Weekly Recap:

by Michael Reinking, CFA & Eric Criscuolo

Published on 12/26/25 (a/o 10:00)

Welcome back to the handful of you checking in today. Hopefully you enjoyed Christmas and Santa came through with everything you hoped for. As expected, it is a very quiet day unless you’re trading metals which are snapping back after brief reversal ahead of the holiday.  The measuring period for the Santa Clause Rally began on Tuesday with the S&P 500 closing modestly higher hitting a new all-time high. US equities are off to a mixed start after a quiet overnight session with pockets of Asia and all of Europe closed. 

The biggest talking point is probably the potential impact of the impending storm. Otherwise, the topic getting a lot of coverage is the Nvidia deal announcement with start-up AI chip company Groq valuing the company at $20B. Three months ago, it raised $750B at a valuation of $6.9B. This is the biggest ever investment by Nvidia, though relative to its market capitalization it is pretty small. What makes it most interesting is that Groq was founded by one of the creators of Google’s tensor processing unit (TPU) a decade ago, which has burst onto the scene challenging Nvidia’s stranglehold on the industry. Nvidia is responding positively up >1.5% while Alphabet is hovering around unchanged.  

None of the 11 S&P 500 sectors are +/- >0.5%. There is some slight outperformance in tech and materials. 

Global Markets - The handful of markets that were open overnight were mixed. 

Commodities & Crypto -

Commodities are mixed. Oil prices are down despite the escalation of geopolitical tensions after strikes in Nigeria. There are reports that Zelensky will meet with President Trump over the weekend while Venezuela remains on the radar. As mentioned above precious metals is where all the action is with gold, silver and platinum all hitting new all-time highs. Ag is a touch higher. Crypto continues to struggle to make any ground pulling back from overnight highs since the US open. 

There was no major economic data. Treasury yields are pulling back a couple of basis points while the USD index is a touch lower. 

Not much on the calendar for the final days of 2025. Have a great weekend!

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