Weekend Update, December 29th, 2025

Index, Sector and Asset Performance

Santa showed on cue and the S&P 500 index rose +1.4% and hit fresh all-time highs amid a stronger-than-expected report on Q3 economic growth. S&P500 ended the week at 6,930, slightly below the record closing high it set on Wednesday at 6,932.

With only three trading days remaining in 2025, the S&P 500 is up near +18% for 2025.

The materials sector had the biggest gain last week, climbing +2.4%, followed by a +1.8% rise in technology and a +1.7% gain in financials. All S&P 500 sectors rose on a weekly basis except consumer staples, which was down -0.1%. Freeport-McMoRan (FCX) was the best stock in the materials sector, jumping +7.9%. Wells Fargo raised its price target on the miner’s stock to $55 per share from $47. Micron Technology (MU) had the largest gain in the technology sector, climbing +7.1% as positive pricing momentum in new DRAM markets continued following the company’s stronger-than-expected fiscal Q1 results.

Economic Indicators and Earnings Commentary

Delayed government data showed the US economy grew at the fastest pace in two years in the third quarter amid robust consumer spending and AI investment. Real gross domestic product rose at an annual rate of +4.3% in Q3, the consensus was for +3.3% growth in a survey compiled by Bloomberg.

The Conference Board showed US consumer confidence fell for a fifth straight month in December as views on business conditions turned negative for the first time since September 2024. The consumer confidence index dipped -3.8 points sequentially to 89.1 this month.

The earnings calendar this week is nonexistent.

Commodities and Currencies

Oil bounced on Venezuela geopolitical concerns.

Copper, gold, silver and other industrial metals have hit new ATHs. Precious metals like gold and silver continued their strong YTD performance with gold back over $4,500/oz. Crypto assets and bitcoin have been volatile since pulling back from their mid-summer $125,000 ATH.

The US dollar still sits near 98.

Stock Talk

2026 Market Outlook Part 2: Earnings Growth

Past performance is no guarantee of future results. Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. The preceding discussion is for informational purposes only. Investing involves risk and no reference to any security listed above should be considered a buy or sell recommendation. Advisory services are provided through Oak Harvest Investment Services, LLC, a registered investment adviser.