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📅 Market Review for Monday, December 15, 2025

Monday, December 15, 2025, saw US indices slip lower in a subdued session. The market was characterized by risk-aversion, with investors reducing exposure to volatile sectors ahead of a torrent of delayed economic data, including a major employment report due today.

📈 Equities (Stocks)

All three major US indices closed lower as pressure continued to build in the technology sector:

• The Nasdaq Composite fell by -0.59%, closing at $23,057.41. This marks the fourth straight session of weakness, fueled by continued profit-taking and anxiety over AI stock valuations.
• The S&P 500 slipped by -0.16%, closing at $6,816.34, unable to gain traction after last week's sharp pullback.
• The Dow Jones Industrial Average eased marginally by -0.09%, showing relative stability compared to the Nasdaq as investors favored defensives.

The primary drag came from the Technology and AI sectors. A price-target cut for Broadcom (AVGO) intensified caution, contributing to a sense of unease that valuations in the chip and AI space are stretched. Conversely, defensive stocks like Hershey gained on an analyst upgrade, and the small-cap Kyverna Therapeutics soared by over +30% on positive clinical trial data, bucking the broader market trend.

🪙 Crypto

The digital asset market suffered a steep decline, reversing recent gains as risk appetite waned.

• Bitcoin (BTC) experienced a sharp drop, falling by over -3.0% during the US trading session to trade around $85,800 (CoinDesk Index value), breaking below the $90,000 level after a challenging weekend.
• The significant drop in crypto asset prices underscored the overall flight from risk and high-beta assets ahead of the US data deluge.

🏛️ Bonds

US Treasury yields eased slightly, a marginal reversal after recent gains.

• The yield on the benchmark US 10-Year Treasury note declined slightly, falling to 4.181% from Friday's close of 4.19%. This modest drop in yield (rise in bond prices) suggested that investor focus remains firmly on the weak economic signals that could force the Federal Reserve into deeper rate cuts next year.

💰 Commodities

Commodity markets were under pressure:

• WTI Crude Oil futures fell by over -2.0%, settling near $56.49 per barrel. Oil prices were weighed down by growing global oversupply concerns and the general risk-off mood, which dampened the demand outlook.
• Gold saw a modest rise, gaining approximately +0.45% to trade near $4,299 per ounce. Gold benefited from its safe-haven status as investors sought defensive exposure amid the uncertainty in equities and the falling crude oil prices.
• US Natural Gas (Henry Hub) futures also fell, declining by over -2.0% to settle near $4.01 per MMBtu, as some short-term weather forecasts showed moderation.

💱 Foreign Exchange (FX)

The US Dollar Index (DXY) ended the day essentially flat, trading near 98.39.

• The Dollar remained subdued, caught between its safe-haven appeal (due to equity weakness) and the dampening effect of high expectations for future Federal Reserve rate cuts.
• The focus in the FX market now shifts entirely to the upcoming US payrolls report for a clearer directional signal.

The market's immediate focus is on today's release of the delayed US Payrolls and unemployment report. This jobs data will be critical in shaping expectations for the Federal Reserve's rate path in 2026.

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