The stock market's final session of 2025 was low in volume and largely devoid of catalysts, leaving the S&P 500 (-0.7%), the Nasdaq Composite (-0.8%), and the DJIA (-0.6%) to steadily drift lower in broad fashion. 

The major averages finished December mixed, with the outperformance of many cyclical stocks pushing the DJIA (+0.7% month-to-date) higher, while the S&P 500 (-0.1% month-to-date) finished flattish, and the tech-heavy Nasdaq Composite (-0.5% month-to-date) finished lower. 

Today's retreat encompassed a wide variety of stocks, with all eleven S&P 500 sectors finishing lower. Sector losses ranged from 0.4% (communication services) to 1.0% (real estate), with most sectors finishing at session lows amid a late-afternoon pickup in selling activity. 

The top-weighted information technology sector (-0.9%) was one such sector that lagged late in the trade. NVIDIA (NVDA 186.50, -1.04, -0.55%) previously held a gain, which helped limit losses earlier in the session following a Reuters report that the company approached Taiwan Semiconductor Manufacturing (TSM 303.89, +4.31, +1.44%) to increase production of its H200 chip amid growing demand in China. A separate Reuters report stated that TSM, which is not a component of the S&P 500, was granted an annual U.S. approval for chip-making exports to China.

All of the information technology sector's components closed with a loss. 

The consumer discretionary sector (-0.8%) at least had one component trade higher, being NIKE (NKE 63.71, +2.52, +4.12%), by far the best-performing S&P 500 name today. The stock was lifted by a disclosure that showed CEO Elliot Hill purchased 16,388 shares of common stock, which follows a 50,000-share purchase by Apple (AAPL 271.86, -1.22, -0.45%) CEO and Nike Director Tim Cook one week ago. 

The materials sector (-0.9%) was another underperformer, as precious metal prices slid following the CME Group raising the margin requirements on precious metals futures for the second time in a week. Silver led the retreat, settling today's session $7.30 lower (-9.4%) at $70.63 per ozt, while gold settled $44.00 lower (-1.0%) at $4,342.30 per ozt. Precious metals producer Newmont Corporation (NEM 99.85, -2.01, -1.97%) was unsurprisingly a laggard. 

Outside of the S&P 500, the Russell 2000 (-0.8%) and S&P Mid Cap 400 (-1.1%) furthered the recent trend of underperformance in comparison to their larger-cap counterparts. 

Stocks across the market closed out the year on a subdued note, as this week's broad pullback erased most of last week's gains and stalled the Santa Claus rally soon after it began. The near-term trend skews negative as the market searches for fresh catalysts. Still, stocks posted strong gains in 2025, with the major averages all capturing double-digit gains for the year. 

U.S. Treasuries finished 2025 on a modestly lower note, with the 10-year note yield (+4 basis points to 4.17%, -40 basis points in 2025) settling near the midpoint of this year's range, while the 2-year note yield (+3 basis points to 3.48%, -77 basis points in 2025) finished not far above its 2025 low as the Fed made three cuts to the fed funds rate range since the end of 2024. Today's session was largely uneventful, save for a couple waves of selling that lifted yields to their highest levels of the week.

Bond and equity markets will be closed for the New Year's Day holiday tomorrow, followed by a full session on Friday. 

• Nasdaq Composite: +20.4% YTD
• S&P 500: +16.4% YTD
• DJIA: +13.0% YTD
• Russell 2000: +11.3% YTD
• S&P Mid Cap 400: +5.9% YTD

Reviewing today's data:

• Initial jobless claims for the week ending December 27 decreased by 16,000 to 199,000 (Briefing.com consensus 226,000) from last week's revised rate of 215,000 (from 214,000), while continuing claims for the week ending December 20 decreased by 47,000 from last week's revised rate of 1.913 million (from 1.923 million) to 1.866 million.
  • The key takeaway from the report is that initial claims decreased unexpectedly, coming in below 200,000 for just the second time this year. This should be encouraging to a market that has grown more sensitive to signals from the labor market.

• Co announces that the FDA has issued a complete response letter (CRL) to the ONS-5010/LYTENAVA (bevacizumab-vikg) biologics license application (BLA) resubmission, indicating that the FDA cannot approve the application in its present form for the treatment of wet age-related macular degeneration (wet AMD).
• In the CRL, the FDA noted that the additional mechanistic and natural history data information provided in the BLA resubmission does not alter the previous review conclusion that while the one adequate and well-controlled study demonstrated efficacy, the FDA has again recommended that confirmatory evidence of efficacy be submitted to support the application, however the FDA has not indicated what type of confirmatory evidence would be acceptable.
• Co is currently exploring all available pathways for potential approval in the U.S. and intends to continue its efforts to expand into additional markets in Europe and other regions.

• Co announces that it has been awarded a five-year task order valued at up to $212 million to deliver software-defined enterprise-level network modernization for the U.S. Space Force, providing reliable, secure, and modernized base area networks capabilities that scale with mission-critical demand.
• Under the United States Air Force Base Infrastructure Modernization (USAF BIM) indefinite delivery/indefinite quantity (IDIQ) contract vehicle, CACI is spearheading the transformation and unification of legacy network infrastructures across 14 Space Force installations, enabling mission success through advanced infrastructure, and enhanced sustainment and visibility.

• The newly acquired Eastern Michigan Bank will operate alongside Mercantile's existing bank, Mercantile Bank, until the first quarter of 2027, at which time Mercantile plans to consolidate Eastern Michigan Bank into Mercantile Bank, subject to regulatory approvals from the Federal Deposit Insurance Corporation and the Michigan Department of Insurance and Financial Services.

• MSM is a name we like to monitor to get a sense of the industrial economy. We will get an update when it reports Q1 (Nov) results next week.
• MSM is an industrial distributor selling over 2 mln SKUs primarily into manufacturing (70% of sales ) and heavy industry end markets. Manufacturing has been soft, and its end markets, in particular, have been soft for the last 18-24 months. This has weighed on MSM's performance.
• Of note, MSM previously announced that COO Martina McIsaac is getting promoted to CEO, effective January 1, 2026, so we should get some good color on any strategic changes she is considering.

The following are some of today's most notable large cap movers of interest ($10 bln - $200 bln market cap), ranked by % change (all stocks over 100K average daily volume).

Large Cap Gainers

• NKE (63.83 +4.31%): The Co.'s CEO bought 16,388 shares worth approximately $1 mln.
• TDG (1337.91 +1.63%): The Co. has entered into a definitive agreement to acquire Stellant Systems, a portfolio company of Arlington Capital Partners, for ~$960 mln in cash, including certain tax benefits.
• CNC (41.35 +0.34%): Affordable Care Act enhanced subsidies will expire tonight, according to NBC News.

Large Cap Losers

• MRNA (29.19 -4.01%): Drugmakers expected to increase prices on 350 medicines next year, according to Reuters.
• GFS (34.93 -3.28%): downgraded to Neutral from Outperform at Wedbush.
• UNH (330.84 -0.40%): Affordable Care Act enhanced subsidies will expire tonight, according to NBC News.

• The concern seems to be around Best Buy's holiday sales. The top line numbers may be good, but this was a promotional holiday period, which puts margins at risk.
• BBY typically reports Q4 (Jan) results in late Feb or early March.

• CL00-USA Crude Oil futures settled today's session $0.54 lower (-0.9%) at $57.40/barrel
• NG00-USA Nat Gas settled today's session $0.22 lower (-6.6%) at $3.13/MMBtu
• RB00-USA RBOB Gasoline settled today's session $0.02 lower (-1.2%) at $1.71/gallon
• HO00-USA Heating oil futures settled today's session $0.04 lower (-1.9%) at $2.12/gallon

The following are some of today's most notable mid cap movers of interest ($2 bln - $10 bln market cap), ranked by % change (all stocks over 100K average daily volume).

Mid Cap Gainers

• AXSM (183.56 +23.37%): The Co. announces FDA acceptance and priority review of supplemental new drug application for AXS-05 for the treatment of alzheimer's disease agitation. Additionally, the Company announces FDA pre-NDA meeting minutes for AXS-12 in narcolepsy supporting NDA submission.
• ONDS (10.01 +11.40%): The Co. secures $10 million in new autonomous systems orders as global demand for multi-domain defense solutions accelerates.
• DJT (13.27 +5.61%): Trump Mobile delays smartphone launch, according to FT. Additionally, the Company announces plans to distribute digital tokens to DJT shareholders.

Mid Cap Losers

• CORT (34.92 -50.25%): The Co. says FDA issues CRL for Relacorilant NDA, requests additional efficacy evidence despite positive trials. Additionally, hearing Corcept Therapeutics downgraded to Underperform from Peer Perform at Wolfe Research.
• COGT (35.86 -3.39%): The Co.'s execs. (4) sold 314,642 shares between $38.68-$38.64 worth approx. $12.2 mln.
• FCPT (23.08 -0.53%): The Co. announces the acquisition of a United Rentals property and a Buffalo Wild Wings property for $5.4 million.

Strong Year Capped With Modest Dip

• U.S. Treasuries finished 2025 on a modestly lower note with the 10-yr yield settling near the midpoint of this year's range while the 2-yr yield finished not far above its 2025 low as the Fed made three cuts to the fed funds rate range since the end of 2024. Today's session was largely uneventful, save for a couple waves of selling that lifted yields to their highest levels of the week. The trading day started with slim gains across the curve, but the entire complex slid after the latest weekly jobless claims report showed only the second sub-200,000 reading of initial claims (199,000) this year. The positive signal about the health of the labor market sent Treasuries to lows during the opening hour while the rest of the morning saw a slow bounce that found resistance once the complex approached yesterday's closing levels. There was some more selling during the final hour of action, but even with late slide that was presumably owed to year-end rebalancing, the 10-yr yield was confined to a four-basis point range. The benchmark yield finished 2025 about 20-basis points shy of the midpoint of this year's 92-basis point range while the 2-yr yield finished just nine basis points above its October low, and down 95 basis points from its January peak. The long bond underperformed with its yield finishing ten basis points above the midpoint of this year's 81-basis point range, bearing some resemblance to what has been seen in Japan as the Bank of Japan tightens policy after nearly three decades of zero interest rate policy. With JGB rates reaching 30-year highs, investors in the saver nation have had a growing incentive to repatriate some of their foreign investments that can now earn a return at home without currency risk. This dynamic should continue next year with the market expecting at least one more hike from the BoJ in 2026. Crude oil retreated, losing nearly $15/bbl for the year, while the U.S. Dollar Index rose 0.2% to 98.38, narrowing its December loss to 1.1%. The Index fell 9.3% in 2025. Bond and equity markets will be closed for New Year's Day tomorrow, followed by a full session on Friday. Happy New Year!
• Yield Check:
  • 2-yr: +3 bps to 3.48% (-1 bp in December; -77 bps in 2025)
  • 3-yr: +3 bps to 3.54% (+5 bps in December; -74 bps in 2025)
  • 5-yr: +4 bps to 3.73% (+13 bps in December; -65 bps in 2025)
  • 10-yr: +4 bps to 4.17% (+15 bps in December; -40 bps in 2025)
  • 30-yr: +3 bps to 4.84% (+17 bps in December; +5 bps in 2025)

• News:
  • The Chinese government plans to continue issuing trade-in subsidies for auto purchases in 2026 and will expand the program to include digital and smart products.
  • China Securities Journal reported that domestic banks will slash business loan rates below 3.0%.
  • China's December Manufacturing PMI hit 50.1 (expected 49.2; last 49.2) and Non-Manufacturing PMI hit 50.2 (expected 49.6; last 49.5). December RatingDog Manufacturing PMI hit 50.1 (expected 49.8; last 49.9).
  • South Korea's December CPI was up 0.3% m/m (expected 0.2%; last -0.2%), rising 2.3% yr/yr, as expected (last 2.4%).
  • Hong Kong's November M3 Money Supply increased 4.5% yr/yr (last 3.5%).
  • Singapore's November Bank Lending reached SGD873.1 bln (last SGD866.1 bln).
  • Swiss November Official Reserve Assets reached CHF852.4 bln (last CHF844.9 bln).
• Today's Data:
  • Initial jobless claims for the week ending December 27 decreased by 16,000 to 199,000 (Briefing.com consensus 226,000) from last week's revised rate of 215,000 (from 214,000), while continuing claims for the week ending December 20 decreased by 47,000 from last week's revised rate of 1.913 million (from 1.923 million) to 1.866 million.
    • The key takeaway from the report is that initial claims decreased unexpectedly, coming in below 200,000 for just the second time this year. This should be encouraging to a market that has grown more sensitive to signals from the labor market.
  • Weekly crude oil inventories decreased by 1.93 mln barrels after increasing by 405,000 barrels a week ago.
  • Weekly natural gas inventories decreased by 38 bcf after decreasing by 166 bcf a week ago.
• Commodities:
  • WTI crude: -0.6% to $57.62/bbl
  • Gold: -1.0% to $4342.30/ozt
  • Copper: -1.7% to $5.68/lb
• Currencies:
  • EUR/USD: -0.1% to 1.1740
  • GBP/USD: -0.1% to 1.3456
  • USD/CNH: -0.2% to 6.9769
  • USD/JPY: +0.3% to 156.84
• The Day Ahead:
  • Bond and equity markets closed for New Year's Day
• Friday:
  • 9:45 ET: Final December S&P Global U.S. Manufacturing PMI (prior 51.8)
  • 10:00 ET: September Construction Spending (Briefing.com consensus -0.1%; prior 0.2%)

• Elanco's second dermatology product approval in less than 18 months in the estimated $1.3 billion U.S. canine dermatology market.
• Befrena has been shown to be effective for treatment of dogs of any age against canine atopic dermatitis and allergic dermatitis for 6 to 8 weeks of treatment, as needed.
• USDA approval of Befrena reinforces Elanco's commitment to going beyond to deliver differentiated, high-quality products in every key therapeutic area, bolstering its leadership in canine dermatology and monoclonal antibodies (mAbs).
• Canine allergic and atopic dermatitis is a widespread concern amongst veterinarians, with data revealing that nearly 98% of vets say they routinely treat dogs for atopic dermatitis and that itchy dogs make up nearly 20% of their patient population.

Small Cap Gainers

• VNDA (9.03 +28.45%): The Co. announces FDA approval of NEREUS for the prevention of vomiting induced by motion.
• TE (6.81 +4.79%): Continued strength following yesterday's update on T1 Energy FEOC compliance efforts.
• LPTH (10.99 +4.07%): The Co. has been benefiting from a supportive demand backdrop for infrared imaging, with management citing growing supply-chain risks and increased defense spending in the U.S. and Europe as drivers of customer interest in advanced sensing and more secure sourcing.

Small Cap Losers

• FCEL (7.27 -8.44%): The Co. files for $200 mln common stock offering.
• CYBN (8.17 -4.67%): The Co. initiates at-the-market equity program of up to us$100 million.
• NNE (2414 -2.99%): The Co. has signed a Memorandum of Understanding with the Board of Trustees of the University of Illinois on behalf of the University of Illinois Urbana-Champaign (U. of I.) to collaborate on the development, construction, and operation of its KRONOS MMR on campus as an advanced research reactor.

• GC00-USA gold settled today's session $44.00 lower (-1.0%) at $4,342.30/ozt
• SI00-USA silver settled today's session $7.30 lower (-9.4%) at $70.63/ozt
• HG00 copper settled today's session $0.10 lower (-1.7%) at $5.68/lb

• Viatris shares are trading at a new 52-week high today, extending a steady multi-month uptrend as investors increasingly view the stock as a beneficiary of the healthcare system's shift away from opioids.
• The company remains optimistic about its fast-acting meloxicam, targeting the large and underserved moderate-to-severe acute pain market, where demand for effective non-opioid options continues to grow.
• Opioids still account for roughly half of all acute pain prescriptions, despite well-documented risks of dependence and misuse, creating a meaningful opportunity for safer alternatives.
• Viatris believes its fast-acting oral meloxicam is well positioned within the NSAID class to address this unmet need by offering faster onset with sustained pain relief.
• Continued momentum around this product supports the stock's recent strength and reinforces its longer-term non-opioid pain management thesis.

The following options are exhibiting notable trading, potentially indicating changing sentiment toward the underlying stocks, and/or potentially representing positioning for increased volatility.

Bullish Call Activity:

• SLS Apr26 3.5 calls are seeing interest with the underlying stock up 13% (volume: 7.6K, open int: 4.8K, implied vol: ~144%, prev day implied vol: 99%). We noted activity in the Feb26 3.5 calls earlier this week (see 12/30 13:30 OPTNX). Co is expected to report earnings mid-February.
• SNAP Jan26 8.5 calls (volume: 12.0K, open int: 8.3K, implied vol: ~48%, prev day implied vol: 42%). 10.0K traded in a single transaction. Co is expected to report earnings mid-February.
  
• NIO Weekly Jan02 5 calls are seeing interest with the underlying stock down 8% (volume: 48.6K, open int: 7.3K, implied vol: ~65%, prev day implied vol: 56%). 1.9K traded in a single transaction. We noted activity in the Weekly Jan02 6 calls earlier this week (see 12/30 13:30 OPTNX). Co is expected to report earnings mid-March.
  

Bearish Put Activity:

• CLOV Jan26 2.5 puts (volume: 16.8K, open int: 6.0K, implied vol: ~79%, prev day implied vol: 72%). 5.2K traded in a single transaction. Co is expected to report earnings in late February.
  
• NFLX Jan26 101 puts (volume: 17.9K, open int: 8.3K, implied vol: ~42%, prev day implied vol: 39%). 13.8K traded in a single transaction. Co is confirmed to report earnings January 20 after the close.
  

Sentiment: The CBOE Put/Call ratio is currently: 0.90, VIX: (14.66, +0.33, +2.3%).
January 16 is options expiration -- the last day to trade January equity options.
*Please use the Talk to Us link at the top of the page to provide feedback on this comment as well as the OPTNX comments. Data provided by LiveVol.com.

The stock market continues to drift lower this week as losses across the major averages come closer to negating the entirety of last week's advance. 

The S&P 500 (-0.3%), Nasdaq Composite (-0.3%), and DJIA (-0.3%) currently sit in negative territory a touch above session lows as the market faces a broad retreat. All eleven S&P 500 sectors trade lower, though the action once again comes on lower-than-average volume, suggesting a mechanical consolidation rather than a change in sentiment. 

Losses are relatively modest in nature, with only the energy (-0.8%) and real estate (-0.7%) sectors holding losses wider than 0.5%. 

Corporate news flow is unsurprisingly light given tomorrow's holiday closure. 

NIKE (NKE 64.09, +2.90, +4.74%) is the top-performing S&P 500 name today, moving higher after disclosing that CEO Elliot Hill purchased 16,388 shares of common stock, reinforcing investor focus on insider conviction. The buy follows December 24 disclosures that Apple (AAPL 272.62, -0.46, -0.17%) CEO and Nike Director Tim Cook acquired 50,000 shares, while another director bought 8,691 shares, together representing a meaningful vote of confidence in the struggling athletic footwear and athleticwear giant.

Meanwhile, NVIDIA (NVDA 188.88, +1.34, +0.71%) is one of very few names in the information technology sector (-0.2%) that trades higher following a Reuters report that the company approached Taiwan Semiconductor Manufacturing (TSM 306.36, +6.78, +2.26%) to increase production of its H200 chip amid growing demand in China. 

Elsewhere, precious metals prices are tumbling again today after CME Group raised the margin requirements on precious metals futures for the second time in a week. After a 10.5% price increase yesterday, silver is down $7.22 (-9.3%) to $70.69 per oz today. The materials sector (-0.4%) is down as a result, with Newmont Corporation (NEM 100.67, -1.19, -1.17%) facing particular pressure. 

While there is a smattering of stock-specific moves, the market is largely devoid of any meaningful catalysts in the final session of the year. As a result, price action has remained subdued and orderly, with the major averages now trading sideways after the initial modest retreat.

Reviewing today's data:

• Weekly Initial Claims 199K (Briefing.com consensus 226K); Prior was revised to 215K from 214K, Weekly Continuing Claims 1.866 mln; Prior was revised to 1.913 mln from 1.923 mln
  • The key takeaway from the report is that initial claims decreased unexpectedly, coming in below 200,000 for just the second time this year. This should be encouraging to a market that has grown more sensitive to signals from the labor market.

Economic Data Summary:

• Weekly Initial Claims 199K (Briefing.com consensus 226K); Prior was revised to 215K from 214K, Weekly Continuing Claims 1.866 mln; Prior was revised to 1.913 mln from 1.923 mln
  • The key takeaway from the report is that initial claims decreased unexpectedly, coming in below 200,000 for just the second time this year. This should be encouraging to a market that has grown more sensitive to signals from the labor market.
    

The S&P 500 (-0.3%) trades a bit above its morning low, but all eleven sectors remain in the red with top-weighted technology (-0.2%) staying a step ahead of the broader market.

Key factors driving today's performance include:

• Profit taking after a strong year with downside leadership from recent high-flyers like Western Digital (WDC 172.33, -3.73, -2.12%) and Micron (MU 287.27, -5.36, -1.83%). The sector has narrowed its 2025 gain to 24.1% but remains ahead of the S&P 500 (+16.9% YTD) on the 2025 leaderboard.
• Relative strength in top-weighted NVIDIA (NVDA 188.82, +1.28, +0.68%) preventing the sector from showing a wider loss. NVIDIA outperforms amid reports that Bytedance is planning to increase its purchases of NVIDIA's chips by 17% yr/yr in 2026.

Notable movers:

• Western Digital (WDC 172.33, -3.73, -2.12%): weakest performer in the sector, slipping from record territory.
• Micron (MU 287.27, -5.36, -1.83%): deepening yesterday's reversal from a record high. Stock received a positive mention in Barron's.
• IBM (IBM 296.71, -5.34, -1.77%): falling past its 50-day moving average (303.85) toward its lowest close since late November.
• Super Micro Computer (SMCI 29.22, -0.43, -1.45%): falling to its lowest level since April.
• KLA Corp (KLAC 1226.02, -17.63, -1.42%): deepening this week's reversal from a record high.
• Seagate (STX 277.16, -2.92, -1.04%): falling toward its 50-day moving average (268.08).
• Qualcomm (QCOM 172.33, -1.32, -0.76%): dipping below its 50-day moving average (173.29).
• Microsoft (MSFT 485.55, -1.93, -0.40%): giving back yesterday's gain.
• Apple (AAPL 272.67, -0.41, -0.15%): staying near its 50-day moving average (272.68).
• Intel (INTC 37.33, +0.03, +0.07%): inching toward its 50-day moving average (37.99).
• NVIDIA (NVDA 188.82, +1.28, +0.68%): best performer in the sector, bouncing off its 50-day moving average (186.41) amid reports that Bytedance plans to increase its purchases of NVIDIA's chips by 17% yr/yr in 2026. Stock received a positive mention in Barron's.

• The company also announced last night that it completed the sale of Playa's owned real estate portfolio to Tortuga for $2 bln.

• Healthcare: VNDA (16.72 mln +33.78%), PFE (10.62 mln -0.22%), CORT (9.64 mln -50.7%)
• Materials: AG (7.26 mln -0.24%)
• Industrials: AAL (12.38 mln +0.33%)
• Consumer Discretionary: NIO (44.43 mln -9.04%), TSLA (19.16 mln -0.2%), NKE (14.17 mln +3.8%), AMZN (6.87 mln -0.55%)
• Information Technology: NVDA (47.8 mln +0.75%), INTC (17.83 mln -0.08%), MU (9.04 mln -1.71%), AMD (7.96 mln +0.34%)
• Financials: TQQQ (26.33 mln -1%), QQQ (13.99 mln -0.31%), SQQQ (9.32 mln +1.02%), TLT (8.87 mln -0.15%)

• Healthcare: VNDA (11.22x +33.78%), CORT (10.34x -50.7%)
• Materials: ICL (1.26x +3.23%)
• Industrials: DSX (1.03x -3.22%)
• Consumer Discretionary: NIO (0.96x -9.04%)
• Financials: BXMX (2.27x +0.62%), RCS (1.51x -1.34%), BDJ (1.33x +0.48%), BST (1.22x +0.67%), AOD (1.18x -0.76%), MQY (1.16x -0.09%), NMZ (1.08x -0.44%), PML (1.04x +0%), EHI (1.02x +0.71%), EDD (1x -1.27%), IGD (0.96x -0.69%), DSU (0.95x -0.54%), RA (0.93x -0.15%), NAC (0.93x -0.29%)
• Energy: KLXE (2.31x +19.75%)

• Today's top 20 % gainers
  • Healthcare: VNDA (9.41 +33.78%), PACB (1.85 +6.89%), RCKT (3.6 +5.2%), MGNX (1.64 +5.12%), CYTK (63.82 +3.99%), ALLO (1.36 +3.44%), CTMX (4.29 +3.13%), MOH (175.48 +2.82%), RCUS (23.74 +2.2%), ABEO (5.29 +2.12%)
  • Materials: ICL (5.72 +3.23%)
  • Consumer Discretionary: NKE (63.52 +3.8%), BZUN (2.68 +2.49%)
  • Information Technology: SABR (1.41 +5.22%), PI (174.02 +3.21%)
  • Energy: KLXE (1.88 +19.75%), PBF (26.69 +2.48%)
  Today's top 20 % losers
  • Healthcare: CORT (34.61 -50.7%), OSUR (2.4 -3.04%)
  • Industrials: DSX (1.66 -3.22%), AAON (76.22 -3.05%),
  • Consumer Discretionary: NIO (5 -9.04%), UA (4.77 -3.35%), GPRO (1.42 -3.34%), LB (48.59 -3.25%), UAA (4.98 -3.21%)
  • Financials: CODI (4.71 -3.09%)
  • Energy: CRK (23.01 -3.48%)

• Valnevas strategic intent in regaining full rights is to assume direct control over its supply chain and commercialization for endemic high-risk countries, thereby accelerating access for regions most affected by the disease.
• Supporting access to the vaccine in low-and-middle-income countries falls within the framework of the funding agreement Valneva signed with the Coalition for Epidemic Preparedness Innovations in July 2024 with co-funding from the European Union.

The stock market faces a broad retreat this morning, with the S&P 500 (-0.4%), Nasdaq Composite (-0.4%), and DJIA (-0.4%) holding similar losses just before midday. Week-to-date losses across the major averages almost entirely negate last week's advance, making for an underwhelming "Santa Claus rally" period. 

The small-cap Russell 2000 (-0.4%) and S&P Mid Cap 400 (-0.6%) are also lower, furthering a stretch of underperformance this week. 

All eleven S&P 500 sectors hold losses today, leaving just the energy (-0.7% today, +1.0% week-to-date) and utilities (-0.3% today, +0.1% week-to-date) sectors in positive territory this week. 

The real estate (-0.9%) and energy (-0.8%) sectors underperform, while losses elsewhere are contained within 0.5%. 

Like previous sessions this week, news flow is sparse and volume is lighter-than-average ahead of tomorrow's holiday closure. 

Decliners outpace advancers by a nearly 3-to-1 margin on the NYSE and a roughly 2-to-1 clip on the Nasdaq. 

The S&P 500 (-0.4%) holds a modest loss in the early going with all eleven sectors trading lower, including energy (-0.8%).

Key factors driving today's performance include:

• Downside leadership from natural gas names as natural gas futures fall $0.17, or 5.1%, to $3.18/MMBtu.
• Slight pressure on the price of oil as WTI crude trades down $0.12, or 0.2%, at $57.83/bbl after marking a morning high just below its 50-day moving average (58.98).
• Weak finish to 2025 after year-long underperformance. The sector has only gained 4.8% this year versus a 16.9% year-to-date advance in the S&P 500.

Notable movers:

• EQT Corp (EQT 53.35, -1.28, -2.34%): weakest performer in the sector, falling past its 200-day moving average (54.28) toward its lowest close since late October.
• Expand Energy (EXE 110.01, -2.01, -1.79%): finding resistance near its 20-day moving average (112.51) with its 200-day moving average (107.65) looming below.
• Valero (VLO 162.12, -2.75, -1.67%): on the verge of its lowest close in ten weeks.
• Coterra Energy (CTRA 26.19, -0.37, -1.41%): falling from its best level in nearly three weeks.
• Marathon Petroleum (MPC 162.54, -1.28, -0.78%): falling to its lowest level since mid-August.
• Exxon Mobil (XOM 120.09, -0.90, -0.74%): deepening yesterday's reversal from its best level since November 2024.
• Kinder Morgan (KMI 27.42, -0.16, -0.56%): giving back yesterday's gain with its 200-day moving average (27.32) looming below.
• Williams Companies (WMB 59.84, -0.32, -0.54%): returning to its 50-day moving average (59.67).
• Chevron (CVX 151.87, -0.44, -0.29%): finding resistance near its 50-day moving average (152.13).
• SLB (SLB 38.48, -0.07, -0.18%): best performer in the sector, touched a one-week high before reversing.

Buyers:

• HYMC 10% owner bought 700K shares between $22.70-$24.93 worth approx. $16.5 mln.
• AVO 10% owner bought 201,310 shares between $11.60-$11.64 worth approx. $2.3 mln.
• ASA 10% owner bought 11,292 shares between $58.81-$61.92 worth approx. $667K.

Sellers:

• COGT execs. (4) sold 314,642 shares between $38.68-$38.64 worth approx. $12.2 mln.
• ALHC CEO sold 605,648 shares between $18.70-$19.38 worth approx. $11.4 mln.
• AVGO Chief Legal & Corp Affairs Ofc sold 25,921 shares at $352.07 worth approx. $9.1 mln.
• LLY 10% owner sold 3,593 shares at $1,085.03 worth approx. $3.9 mln.

For regular updates on our insider summaries and commentary, please add Briefing ticker INSID to ticker alerts. Transactions exclude pre-arranged trading plans. Sales exclude option-related sell-offs.

• NIKE (NKE) is showing notable relative strength after disclosing that CEO Elliot Hill purchased 16,388 shares of common stock, reinforcing investor focus on insider conviction.
• The buy follows December 24 disclosures that Apple (AAPL) CEO and NKE Director Tim Cook acquired 50,000 shares, while another Director bought 8,691 shares, together representing a meaningful vote of confidence in the struggling athletic footwear and athleticwear giant.
• The insider activity comes on the heels of another disappointing quarterly performance, as NKE topped muted Q2 EPS and revenue estimates on December 19, helped by improving momentum in North America, but saw Greater China revenue plunge 16% amid weaker store traffic, soft sell-through, and a highly promotional retail environment.
• Direct-to-Consumer revenue fell 9% on a currency-neutral basis, driven by a 14% decline in digital sales, as NKE intentionally pulled back from high-volume legacy franchises like Dunks, which declined more than 20%, in an effort to restore brand premiumization.
• While management's "Win Now" strategy appears to be delivering incremental improvements, the scale of the challenges suggests a more durable turnaround has yet to fully materialize. However, the flurry of insider buying activity suggests that the worst of NKE's struggles are in the rearview mirror.

• U.S. crude oil refinery inputs averaged 16.8 million barrels per day during the week ending December 26, 2025, which was 71 thousand barrels per day more than the previous week's average. Refineries operated at 94.7% of their operable capacity last week. Gasoline production decreased last week, averaging 9.5 million barrels per day. Distillate fuel production decreased by 77 thousand barrels per day last week, averaging 5.2 million barrels per day. U.S. crude oil imports averaged 5.0 million barrels per day last week, decreased by 1.1 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.0 million barrels per day, 7.2% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 525 thousand barrels per day, and distillate fuel imports averaged 283 thousand barrels per day.
• U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.9 million barrels from the previous week. At 422.9 million barrels, U.S. crude oil inventories are about 3% below the five year average for this time of year. Total motor gasoline inventories increased by 5.8 million barrels from last week and are about 2% above the five year average for this time of year. Both finished gasoline and blending components inventories increased last week. Distillate fuel inventories increased by 5.0 million barrels last week and are about 4% below the five year average for this time of year. Propane/propylene inventories increased 0.8 million barrels from last week and are about 27% above the five year average for this time of year. Total commercial petroleum inventories increased by 10.2 million barrels last week.
• Total products supplied over the last four-week period averaged 20.3 million barrels a day, slightly below the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, up by 0.4% from the same as the last year period. Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, up by 0.3% from the same period last year. Jet fuel product supplied was down 2.1% compared with the same four-week period last year

• Crude oil inventories had a draw of 1.934 mln barrels
  • Prior week showed a build of 0.4 mln barrels
• Gasoline inventories had a build of 5.85 mln barrels
  • Prior week showed a build of 2.9 mln barrels
    

Taking an early look at the options market, we found the following names that may be worth watching throughout the day for further indication of investor expectations given their options volume and implied volatility movement.

Stocks seeing volatility buying (bullish call buying/bearish put buying):

Calls:

• NIO Weekly Jan02 5 calls are seeing interest with the underlying stock down 8% with 10.2K contracts trading vs. open int of 7.3K, pushing implied vol up around 7 points to ~61%. 1.9K traded in a single transaction. We noted activity in the Weekly Jan02 6 calls earlier this week (see 12/30 13:30 OPTNX). Co is expected to report earnings mid-March.
  

Puts:

• NFLX Jan26 101 puts are seeing interest with 17.8K contracts trading vs. open int of 8.3K, pushing implied vol up around 3 points to ~42%. 13.8K traded in a single transation. Co is confirmed to report earnings January 20 after the close.
  

Sentiment: The CBOE Put/Call ratio is currently: 0.83, VIX: (14.79, +0.46, +2.8%).
January 16 is options expiration -- the last day to trade January equity options.
*Please use the Talk to Us link at the top of the page to provide feedback on this comment as well as the OPTNX comments. Data provided by LiveVol.com.

The S&P 500 (-0.1%), Nasdaq Composite (-0.2%), and DJIA (-0.1%) sit lower across the board shortly after the open as the stock market continues to drift lower this week. 

The early retreat is broad-based, with ten S&P 500 sectors trading lower. The information technology sector (-0.2%) traded higher momentarily at the open, supported by a gain in NVIDIA (NVDA 188.54, +1.00, +0.53%), but has since ceded its gain, pushing the major averages lower. 

Like previous sessions this week, losses are modest, with the real estate sector (-0.5%) facing the widest loss. 

Only the health care sector, which trades flat, avoids negative territory.

• $1.5 billion transaction to expand fiber deployments, launch network modernization initiatives, and accelerate growth.
• With the completion of the transaction, WOW! common stock is no longer traded or listed on any public securities exchange.
  

Equity futures now point to a slightly higher opening to the final session of the year. 

Initial jobless claims for the week ending December 27 decreased by 16,000 to 199,000 (Briefing.com consensus 226,000) from last week's revised rate of 215,000 (from 214,000), while continuing claims for the week ending December 20 decreased by 47,000 from last week's revised rate of 1.913 million (from 1.923 million) to 1.866 million.

The key takeaway from the report is that initial claims decreased unexpectedly, coming in below 200,000 for just the second time this year. This should be encouraging to a market that has grown more sensitive to signals from the labor market.

The S&P 500 futures currently trade six points above fair value. 

Equity indices in the Asia-Pacific region ended the year on a mixed note while markets in Japan and South Korea were closed. China's PMI readings for December returned into expansionary territory by a slight margin, beating expectations. The Chinese government plans to continue issuing trade-in subsidies for auto purchases in 2026 and will expand the program to include digital and smart products. Bytedance plans to increase its purchases of chips from NVIDIA by 17% yr/yr. China Securities Journal reported that domestic banks will slash business loan rates below 3.0%.

• In economic data:
  • China's December Manufacturing PMI 50.1 (expected 49.2; last 49.2) and Non-Manufacturing PMI 50.2 (expected 49.6; last 49.5). December RatingDog Manufacturing PMI 50.1 (expected 49.8; last 49.9)
  • South Korea's December CPI 0.3% m/m (expected 0.2%; last -0.2%); 2.3% yr/yr, as expected (last 2.4%)
  • Hong Kong's November M3 Money Supply 4.5% yr/yr (last 3.5%)
  • Singapore's November Bank Lending SGD873.1 bln (last SGD866.1 bln)

---Equity Markets---

• Japan's Nikkei: CLOSED (+26.2% in 2025)
• Hong Kong's Hang Seng: -0.9% (+27.8% in 2025)
• China's Shanghai Composite: +0.1% (+18.4% in 2025)
• India's Sensex: +0.6% (+9.1% in 2025)
• South Korea's Kospi: CLOSED (+75.6% in 2025)
• Australia's ASX All Ordinaries: UNCH (+7.1% in 2025)

Equity markets in Germany, Italy, and Switzerland are closed for New Year's Eve while markets in Spain, France, and the U.K. are headed for an early close. This has resulted in a quiet session for the markets that are still open. France's CAC (-0.5%) lags with Stellantis leading to the downside.

• In economic data:
  • Swiss November Official Reserve Assets CHF852.4 bln (last CHF844.9 bln)

---Equity Markets---

• STOXX Europe 600: +0.4% (+16.7% in 2025)
• Germany's DAX: CLOSED (+23.0% in 2025)
• U.K.'s FTSE 100: -0.1% (+21.5% in 2025)
• France's CAC 40: -0.2% (+10.4% in 2025)
• Italy's FTSE MIB: CLOSED (+31.5% in 2025)
• Spain's IBEX 35: -0.2% (+49.4% in 2025)

Gapping up

Other news:

• VNDA +19.3% (announces FDA approval of NEREUS for the prevention of vomiting induced by motion)
  
• AXSM +7.5% (announces FDA pre-NDA meeting minutes for AXS-12 in narcolepsy supporting NDA submission, also announces FDA pre-NDA meeting minutes for
• AXS-12 in narcolepsy supporting NDA submission )
  
• KRMD +5.1% (510k submission for clearance of the FreedomEDGE System),
  
• OSS +4.9% (to sell Bressner Tech; updates FY25 guidance),
  
• EM +2.6% (announces shareholders' approval of merger agreement )
  
• DCTH +2.5% (announces publication of subgroup analyses of the Phase 3 FOCUS study of melphalan/hepatic delivery system in patients with unresectable metastatic uveal melanoma )
  
• WB +2.1% (discloses Sina proceeding and adoption of share repurchase program)
  
• NKE +1.6% (CEO bought 16388 shares worth ~$1 mln),
  
• MRT +1.5% (reaches 3.38 million riders and 450 thousand registered drivers, exceeding December 31, 2025 targets)

Gapping down

Other news:

• RARE -1.1% (completes rolling submission of BLA for DTX401 AAV)
  
• ARCT -2.8% (files for $500 mln mixed securities shelf offering)
  
• FCEL -5.3% ($200 mln stock offering),
  
• CORT -34.7% (says FDA issues CRL for Relacorilant NDA, requests additional efficacy evidence despite positive trials (shares halted))

• Co announced it has received approximately $10 million in new purchase orders across its autonomous systems portfolio.
• The orders include counter-UAS solutions for critical infrastructure operators, integrated autonomous drone systems, and robotic ground platforms for government security customers. These awards further strengthen Ondas' commercial momentum following its record third-quarter results and reflect growing demand from government and critical infrastructure customers for integrated autonomous air and ground solutions.
• These new orders build on a series of high-impact national security program wins for Ondas this year, including its selection for major counter-UAS deployments at large European international airports which resulted in $16.4 million in orders during the fourth quarter and its recent strategic government tender to develop and field a large-scale autonomous border-protection system deploying thousands of drones as a prime contractor with the initial purchase order expected in January 2026.
  

The S&P 500 futures currently trade four points below fair value. 

Just released, initial jobless claims for the week ending December 27 decreased by 16,000 to 199,000 (Briefing.com consensus: 226,000) from a revised level of 215k (from 214k). 

Continuing jobless claims for the week ending December 20 increased by 47,000 to 1.866 million, from the revised previous level of 1.913 million (from 1.932 million). 

• Stellant, headquartered in Torrance, California, is a leading global designer and manufacturer of high-power electronic components and subsystems serving the aerospace and defense end market. The Company's products are highly engineered, proprietary components with substantial aftermarket content and a strong presence across major aerospace and defense platforms. Approximately 50% of Stellant's revenue is derived from the aftermarket, and nearly all its revenue is generated from proprietary products. Stellant is expected to generate approximately $300 million in revenue for the calendar year ending December 31, 2025. The Company has manufacturing locations in Torrance, California; Williamsport, Pennsylvania; Melville, New York; and Topsfield, Massachusetts. The Company employs approximately 950 people.
• The acquisition is subject to regulatory approvals in the United States and customary closing conditions.

• Pursuant to the framework agreement, Groupon Italy paid approximately $25.2 million (21.5 million) on or before December 31, 2025, inclusive of amounts previously paid, and will pay an additional approximately $33,000 (28,000) in the first quarter of 2026. Following these payments, the Company expects the matters covered by the Italian tax assessments to be formally closed in the first quarter of 2026, and the Company does not expect any further material obligations relating to these assessments.
• The Company does not expect any material changes to its accrued expenses related to these matters in the fourth quarter of 2025, and the settlement payments are expected to reduce the Company's free cash flow by approximately $15 million.

• Today, the Supreme People's Court in China made a positive decision concerning the intellectual property rights relating to the semaglutide compound patent. Novo Nordisk is pleased that the Court has upheld the Beijing IP Court ruling recognising the validity of the semaglutide compound patent.
• "This outcome is very positive for semaglutide and demonstrates firm government support for protecting medical innovation," said Mike Doustdar, president and CEO of Novo Nordisk. "This decision also strengthens confidence for foreign companies' sustainable development in China and will motivate further development and introduction of innovative medicines for the benefit of patients."
• Semaglutide is a novel, long-acting, glucagon-like peptide-1 (GLP-1) analogue invented and developed by Novo Nordisk. It is the main ingredient in Wegovy, for overweight and obesity, as well as in Ozempic and Rybelsus for adults with type 2 diabetes. It has broad clinical recognition and approximately 38 million patient-years of use since launch.
• Novo Nordisk has previously stated that the compound patent expiry of the semaglutide molecule in certain countries in International Operations is expected to have an estimated negative low-single-digit impact on global sales growth in 2026. The ruling does not alter Novo Nordisk's previous communication.

• Perfect Corp. (PERF) announced the launch of an interactive suite of 2026 New Year content across the YouCam app series, including YouCam Makeup, YouCam Perfect, YouCam AI Pro, YouCam Enhance and YouCam Video. With over 1.1 billion total downloads, the YouCam apps are transforming how users celebrate the holidays, offering new ways to visualize their New Year's resolutions and create viral-ready social content using the latest Generative AI.
• NANO Nuclear Energy (NNE) announced that it has signed a Memorandum of Understanding with the Board of Trustees of the University of Illinois on behalf of the University of Illinois Urbana-Champaign (U. of I.) to collaborate on the development, construction, and operation of its KRONOS MMR on campus as an advanced research reactor.

Equity futures point to a modestly lower opening as the stock market gears up for its final session of the year. 

The major averages finished slightly lower in yesterday's action that was once again devoid of any meaningful catalysts. Stocks drifted for much of the session, and the afternoon release of the December FOMC meeting minutes did not provide any surprises or change the market's expectations for policy easing in the near term.

While stocks have given back some of last week's gains, the major averages are still zeroing in on solid year-to-date gains. The Nasdaq Composite leads the way with a 21.3% gain heading into today's session, while the S&P 500 is up 17.3%, and the DJIA is up 13.7%. 

Newsflow is light again this morning ahead of tomorrow's New Year's Day holiday that will see the market close for the day. 

The market will receive the weekly initial jobless claims data (Briefing.com consensus 226k) at 8:30 a.m. ET.

In corporate news:

• Drugmakers are expected to increase prices on 350 medicines next year, according to Reuters.
• Banks anticipate more large M&A deals in 2026, according to The Wall Street Journal.
• NVIDIA (NVDA 188.23, +0.69, +0.4%) approached TSMC (TSM 302.49, +2.91, +1.0%) to increase production of H200 chips, according to Reuters.
• ByteDance is planning to spend $14 billion on NVIDIA (NVDA) chips in 2026, according to South China Morning Post. 
• Tesla's (TSLA 456.29, +1.86, +0.4%) supply deal with a South Korean company falls short of expectations, according to Bloomberg.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended the year on a mixed note while markets in Japan and South Korea were closed. Japan's Nikkei: CLOSED (+26.2% in 2025), Hong Kong's Hang Seng: -0.9% (+27.8% in 2025), China's Shanghai Composite: +0.1% (+18.4% in 2025), India's Sensex: +0.6% (+9.1% in 2025), South Korea's Kospi: CLOSED (+75.6% in 2025), Australia's ASX All Ordinaries: UNCH (+7.1% in 2025).

In news:

• China's PMI readings for December returned into expansionary territory by a slight margin, beating expectations.
• The Chinese government plans to continue issuing trade-in subsidies for auto purchases in 2026 and will expand the program to include digital and smart products.
• Bytedance plans to increase its purchases of chips from NVIDIA by 17% yr/yr.
• China Securities Journal reported that domestic banks will slash business loan rates below 3.0%.

In economic data:

• China's December Manufacturing PMI 50.1 (expected 49.2; last 49.2) and Non-Manufacturing PMI 50.2 (expected 49.6; last 49.5). December RatingDog Manufacturing PMI 50.1 (expected 49.8; last 49.9)
• South Korea's December CPI 0.3% m/m (expected 0.2%; last -0.2%); 2.3% yr/yr, as expected (last 2.4%)
• Hong Kong's November M3 Money Supply 4.5% yr/yr (last 3.5%)
• Singapore's November Bank Lending SGD873.1 bln (last SGD866.1 bln)

Equity markets in Germany, Italy, and Switzerland are closed for New Year's Eve while markets in Spain, France, and the U.K. are headed for an early close. This has resulted in a quiet session for the markets that are still open. France's CAC (-0.5%) lags with Stellantis leading to the downside. STOXX Europe 600: +0.4% (+16.7% in 2025), Germany's DAX: CLOSED (+23.0% in 2025), U.K.'s FTSE 100: -0.2% (+21.4% in 2025), France's CAC 40: -0.4% (+10.2% in 2025), Italy's FTSE MIB: CLOSED (+31.5% in 2025), Spain's IBEX 35: -0.2% (+49.34% in 2025).

In economic data:

• Swiss November Official Reserve Assets CHF852.4 bln (last CHF844.9 bln)

Higher Start Ahead

• U.S. Treasuries are on track for a modestly higher start to the final session of 2025 after inching higher during a quiet overnight session. The final trading day of the year was expected to get off to a slow start, given a rash of holiday closures and a handful of early closes. Equity markets in general had a banner showing in 2025 with South Korea's Kospi soaring more than 75.0%. In Europe, the STOXX Europe 600 index has gained 16.7% this year while Spain's IBEX has surged almost 50.0%. Treasury futures held their ground during the Asian session, which featured the release of expansionary PMI readings from China, making for a positive surprise. The U.S. session will see the release of the latest Initial Claims report (Briefing.com consensus 226,000; prior 214,000) at 8:30 ET and the Treasury market will close at 14:00 ET. Crude oil is on the rise while the U.S. Dollar Index is flat at 98.22.
• Yield Check:
  • 2-yr: -1 bp to 3.44%
  • 3-yr: -1 bp to 3.50%
  • 5-yr: -1 bp to 3.67%
  • 10-yr: -2 bps to 4.11%
  • 30-yr: -1 bp to 4.80%

• News:
  • The Chinese government plans to continue issuing trade-in subsidies for auto purchases in 2026 and will expand the program to include digital and smart products.
  • China Securities Journal reported that domestic banks will slash business loan rates below 3.0%.
  • China's December Manufacturing PMI hit 50.1 (expected 49.2; last 49.2) and Non-Manufacturing PMI hit 50.2 (expected 49.6; last 49.5). December RatingDog Manufacturing PMI hit 50.1 (expected 49.8; last 49.9).
  • South Korea's December CPI was up 0.3% m/m (expected 0.2%; last -0.2%), rising 2.3% yr/yr, as expected (last 2.4%).
  • Hong Kong's November M3 Money Supply increased 4.5% yr/yr (last 3.5%).
  • Singapore's November Bank Lending reached SGD873.1 bln (last SGD866.1 bln).
  • Swiss November Official Reserve Assets reached CHF852.4 bln (last CHF844.9 bln).
• Commodities:
  • WTI Crude: +0.5% to $58.21/bbl
  • Gold: -1.3% to $4328.40/ozt
  • Copper: -1.8% to $5.676/lb
• Currencies:
  • EUR/USD: +0.1% to 1.1759
  • GBP/USD: UNCH at 1.3467
  • USD/CNH: -0.2% to 6.9784
  • USD/JPY: +0.1% to 156.60
• Data out Today:
  • 8:30 ET: Weekly Initial Claims (Briefing.com consensus 226,000; prior 214,000) and Continuing Claims (prior 1.923 mln)
  • 10:30 ET: Weekly crude oil inventories (prior 0.4 mln)
  • 12:00 ET: Weekly natural gas inventories (prior -166 bcf)

Equity markets in Germany, Italy, and Switzerland are closed for New Year's Eve while markets in Spain, France, and the U.K. are headed for an early close. This has resulted in a quiet session for the markets that are still open. France's CAC (-0.5%) lags with Stellantis leading to the downside.

• In economic data:
  • Swiss November Official Reserve Assets CHF852.4 bln (last CHF844.9 bln)

---Equity Markets---

• STOXX Europe 600: +0.4% (+16.7% in 2025)
• Germany's DAX: CLOSED (+23.0% in 2025)
• U.K.'s FTSE 100: -0.1% (+21.5% in 2025)
• France's CAC 40: -0.5% (+10.1% in 2025)
• Italy's FTSE MIB: CLOSED (+31.5% in 2025)
• Spain's IBEX 35: -0.3% (+49.3% in 2025)

---FX---

• EUR/USD: +0.1% to 1.1755
• GBP/USD: -0.1% to 1.3457
• USD/CHF: +0.1% to 0.7919

• Co announced that the FDA has accepted for filing the Company's supplemental New Drug Application for AXS-05 (dextromethorphan HBr and bupropion HCl) for the treatment of Alzheimer's disease agitation, and has granted the application Priority Review designation. The FDA has set a Prescription Drug User Fee Act target action date of April 30, 2026.
• Priority Review is granted by the FDA to applications for medicines that, if approved, would provide significant improvements in the effectiveness or safety of the treatment, diagnosis, or prevention of serious conditions when compared to standard applications. A Priority Review designation means the FDA's goal is to take action on an application within 6 months, compared to 10 months under standard review.
• "We are very pleased the FDA has accepted and granted priority review to our supplemental NDA for AXS-05 for the treatment of Alzheimer's disease agitation," said Herriot Tabuteau, MD, Chief Executive Officer of Axsome. "Up to 76% of people with Alzheimer's disease experience agitation, representing a significant unmet medical need for patients and their caregivers, and currently there is a dearth of approved treatments. We look forward to continuing to work with the FDA for the remainder of the review."
• The FDA previously granted Breakthrough Therapy designation for AXS-05 for the treatment of Alzheimer's disease agitation in June 2020. A Breakthrough Therapy designation is granted to potentially expedite development and review timelines for a promising investigational medicine when preliminary clinical evidence indicates it may demonstrate substantial improvement on one or more clinically significant endpoints over available therapies for a serious or life-threatening condition.
• The supplemental NDA is the culmination of a comprehensive clinical development program of AXS-05 in Alzheimer's disease agitation, including four randomized, double-blind, controlled Phase 3 clinical trials and a long-term safety trial.

Equity indices in the Asia-Pacific region ended the year on a mixed note while markets in Japan and South Korea were closed. China's PMI readings for December returned into expansionary territory by a slight margin, beating expectations. The Chinese government plans to continue issuing trade-in subsidies for auto purchases in 2026 and will expand the program to include digital and smart products. Bytedance plans to increase its purchases of chips from NVIDIA by 17% yr/yr. China Securities Journal reported that domestic banks will slash business loan rates below 3.0%.

• In economic data:
  • China's December Manufacturing PMI 50.1 (expected 49.2; last 49.2) and Non-Manufacturing PMI 50.2 (expected 49.6; last 49.5). December RatingDog Manufacturing PMI 50.1 (expected 49.8; last 49.9)
  • South Korea's December CPI 0.3% m/m (expected 0.2%; last -0.2%); 2.3% yr/yr, as expected (last 2.4%)
  • Hong Kong's November M3 Money Supply 4.5% yr/yr (last 3.5%)
  • Singapore's November Bank Lending SGD873.1 bln (last SGD866.1 bln)

---Equity Markets---

• Japan's Nikkei: CLOSED (+26.2% in 2025)
• Hong Kong's Hang Seng: -0.9% (+27.8% in 2025)
• China's Shanghai Composite: +0.1% (+18.4% in 2025)
• India's Sensex: +0.6% (+9.1% in 2025)
• South Korea's Kospi: CLOSED (+75.6% in 2025)
• Australia's ASX All Ordinaries: UNCH (+7.1% in 2025)

---FX---

• USD/JPY: +0.2% to 156.63
• USD/CNH: -0.2% to 6.9775
• USD/INR: +0.1% to 89.84

• Co announced that it has received formal pre-New Drug Application meeting minutes from the FDA supporting an NDA submission for AXS-12 in narcolepsy. AXS-12 (reboxetine) is a highly selective and potent norepinephrine reuptake inhibitor and cortical dopamine modulator. The purpose of the meeting was to reach agreement with the FDA on the proposed content and format of the Company's planned NDA submission including the clinical and nonclinical requirements.
• Based on the feedback from the FDA, the Company's regulatory data package would be sufficient for the submission of an NDA for AXS-12 for the treatment of cataplexy in narcolepsy. Axsome anticipates completing the NDA submission in January 2026. Acceptance of the final NDA will be subject to the FDA's review of the complete filing.

• Holanda is expected to join Cable One no later than March 31, 2026 in order to allow him to complete his prior professional commitments.
• Holanda will succeed Julia M. Laulis, who retired from her role as Chair of the Board, President, and Chief Executive Officer.
• Todd M. Koetje, the Company's Chief Financial Officer, has been appointed as the Company's Interim Chief Executive Officer until the Commencement Date. As part of this leadership transition, Mary E. Meduski was elected to serve as the Independent Chair of the Board, effective January 1, 2026.
• Jim Holanda named Cable One CEO. With more than 35 years working in the cable and broadband industry, Holanda joins Cable One from Astound Broadband where he was the Chief Executive Officer for the last 15 years.

• Co announced the expansion of its innovation investment in Phylos Bioscience securing Organigram's position as a leader in seed-based cannabis genetics. Through an amended loan and product agreement, Organigram gains priority access to Phylos' autoflower genetics pipeline, including preferential economic terms and long-term rights in its international markets, establishing a foundation for product differentiation and growth in recreational and medical markets.
• Under the amended product agreement, Organigram receives five-year exclusivity on its chosen autoflower cultivars across international markets, including Canada, Australia, the UK, Germany, and Israel, with the ability to add new exclusive territories as it expands globally. Annual portfolio reviews will maintain exclusivity only for commercially relevant cultivars, maximising flexibility and strengthening Organigram's international product differentiation strategy as it enters high-value medical markets.
• Under the terms of the amended loan agreement, Organigram will consolidate its existing investment with a new $3 million advance, resulting in a combined total loan principal of US$10 million. The loan matures on May 25, 2028, and is subject to conversion or other resolution mechanisms under the amended agreement.
  

• Co announces that as of December 31, 2025, Marti's ride-hailing service has reached 3.38 million riders and 450 thousand registered drivers, exceeding the December 31, 2025 targets of 3.30 million riders and 450 thousand registered drivers.
• Marti's number of ride-hailing riders grew 34% from August 12, 2025 to December 31, 2025. The number of registered drivers grew 26% during the same time period. The fast growth in both the rider and driver sides of Marti's ride-hailing marketplace demonstrates large demand for the service across Trkiye. The service intends to provide readily available, safe, and affordable rides for riders, while providing economic opportunities for drivers across the income spectrum.
• Encouraged by the growth in the rider and driver bases of its ride-hailing business, Marti has set targets for 3.80 million riders and 485 thousand registered drivers by March 31, 2026.

• Autoliv retired 1,260,725 shares of common stock that had been repurchased during the quarter which resulted in a decrease in the issued shares.
  
• The Company now has a total of 77,301,375 issued shares of common stock of which 74,705,356 shares are outstanding. Each share of outstanding common stock is entitled to one vote. After the retirement of the repurchased shares, Autoliv holds 2,596,019 shares of common stock in treasury which have no voting rights or rights to participate in distributions under Delaware law.

• Co announced that at an extraordinary general meeting of shareholders held today, the Company's shareholders voted in favor of the proposal to authorize and approve the previously announced Agreement and Plan of Merger, dated August 1, 2025, by and among the Company, Mobile Charging Group Holdings Limited ("Parent"), Mobile Charging Investment Limited ("MidCo"), a wholly-owned subsidiary of Parent and Mobile Charging Merger Limited ("Merger Sub"), a wholly-owned subsidiary of MidCo, pursuant to which, at the effective time of the merger, Merger Sub will merge with and into the Company, with the Company continuing as the surviving company and becoming a wholly-owned subsidiary of MidCo, the plan of merger required to be filed with the Registrar of Companies of the Cayman Islands and the transactions contemplated thereby, including the merger.
• Approximately 79.0% of the Company's total outstanding ordinary shares, including the ordinary shares represented by the Company's American depositary shares (the "ADSs"), as of 5:00 p.m. New York City time on December 12, 2025 voted in person or by proxy at the EGM. Each shareholder has one vote for each class A ordinary share and ten votes for each class B ordinary share. These shares represented approximately 90.9% of the total outstanding votes represented by the Company's total ordinary shares outstanding on the record date. The Merger Agreement, the Plan of Merger and the transactions contemplated thereby, including the merger, were approved by approximately 92.8% of the total votes cast at the EGM.
• Completion of the merger is subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement. The Company will work with the other parties to the Merger Agreement towards completing the merger in due course. If consummated, the merger will result in the Company becoming a privately held company and its ADSs will no longer be listed or traded on any securities exchange or quotation system, including the Nasdaq Capital Market, and the Company's ADS program will be terminated.

• Co announced that it has formally entered the execution phase of its previously authorized share repurchase program of up to $10 million, following completion of the necessary preparations under its capital allocation framework.
• Under the program, the Company may repurchase shares of its Class A common stock from time to time, subject to market conditions and in accordance with the authorization approved by its Board of Directors.
• This repurchase program builds upon the Company's capital allocation strategy announced on November 26, 2025, and reflects management's continued focus on optimizing the Company's capital structure, enhancing long-term shareholder value, and maintaining disciplined financial stewardship.

• Co announced that the FDA has approved NEREUS, an oral neurokinin-1 receptor antagonist, for the prevention of vomiting induced by motion.
• This approval marks the first new pharmacologic treatment in motion sickness in over four decades, representing a significant advancement in the understanding and management of this debilitating physiologic response that affects a substantial portion of the population and has long been recognized as a factor affecting military operational readiness.

• Co announced that its board of directors has authorized the extension of its existing share repurchase program for an additional 24-month period through December 31, 2027. The existing share repurchase program was established in December 2021 and extended in December 2023. Under the current share repurchase program, the Company may repurchase up to $500 million of its ordinary shares represented by ADSs until December 31, 2025.
• As of December 31, 2025, the Company had cumulatively repurchased approximately 170 million ordinary shares represented by ADS for an aggregate amount of approximately US$330 million, with approximately US$170 million remaining unused. Under the extended share repurchase program, the Company may repurchase up to approximately US$170 million of the ADSs through December 31, 2027.

• AtaiBeckley (ATAI) announced the completion of the redomiciliation of the parent company of the AtaiBeckley group from a Netherlands company to a U.S. entity incorporated in Delaware. The redomiciliation was approved by approximately 99% of the votes cast at the Company's extraordinary general meeting of shareholders on November 4, 2025. The redomiciliation was completed following the close of trading on the Nasdaq Global Market on December 30, 2025. At completion, all issued and outstanding ordinary shares of Atai Beckley N.V. were exchanged on a one-for-one basis for newly issued shares of common stock of the Delaware company, AtaiBeckley Inc. The former shareholders of Atai Beckley N.V. are now the stockholders of the Delaware company. AtaiBeckley Inc's common stock will continue to trade on NASDAQ under the trading symbol "ATAI".
• MetLife Investment Management, the institutional asset management business of MetLife (MET) closed on its acquisition of PineBridge Investments. The combined business manages $734.7 billion of assets, serving clients around the world. Accelerating growth in asset management is a top priority for MetLife in its New Frontier strategy. The acquisition brings together MIM's institutional strength and scale with PineBridge's global footprint and deep specialization to position MIM as a top-tier diversified global asset manager.
• NaaS Technology (NAAS) announced that, in collaboration with its strategic partner Kuaidian, it has successfully completed a 21,000-ton carbon-inclusive credit transaction related to electric vehicle (EV) charging scenarios in Wuhan. This achievement builds on the Company's inaugural carbon credit transaction in January 2025, marking a significant breakthrough in the implementation of carbon-inclusion mechanisms within the green transportation sector at a regional level.

• Co announced the renewal of Ed Barry's employment agreement through December 2027 and an evolution of its executive leadership structure designed to support the Company's long-term vision as a high-performing, diversified financial services enterprise.
• In connection with the renewal of his employment contract, Mr. Barry will continue to serve as Chief Executive Officer of Capital Bancorp. In this capacity, he will continue to focus on enterprise-level strategy and executing the Company's key strategic initiatives.
• In conjunction with the renewal, Steve Poynot, currently President and Chief Operating Officer, will be elevated to Chief Executive Officer of Capital Bank, N.A. In this role, Mr. Poynot will continue to lead the Commercial Bank. Mr. Poynot will also retain oversight of Windsor Advantage.

• US equity futures are trading lower. Volumes and news flow are expected to be light on the final trading day of 2025. Gold & silver are pulling back after the CME raised margin requirements for metals.
• In Asia, markets closed mixed. Japan's Nikkei was closed for the New Year's Eve holiday. Chinese President Xi said China will reach its 5% growth target this year.
• In Europe, markets are trading lower. Germany's DAX was closed for the New Year's Eve holiday. The UK & France have shortened trading days.

Market Updates:

• S&P Futures vs Fair Value: -17
• 10 yr Note: 4.11%
• USD/JPY: 156.65 +0.26
• EUR/USD: 1.1733 -0.0013
• Europe: FTSE -0.1% DAX CLOSED CAC -0.5%
• Asia: Hang Seng -0.9% Shanghai +0.1% Nikkei CLOSED
• Gold (4342.40 -44.10) Silver (71.64 -6.25) Crude (57.95 +0.00)
  

The stock market drifted sideways today, with a lack of catalysts keeping the S&P 500 (-0.1%), Nasdaq Composite (-0.2%), and DJIA (-0.2%) within close range of their flatlines. 

Sector strength was a nearly even split, with five S&P 500 sectors finishing at or above their baselines. 

The energy sector (+0.8%) captured the widest gain, with strong leadership from oil and gas producers despite crude oil settling today's session $0.16 lower (-0.3%) at $57.94 per barrel. It was the only sector to finish with a gain wider than 0.5%.

The communication services sector (+0.3%) captured the next widest gain, supported by a strong showing from Meta Platforms (META 666.01, +7.32, +1.11%) amid a muted day for mega-cap stocks that saw the Vanguard Mega Cap Growth ETF finish 0.1% lower. The stock traded higher this morning after the company announced its acquisition of the Singapore-based AI startup Manus. 

Elsewhere in the sector, CNBC and Bloomberg both reported that Warner Bros. Discovery (WBD 28.96, +0.16, +0.57%) plans to reject Paramount Skydance's (PSKY 13.51, +0.01, +0.07%) latest takeover bid. 

Meanwhile, the materials sector finished flat as metal prices rebounded from yesterday's slide. Silver led the advance, settling today's session $7.41 higher (+10.5%) at $77.93 per ozt. Newmont Corporation (NEM 101.87, +2.06, +2.06%) was a standout after falling 5.6% yesterday.

Losses across the six retreating sectors were contained to 0.3% or less. However, the top-weighted information technology sector (-0.3%) was one of the sectors that finished at the bottom of the leaderboard, with its late slide pushing the major averages near session lows at the close.

The sector spent the session oscillating around its flatline, with Intel (INTC 37.30, +0.62, +1.69%) spending time as the top-performing S&P 500 name before giving up around half of its gain. NVIDIA (NVDA 187.54, -0.68, -0.36%) and Apple (AAPL 273.02, -0.74, -0.27%) finished with modest losses, while Palantir Technologies (PLTR 180.84, -3.34, -1.81%) was a laggard. 

Outside of the S&P 500, the Russell 2000 (-0.8%) and S&P Mid Cap 400 (-0.4%) underperformed. 

Ultimately today's low-volume action reflected a market in search of fresh catalysts heading into the new year. Last week's renewed enthusiasm in the AI trade has waned, leaving investors to question if the "Santa Claus" rally has come to a close as the market tilts slightly negative this week. The market will be open for a full trading day tomorrow before closing on Thursday for the New Year's Day holiday.

The 2:00 p.m. ET release of the December FOMC minutes did not produce any surprises. Most policymakers anticipate additional rate cuts if inflation continues to cool, although some officials favor keeping rates at current levels for a period of time.

U.S. Treasuries continued their quiet start to the week with a shallow Tuesday dip that narrowed Monday's gains in the belly of the curve. The 2-year note yield settled down one basis point at 3.45%, and the 10-year note yield settled up one basis point at 4.13%. 

• Nasdaq Composite: +21.3% YTD
• S&P 500: +17.3% YTD
• DJIA: +13.7% YTD
• Russell 2000: +12.2% YTD
• S&P Mid Cap 400: +7.1% YTD

Reviewing today's data:

• The Chicago PMI hit 43.5 in December (Briefing.com consensus 40.4), up from 36.3 in November.
• The FHFA Housing Price Index was up 0.4% month-over-month in October (Briefing.com consensus 0.1%) after decreasing a revised 0.1% (from 0.0%) in September.
• The S&P Case-Shiller Home Price Index was up 1.3% year-over-year in October (Briefing.com consensus 1.1%), down from 1.4% in September.

• Co will cut electric rates for the fourth time in two years on January 1, 2026. Natural gas rates also are going down.
• Combined with previous decreases, residential electric rates will be 11% lower than in January 2024, reinforcing the co's commitment to manage energy costs for customers. Since January 2024, typical residential electric customers will pay about $20 less on their monthly bill.

• On December 29, 2025, Noam Kenig resigned as CEO and as a member of the Board of Directors of the company, effective immediately for personal reasons.
• On December 29, 2025, the Board appointed Douglas Davis, the company's current Executive Chairman, to serve as Interim CEO, effective immediately. Mr. Davis will continue to serve as Executive Chairman while performing the duties of interim CEO.

• Hyatt has sold the entire Playa real estate portfolio for a total of $2 billion.
• Concurrent with the real estate sale, Hyatt and Tortuga have entered into 50-year management agreements for 13 of the 14 properties in the portfolio, with terms consistent with Hyatt's existing all-inclusive management agreements. The remaining property is subject to a separate contractual arrangement.

• Co announces that its mortgage minority interest, Atlantic Coast Mortgage, LLC ("ACM"), recently announced its acquisition of Tidewater Mortgage Services, Inc. ("TMS").
• The transaction will combine ACM's innovative, client-focused lending model and broad product suite with TMS's strong reputation for excellent customer service and community engagement.
• The acquisition will add approximately 45 loan officers along with support staff to the ACM team. The production from the TMS team is expected to make the acquisition immediately accretive in 2026, with minimal earnings impact in the 4th quarter of 2025.

• The Settlement provides for an aggregate settlement payment of $31 million, which will be fully funded by insurance proceeds.
• The Settlement includes the dismissal of all claims against the Company and the named individuals without any admission of liability, fault or wrongdoing attributed to them. The Settlement remains subject to stockholder notice, court approval and other customary conditions.

• Co has completed the rolling submission of its Biologics License Application to the FDA, seeking approval for DTX401 AAV gene therapy (pariglasgene brecaparvovec) as a treatment for Glycogen Storage Disease Type Ia (GSDIa).

• Co announces that it has signed and closed a definitive agreement to sell all assets and operations of Bressner Technology GmbH ("Bressner") to Hiper Euro GMBH ("Hiper") (the "transaction"). The transaction closed on December 30, 2025. Under the terms of the transaction, OSS sold Bressner for $22.4 million
• The sale of Bressner positions OSS to focus entirely on the fastest-growing and most profitable segments of its business, including deployable AI, real-time sensor processing, and rugged edge systems engineered for mission-critical defense and commercial environments.
• Co issues guidance for FY25 (Dec), sees FY25 (Dec) revs of $30-32 mln, may not be comparable to $63.94 mln FactSet Consensus.
  • Full-year revenue outlook demonstrates year-over-year growth of 22% to 30%.
  • Positive full-year adjusted EBITDA on a consolidated basis, excluding the one-time pre-tax gain of approximately $7.4 million before accounting for transaction expenses associated with the Bressner transaction.