Hi there,

Wednesday, December 17, 2025, was defined by a major divergence in the markets. While "AI concentration fears" triggered a significant pullback in the Nasdaq and S&P 500, a newly announced US oil blockade on Venezuela sent crude oil and gold prices higher.

📈 Equities (Stocks)

US indices ended the day sharply lower as the recent tech-led rally faced a reality check:

• The Nasdaq Composite tumbled -1.81% to close at 22,693.32.
• The S&P 500 fell -1.16% to close at 6,721.43, its fourth consecutive daily loss.
• The Dow Jones Industrial Average declined -0.47%, ending the session at 47,885.96.

Market Movers: The "AI trade" took a hit as investors questioned high valuations. Broadcom (AVGO) dropped nearly -5%, and Nvidia (NVDA) fell -3.8%. However, it wasn't all red: the medical supply distributor Medline (MDLN) made a spectacular Nasdaq debut, surging +40% in its IPO. Micron Technology (MU) also bucked the trend, gaining +3% on positive earnings.

🪙 Crypto

The cryptocurrency market continued to trade like a high-beta risk asset, struggling to find a bottom as institutional outflows persisted.

• Bitcoin (BTC) fell by approximately -1.1%, trading near $86,741. The asset remains under pressure from two straight days of US spot ETF redemptions.
• Ethereum (ETH) followed suit, declining -1.0% to finish near $2,921.
• Despite the price weakness, corporate accumulation remains a theme, with reports showing major firms like Strategy (formerly MicroStrategy) and Fidelity continuing to scoop up Bitcoin during this period of price consolidation.

🏛️ Bonds

US Treasury yields edged higher as the market digested fresh geopolitical risks and comments from Fed officials.

• The yield on the benchmark US 10-Year Treasury note advanced to 4.17%.
• Federal Reserve Governor Christopher Waller signaled that while a weakening jobs market justifies continued rate cuts, the central bank must remain "careful," which the market interpreted as a slightly more hawkish stance than anticipated.

💰 Commodities

Geopolitics took center stage yesterday, leading to a massive spike in energy and safe-haven metals:

• Brent Crude Oil jumped +2.3% to settle above $60.24 per barrel, and WTI Crude climbed over +1.3%. This was triggered by President Trump's order of a "total and complete blockade" of sanctioned oil tankers entering or leaving Venezuela.
• Gold (XAU/USD) advanced +0.3% to trade near $4,316 per ounce, approaching its October record.
• Silver stole the show, powering to a new all-time record high above $66 per ounce, up nearly 130% year-to-date, driven by both safe-haven demand and massive industrial appetite from data centers and EVs.

💱 Foreign Exchange (FX)

The US Dollar Index (DXY) rose by +0.3%, benefiting from a combination of safe-haven flows and rising Treasury yields.

• The Euro (EUR) fell -0.2% to $1.1720.
• The Japanese Yen (JPY) weakened significantly, falling -0.5% to 155.46 per dollar.
• The British Pound (GBP) was the weakest major currency, dropping -0.7% to $1.3330.

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