Market Pulse

Dec 13

  IndexLast Week1-Month (Trailing)YTD
DJIA
      +1.05%
      +1.34%
      +12.70%
S&P 500
      -0.63%
      +1.08%
      +16.80%
Nasdaq
      -1.62%
      +0.26%
      +22.01%
Russell 2000
      +1.19%
      +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 12, 2025, 4:00 p.m. ET

See important disclosures below.

12/8/2025 - 12/12/2025

U.S. Economy

Fed cut 25 bp; Powell flagged payroll overcount risk

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Markets repriced 2026 cuts lower
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Equity Market

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Cyclicals led; small caps outperformed
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Big tech and AI lagged
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Bond Market

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Yield curve steepened; long rates rose
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Fed buying supported front end
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Around the Globe

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Dollar fell; gold and bitcoin rose
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Oil prices declined sharply
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The Week Ahead…

12/15/2025 - 12/19/2025

Mon

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Empire Manufacturing Index
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NAHB Housing Index
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Tue

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Jobs Report (Oct/Nov)
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Earnings: Lennar
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Wed

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Earnings: Jabil, Micron
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Retail Sales
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Medline IPO
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Thu

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CPI (Nov)
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Earnings: Nike, FedEx, Accenture
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Fri
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- ```
Earnings: Paychex
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- ```
Core PCE
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U.S. markets head into the week ahead with activity easing as the holiday period approaches, though several high-profile events should still command attention. The most important macro focus comes Tuesday with the October/November Jobs Report, offering an updated read on labor market momentum following a very active stretch of economic data. Investors will also watch Wednesday’s Retail Sales report for insight into consumer strength as the year winds down.

Earnings will provide additional color, particularly within cyclical and technology-linked industries. Tuesday after the close brings results from Lennar, offering a read-through on housing demand and affordability. Wednesday features reports from Jabil and Micron, both closely tied to global manufacturing trends and ongoing AI-driven investment themes. Thursday is the busiest earnings day, with Nike, FedEx, and Accenture reporting, spanning consumer, logistics, and enterprise services.

Inflation returns to the spotlight Thursday with November CPI, a key input for rate expectations following the Fed’s recent policy shift. Friday closes the week with Core PCE, reinforcing the inflation narrative heading into year-end.

-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