GoAI Market Wrap - 25th Dec
Stock Market
On Wednesday (Dec 24), U.S. stocks opened lower but closed higher, extending gains to five consecutive days. The Dow and S&P 500 both set new closing highs. Due to Christmas Eve, U.S. stocks closed three hours early Wednesday and will be fully closed on Christmas Day Thursday.
Nike closed up 4.64%, leading gains in the Dow and S&P components. Company filings show Apple CEO Cook spent approximately $2.95 million this week to buy 50,000 Nike shares at $58.97 each.
Meanwhile, tech stocks broadly strengthened, with Micron Technology up 3.77% (YTD gain over 241%); SanDisk up 2.12%; Western Digital up 0.73% (YTD gains 613% and 300%, respectively).
Analysts believe Tuesday’s economic data continued providing support: U.S. Q3 GDP annualized growth came in at 4.3% — above Q2’s 3.8% and consensus 3.2%.
The pre-market report also showed U.S. weekly initial jobless claims at 214,000 — below the expected 223,500. These figures led to reduced expectations for Fed rate cuts early next year.
However, the CME FedWatch Tool shows markets still pricing in two 25 bps cuts next year.
UBS Global Wealth Management executive Ulrike Hoffmann-Burchardi said: “Investors should prepare for further stock market gains — we maintain a positive rating on U.S. equities.”
“We see highly attractive opportunities in technology, healthcare, utilities, and financials — these sectors will provide a more solid foundation for further market upside.”
Investors are also looking forward to the “Santa Claus rally” — the tendency for stocks to rise in the last five trading days of the year and first two of the new year. This year, the window runs from December 24 to January 5.
Globalt Investments senior portfolio manager Thomas Martin said trading volume will drop, leading to a quiet period before year-end. “A 1% or 2% gain? Sure, that’s normal territory.”
Global Hotspots
U.S. ends previous administration’s trade investigation into Chinese chips – no additional tariffs on Chinese chips for next 18 months
Per Global Times, the U.S. government announced on the 23rd it will impose tariffs on Chinese chips in 2027, ending the Biden administration’s trade investigation into Chinese chips. U.S. media analysis says despite claims that China’s chip practices “harm U.S. interests,” the decision means no additional tariffs on Chinese chips for at least 18 months.
Bloomberg says delaying new tariffs is the latest signal the U.S. seeks to consolidate the U.S.-China “truce” and stabilize relations.
Multiple UN experts condemn U.S. blockade of Venezuela
On the 24th local time, several UN experts issued a joint statement condemning parts of the U.S. maritime blockade on Venezuela as violating fundamental international law rules. The statement said the U.S. has no right to enforce unilateral sanctions via armed blockade.
Per the UN Charter, blockade is a prohibited use of force against another state — an extremely serious act of force also explicitly deemed illegal armed aggression by the UN General Assembly’s 1974 Resolution on the Definition of Aggression.
Israeli FM: Rejects foreign statements on Israel’s new settlement resolution
Late on the 24th local time, Israeli Foreign Minister Sa’ar posted on social media that the Israeli government strongly opposes statements from some countries regarding Israel’s resolution to expand settlements in the West Bank.
The Israeli statement emphasized: “Foreign governments have no right to restrict Jews from living on Israeli land — any such call is morally wrong and discriminatory against Jews.”
Ukrainian forces receive 3 million FPV drones this year
Ukrainian Defense Minister Shmyhal said on the 24th that Ukrainian armed forces will receive a total of 3 million first-person view (FPV) drones for precision strikes this year — nearly 2.5 times last year’s figure.
Iran seizes fuel-smuggling vessel in Persian Gulf
On the 24th local time, Iran’s Islamic Revolutionary Guard Corps Navy seized a vessel carrying 4 million liters of smuggled fuel in Iranian territorial waters in the Persian Gulf. The vessel was preparing to leave Iranian waters.
The case has been transferred to Iranian judicial authorities for further investigation.
North Korea tests new air defense missile – precisely strikes simulated high-altitude target
On December 24, North Korea tested a new high-altitude long-range air defense missile under development. North Korean sources said this was the first test to tactically and technically evaluate the system. The launched missile precisely struck a simulated high-altitude target 200 km away.
North Korean Workers’ Party General Secretary and State Affairs Commission Chairman Kim Jong Un observed the test and congratulated it on full success.
U.S. Justice Department: Newly discovered over 1 million documents potentially related to Epstein case
On December 24 local time, the U.S. Justice Department said the Southern District of New York U.S. Attorney’s Office and FBI informed the DOJ they newly discovered over 1 million documents potentially related to the Epstein case.
Corporate News
Italy orders Meta to open WhatsApp to rival AI access
On Wednesday local time (Dec 24), Italy’s Competition Authority said it ordered WhatsApp parent Meta to halt policy excluding rival artificial intelligence (AI) chatbots from the messaging platform. The authority said Meta’s practice could harm market competition — the order aims to ensure other tech firms’ AI products can continue accessing WhatsApp.
U.S. pilots drone delivery – safety concerns raised
Per U.S. sources on the 23rd, the Federal Aviation Administration is advancing a new rule allowing delivery drones to fly beyond operator line-of-sight while one staff member monitors multiple drones from a control room — piloted in Dallas, Texas. Aviation experts say U.S. airspace capacity is already near limits, and drone delivery could pose flight safety risks.
JPMorgan: iPhone 17 lead times already shortening significantly – demand clearly cooling
JPMorgan analysts noted Apple iPhone 17 series lead times are shortening, indicating cooling demand for the new iPhones; slowdown across all versions, with base model lead times dropping most — 6 days shorter than a week ago.
Musk: U.S. to achieve double-digit GDP growth in next 12-18 months
Tesla CEO Elon Musk said the U.S. will achieve double-digit (percentage) GDP growth in the next 12-18 months; if AI rollout is viewed as a proxy for economic growth (as it should be), triple-digit growth in ~5 years is possible.
BofA: Bullish on semiconductor sales breaking $1 trillion next year
BofA analyst Vivek Arya believes the AI boom has not cooled, expecting global semiconductor sales to grow 30% next year — first time breaking $1 trillion. BofA likes Nvidia, Broadcom and others, forecasting AI data center TAM over $1.2 trillion by 2030.
Forex & Commodities
WTI crude futures February contract down 0.54% at $58.35 per barrel; Brent crude futures February contract down 0.22% at $62.24 per barrel. International precious metals futures mixed.
COMEX gold futures flat at $4,505.4 per ounce; COMEX silver futures up 1.04% at $71.88 per ounce.
Key Events
Multiple international institutions: Gold could challenge $5,000/oz next year
Several international banks recently released 2026 investment outlooks on commodities including gold and silver. Goldman Sachs Global Commodities Research Co-Head said: “Our December 2026 gold target is $4,900/oz.” Multiple institutions forecast international gold challenging the $5,000/oz mark in 2026, with full-year average expected $4,400–$4,500/oz.
Experts say hedging dollar assets with gold will continue. Gold will fluctuate but have appreciation room overall. Recently, silver futures volatility has risen alongside new highs. Analysts say supply-demand imbalance and U.S. spot hoarding could push silver higher in coming period, but without massive central-bank buying like gold, speculation will amplify silver volatility.
Cryptocurrency
Bitcoin 24h +0.08% to $87,516.83.
Ethereum −0.75% to $2,941.28.
XRP −0.56%, BNB +0.15%, Solana −1.22%.
Dogecoin −1.20%, Cardano −2.00%.
Key Events
Bitcoin suffered Waterloo this year – optimists predict: Could rebound as “best performer” next year?
This year, Bitcoin’s performance disappointed investors — far underperforming gold/precious metals and Nasdaq 100 tech index.
Still, optimists believe Bitcoin could be the “best performer” next year, partly expecting gains from fiat debasement.
VanEck Multi-Asset Solutions Head David Schassler said Bitcoin — the largest crypto asset — may be preparing for a massive rebound next year.
Schassler wrote in the firm’s recent 2026 outlook: “YTD, Bitcoin has lagged Nasdaq 100 by ~50% — this disconnect positions it to be the top performer in 2026.”
Despite this year’s weakness reflecting reduced risk appetite and tight liquidity, Schassler wrote Bitcoin’s core thesis remains intact: “As fiat debasement intensifies and liquidity returns, Bitcoin typically surges.” He added: “We’ve been buying.”