach with a $7.75 billion acquisition. Commodities were broadly higher, gold and silver both rallied, while oil rebounded and Bitcoin declined modestly.
10-Year Treasury Yield
- Current Rate: 4.15% (as of December 24, 2025)
- Week-to-date Movement: +0bps (from 4.15% on December 19, 2025)
Major U.S. Equity Indices Performance
- S&P 500:6,834.50 → 6,830.34 (-0.06% WTD)
- DJIA: 48,134.89 → 48,257.45 (+0.25% WTD)
- Nasdaq Composite: 23,307.62 → 23,278.97 (-0.12% WTD)
Notable Market Events
- Macroeconomic Data: For the week ending December 20th, initial jobless claims fell to 214,000, down from 224,000 the previous week. The U.S. economy posted a robust +4.3% growth rate, driven primarily by strong consumer spending, which rose +3.5% following a +2.5% increase in the second quarter. Looking ahead, the U.S. intends to raise tariffs on Chinese semiconductor imports starting in June 2027; however, the tariff rate will remain at zero for the next 18 months.
- Economic Policy: Markets expect the Federal Reserve to hold rates steady at the January meeting, following robust third quarter GDP results and a broad-based decline in CPI. As the new year approaches, geopolitical risks, particularly those stemming from the Russia Ukraine conflict, have come into sharper focus, fueling gains in precious metals. Kevin Hassett is currently the leading candidate for Federal Reserve Chair, although the selection process is still ongoing. The Trump Administration continues to emphasize rate reductions, contingent on broader macroeconomic conditions.
- Business: The FDA has granted approval for the first oral GLP-1 medication developed by Novo Nordisk, the company behind Wegovy (NYSE: NVO). Nike (NYSE: NKE) saw its stock rebound from some of last week’s declines following a $2.95 million share purchase by Apple CEO Tim Cook. Meanwhile, Intel (NYSE: INTC) shares recouped pre-market losses Wednesday after Nvidia suspended a test involving Intel’s 18A technology. In the enterprise software sector, ServiceNow (NYSE: NOW) expanded its cybersecurity capabilities by acquiring Armis, a cybersecurity startup, in a $7.75 billion all-cash transaction aimed at strengthening its AI-driven security offerings. Additionally, Citadel announced plans to return $5 billion to investors in early 2026, bringing its total profit distributions since 2017 to $32 billion.
- Markets: Commodities showed wide dispersion, with gold gaining over +3% and silver climbing more than +7%. Oil (WTI) came back +3% after testing lows in the prior week, and Bitcoin dropped around -75bps. Interestingly, the VIX Volatility Index fell just shy of -9% on the week. This is a probable indication that investors are pricing in very little volatility going into the last few trading days of 2025.
Stock Sector Performance
All performance numbers and market events are sourced from Bloomberg as of market close 12/24/2025.
Disclosures
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