Market Pulse

Dec 28

  IndexLast Week1-Month (Trailing)YTD
DJIA
      +1.20%
      +2.49%
      +14.50%
S&P 500
      +1.40%
      +1.72%
      +17.80%
Nasdaq
      +1.20%
      +3.03%
      +22.20%
Russell 2000
      +0.20%
      +1.94%
      +13.60%
MSCI EAFE
      +1.16%
      +1.79%
      +31.93%
MSCI EM
      +2.01%
      +1.03%
      +32.25%
Bloomberg U.S. Agg
      +0.20%
      −0.91%
      +7.36%
Bloomberg U.S. Corp HY
      +0.30%
      −0.43%
      +8.56%
Data as of: Friday, December 26, 2025, 4:00 p.m. ET

See important disclosures below.

12/22/2025 - 12/26/2025

U.S. Economy

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Unemployment rate rose to 4.6% (Nov)
```

Core inflation eased to about 2.6% (Nov)

Equity Market

Stocks climbed in holiday-shortened trading

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S&P 500 hovered near record highs
```

Bond Market

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Ten-year Treasury yield edged near 4.2%
```

Long bonds stayed relatively stable year-end

Around the Globe

Gold reached record highs on rate-cut expectations

China announced provisional tariffs on EU dairy

The Week Ahead…

12/29/2025 - 01/02/2026

Mon

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Blue Owl Capital earnings
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Wholesale Inventories (Preliminary)
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Pending Home Sales
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Tue

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FHFA House Price Index
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FOMC Minutes release
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API Crude Inventories
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Wed

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Weekly Jobless Claims
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Chicago PMI
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Mortgage Purchase Applications
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Thu
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- ```
Markets closed - New Year's Day
```

Fri

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PMI Manufacturing Final
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Construction Spending
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The coming week looks relatively quiet, with markets pausing mid-week for the New Year’s holiday and only a handful of notable catalysts on the calendar. The lone earnings highlight arrives Monday after the close, when Blue Owl Capital reports results, a read-through investors often watch for insight into fundraising, fee trends, and demand across alternative investment strategies.

On the data front, housing and inventory figures early in the week should offer clues about momentum heading into year-end. Wholesale Inventories and Pending Home Sales arrive Monday, followed by the FHFA House Price Index on Tuesday. Also Tuesday, the release of the FOMC Minutes will be closely parsed for nuance around the Fed’s thinking on inflation progress and timing of future policy moves.

Later in the week, attention shifts to activity gauges. Chicago PMI and weekly jobless claims land Wednesday, while Friday brings the final read on Manufacturing PMI alongside Construction Spending, which are helpful signals on whether manufacturing stabilization is taking hold.

-Matt Shaw, CFA

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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.

Matt Shaw