Market Pulse

Dec 7

  IndexLast Week1-Month (Trailing)YTD
DJIA
      +0.48%
      +1.34%
      +12.70%
S&P 500
      +0.30%
      +1.08%
      +16.80%
Nasdaq
      +0.83%
      +0.26%
      +22.01%
Russell 2000
      +1.00%
      +2.46%
      +13.24%
MSCI EAFE
      +0.63%
      +1.73%
      +26.68%
MSCI EM
      +0.77%
      -0.69%
      +30.89%
Bloomberg U.S. Agg
      -0.33%
      +0.61%
      +7.11%
Bloomberg U.S. Corp HY
      +0.11%
      +0.94%
      +8.13%
Data as of: Friday, December 5, 2025, 4:00 p.m. ET

See important disclosures below.

12/01/2025 - 12/05/2025

U.S. Economy

Labor data mixed, signaling firm-specific softness rather than broad weakness.

Markets focus on this week’s FOMC meeting and rising odds of a 25 bp cut.

Equity Market

Major indices gained as sentiment improved and AAII bullishness surged.

Tech earnings and new AI partnerships boosted several large-cap names.

Bond Market

Treasury yields rose across the curve amid rate-cut debate.

Dollar slipped while gold ticked slightly lower.

Around the Globe

WTI crude climbed above $60 amid stronger demand signals.

International metals and China tech outperformed global peers.

The Week Ahead…

12/08/2025 - 12/12/2025

Mon

```
Earnings: Ooma, Phreesia
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Europe: Industrial Production (m/m)
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Europe: Sentix Economic Index
```

Tue

Earnings: AutoZone, Toll Brothers, Campbell Soup

```
US: Small Business Index
```

US: Productivity, JOLTS, Labor Costs (revised)

Wed

Earnings: Oracle, Adobe, Synopsys, Vail Resorts

```
US: FOMC Meeting
```
```
US: Mortgage Apps, ECI, Budget
```

Thu

```
Earnings: Broadcom, Costco, Lululemon
```
```
US: PPI (Nov)
```
```
US: Trade Balance, Jobless Claims
```

Fri

```
No major earnings
```
```
Europe: CPI (Nov)
```
```
Europe: Industrial Production (y/y)
```

Markets head into a busy week highlighted by Wednesday’s FOMC meeting, where investors expect a 25 bp cut but will focus heavily on the Fed’s updated economic projections and Powell’s tone on how restrictive policy remains. With rate expectations drifting slightly lower in recent days, any hint of a higher bar for future cuts could influence year-end positioning.

The data calendar starts Tuesday with the NFIB Small Business Index, revised productivity figures, and the JOLTS report—offering a fresh read on labor-market tightness heading into the final stretch of 2025. Midweek brings mortgage applications, the Employment Cost Index, the Treasury budget, and wholesale inventory data, giving additional insight into consumer and corporate momentum.

Earnings are lighter but still feature several well-known names. Oracle, Adobe, and Synopsys report Wednesday, followed by Broadcom, Costco, and Lululemon on Thursday. These results provide one of the final looks at tech and consumer strength before the holiday season.

-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