Hi there,

Overview: The final trading day of 2025 saw stocks drift lower as investors locked in profits following a massive year. The S&P 500 finished 2025 with a gain of roughly +16%, while the Nasdaq surged over +20%. Markets were closed yesterday, January 1, for New Year’s Day.

📈 Major Indices (Closing Values)

• S&P 500: Declined -0.74%, closing the year at 6,845.50.
• Nasdaq Composite: Fell -0.76%, ending at 23,241.99.
• Dow Jones Industrial Average: Slipped -0.63%, closing at 48,063.29.

🏛️ Bonds, FX & Commodities

• US 10-Year Yield: Rose to 4.17% as traders digested lower-than-expected weekly jobless claims (199k vs. 222k expected).
• Gold: Finished a historic year up nearly 65%, closing at $4,330 per ounce.
• Silver: Sank -9% on the final day to $70.40 but still ended 2025 with a massive 170% annual gain.
• WTI Crude Oil: Ended the year down nearly 20% overall, closing the final session near $55.00.

📊 Specific Stock Performance

• GOOGL (Alphabet Inc.): Finished the year as a top performer, up +65% for 2025, though it eased slightly in the final session.
• META (Meta Platforms): Followed the broader tech trend with a slight year-end pullback but remains one of the premier AI winners of the year.
• NVO (Novo Nordisk ADR): Slipped -0.66% to $50.88 on Wednesday. Despite the dip, it remains in a strong technical position following recent FDA pill-form approvals.
• FLTR.L (Flutter Entertainment): Mixed performance in London during the final half-day of 2025, ending the year with strong gains on the NYSE.
• PFE (Pfizer Inc.): Remained relatively flat, closing the year near $25.00 as investors stayed focused on growth over value.
• ALK (Alaska Air Group): Eased in the final session but outperformed the broader airline sector in 2025.
• STZ (Constellation Brands): Stayed defensive in the final days; the company is scheduled to report earnings next week (January 7).

🌅 Today's Market Preview: Friday, January 2, 2026

The Outlook: Wall Street is expected to open the first day of 2026 with a cautious "wait-and-see" approach. With the holiday spirit fading, professional traders are returning to their desks to re-evaluate portfolios for the new year.

• Key Data Today: The primary economic release is November Construction Spending (10:00 AM ET). While usually a minor data point, any surprise could impact the industrial and real estate sectors.
• The "January Effect": Investors will be watching to see if small-cap stocks (Russell 2000) catch a bid today, as they historically outperform in the first few days of the year.
• Crypto Watch: Bitcoin enters 2026 trading near $88,000, having finished 2025 down roughly 6%. Traders are looking to see if digital assets can find a floor early in Q1.
• NVO Focus: Keep an eye on Novo Nordisk as the market continues to price in the massive potential for its newly approved weight-loss pill.

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