Market Pulse

Index	Last Week	1-Month (Trailing)	YTD
DJIA	−0.59%	+4.41%	+13.23%
S&P 500	+0.10%	+2.90%	+16.20%
Nasdaq	+0.37%	+3.18%	+20.56%
Russell 2000	−1.03%	+7.56%	+13.23%
MSCI EAFE	−0.89%	+3.37%	+26.49%
MSCI EM	−0.77%	−0.06%	+28.69%
Bloomberg U.S. Agg	+0.50%	+0.56%	+7.26%
Bloomberg U.S. Corp HY	+0.15%	+1.07%	+8.16%

Data as of: Friday, December 19, 2025, 4:00 p.m. ET

See important disclosures below.

12/15/2025 - 12/19/2025

U.S. Economy

• CPI 2.7% y/y; core 2.6% y/y

• Payrolls +64k; unemployment up to 4.6%

Equity Market

• Early declines reversed; broader leadership emerged

• Tesla, Nvidia, Meta rose; AI infrastructure lagged

Bond Market

• Treasuries rallied; yields fell 4–6 bps

• Dovish tone aided duration; cuts repriced

Around the Globe

• Dollar firmed, especially versus yen

• Gold +1.4%; WTI −1.6% on oversupply

The Week Ahead…

12/22/2025 - 12/26/2025

• Mon

  • Eurozone final GDP, PPI

• Tue

  • GDP advance estimate

  • Consumer Confidence

  • New home sales

• Wed

  • MBA mortgage applications

  • Jobless claims

  • Markets close 1:00 p.m. ET

• Thu

  • Markets closed — Christmas

  • Japan Tokyo CPI

  • Japan industrial production (prelim)

• Fri

  • Asia manufacturing production
    

The holiday-shortened week features a light but meaningful macro slate. U.S. markets close early on Wednesday (1:00 p.m. ET) and remain closed Thursday for Christmas, which could thin liquidity and amplify moves around data. Monday is quiet domestically, while Europe releases final Q3 GDP and producer price updates that help frame the region’s growth and disinflation trajectory.

Tuesday is the focal point. A dense U.S. data bundle includes the advance GDP estimate, durable goods orders, capacity utilization, industrial production, new-home sales, and Conference Board Consumer Confidence. Together, these reports offer a broad read on late-year momentum across manufacturing, housing, and the consumer, and will shape expectations for early-2026 growth and Fed policy.

Mid-week brings MBA mortgage applications and weekly jobless claims. Abroad, Europe posts additional labor and price indicators, Canada reports monthly GDP, and Japan’s Tokyo CPI and preliminary industrial production arrive Thursday, with broader Asian manufacturing figures Friday.

-Matt Shaw, CFA

Like this update? Sign up for our Daily Market Update.

This report and the opinions provided herein are for informational purposes only, are not a solicitation, and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security or investment. All opinions expressed herein constitute the author’s judgement as of the date of this document and are subject to change without notice. Statements made are not facts, including statements regarding trends, market conditions and the experience or expertise of author are based on current expectations, estimates, opinions and/or beliefs. Such statements are not facts and involve known and unknown risks, uncertainties and other factors. Past events and trends do not predict or guarantee or indicate future events or results. Information cited in this report has been drawn from sources believed to be reliable and was captured at a point in time. Therefore, the data is subject to change and its accuracy is not guaranteed. DJIA, S&P, Russell 2000, and NASDAQ indices are referenced directly; MSCI EAFE, MSCI EM, BB U.S. Aggregate, Bloomberg U.S. Corp. HY, and all sector figures refer to the respective ETFs as a representative figure. Ategenos does not own or control and is not affiliated with any third-party content provided via hyperlink, quoted, or cited herein. Investors seeking more information should contact their financial advisor. Investing involves risk, including the possible loss of principal. It is not possible to invest directly in an index. Past performance does not guarantee future results. Ategenos is an investment adviser registered with the SEC. SEC registration does not imply any specific level of training or skill.