Closing Recap

Monday, December 29, 2025

On the heels of more record highs last week, US equity futures slipped overnight as investors prepared for another holiday-shortened week with light volume. The daily Fear & Greed Index kicked off the week at 49/100 (Neutral) versus 57 (Greed) last week and 21 (Extreme Fear) last month. Late-morning breadth favored decliners over advancers by 7:3 with IWM (-0.56%) versus SPY (-0.42%) and QQQ (-0.59%). Sector breadth saw Energy, Utilities, Real Estate and Consumer Staples with positive advance:decline positions, while Consumer Discretionary and Technology were the largest negatives. Sector performance saw Energy (+1.18%), Utilities (+0.64%) and Real Estate (+0.22%) outperforming, while Technology (-0.62%), Consumer Discretionary (-0.79%) and Materials (-1.02%) paced the underperformers with five sectors gaining versus six declining. 

In data of note today, US pending home sales jumped to the highest in 33 months as improving affordability is helping buyers. Year/year and month/month pending home sales climbed in the Northeast, Midwest, South and West per @NAR_Research. Ahead of today’s moves, @bespokeinvest noted the move in gold relative to both he S&P 500 and Nasdaq, with gold +172% versus the S&P and Nasdaq +103% and 132%, respectively, since the start of what they call the “’AI’ bull market” in October 2022. Lastly, on recession versus soft landing, @KobeissiLetter noted the yield curve has now been positive for 15 months since the inversion ended September 2024 and most recessions over the past century started following a positive turn in the yield curve with continued steepening for at least nine months. Perhaps the lack of recession thus far points to soft landing?

Heading into the final hour of trading, equities were generally off the lows but still modestly in the red and not helping those looking for the Santa rally. Breadth had improved to 13:6, still in favor of decliners, while the sector performance landscape remained five up to six down. Value outperformed growth as measured by Russell 1000 Value and its Growth counterpart, but both were lower as Technology and Consumer Discretionary were among the laggards, while Energy and Utilities led the gainers.

• U.S. Nov Pending Home sales index +3.3% mo/mo versus forecast +0.92% and prior +1.9%.
• Dallas Fed Manufacturing -10.90 versus forecast -6 and prior -10.40.

• February WTI crude gained overnight as US/Ukraine talks appeared to have concluded with no major breakthrough. Russia later also indicated Ukraine tried to attack Putin’s residence in the Novgorod region, further stating Russia will retaliate. Crude settled +$1.34/bbl, or +2.36%, at $58.08.

• Honda Motor (HMC) unit Yutaka Giken’s acquisition faces opposition from Swiss asset manager GAM.
• Porsche (POAHY) considers sale of stake in Bugatti joint venture with Croatia’s Rimac Automobili per Bloomberg

• Nutriband (NTRB) shares lifted higher after the company announced it signed an agreement to sell the majority stake of its subsidiary, Pocono Pharmaceutical, to private company EarthVision Bio.
• Kroger (KR) expands food access with launch of verified savings program with discount on fruits and vegetables; offers 20% discount on produce and half-off Boost memberships to eligible customers.
• FDAFDA Finds Insufficient Data to Determine Safety of PFAS In Cosmetic Products. DD

• American Electric Power Co (AEP) announced that on Dec 22, they had entered a board observer agreement with Icahn Group and Andrew J. Teno; It terminates nomination agreement, dated Feb 12, 2024. 
• Ecopetrol (EC) Comments on recent news reports on a potential transaction: “Given recent news reports about a potential acquisition in Brazil by Ecopetrol S.A, we would like to clarify that, Ecopetrol continuously assesses inorganic growth opportunities as part of its strategy for growth and diversification.”
• Duke Energy Florida (DUK) customers will save more than $1B in energy costs from company’s 2025 infrastructure investments per DUK PR.
• India claims $30 billion from Reliance Industries, BP for underproduction from gas field, sources say per Reuters.
• Shares of New Era Energy & Digital Inc. (NUAI) lost over 30% following a report from Hunterbrook Media that New Mexico had sued New Era and CEO after alleged “Fraud on the State.”
• Chevron (CVX) ships unload Venezuelan oil in US ports amid blockade per Bloomberg.
• Solidion Technology (STI) shares ascended higher after the company announced it was notified by the DOE that it was awarded a grant to scale up the synthesis of a carbon-nanosphere material that will be used as an anti-corrosive additive in molten-salts-based heat transfer fluids for advanced molten salt nuclear reactors.

• Bitmine Immersion (BMRN) announces eth holdings reach 4.11M tokens, and total crypto and total cash holdings of $13.2B.

• Marsh & McLennan (MMC) to change NYSE ticker symbol to MRSH on 1/14/26.

Biotech & Pharma:

• Unicycive Therapeutics (UNCY) announces resubmission of new drug application (NDA) for oxylanthanum carbonate (OLC).
• Tonix Pharmaceuticals (TNXP) announces program updates on Phase 2/3-ready long-acting monoclonal antibody (MAB) designed for seasonal prevention of Lyme disease (TNX-4800).
• Praxis Precision Medicines (PRAX) announces the FDA has granted breakthrough therapy designation for ulixacaltamide HCL in essential tremor; to submit ulixacaltamide NDA in early 2026. Shares were higher by 13% in late afternoon trading.
• ARS Pharma (SPRY) announced that its neffy® (epinephrine nasal spray) approved in China as the first and only community use epinephrine product for the treatment of allergic reactions (anaphylaxis).
• Inovio Pharmaceuticals (INO) shares moved lower after the FDA accepted the company’s Biologics License Application for INO-3107 for review as a potential treatment for adults with RRP. The FDA Assigned INO-3107 A PDUFA review goal date of October 30, 2026, and it is not currently planning to hold an advisory committee meeting to discuss the application.
• Ultragenyx (RARE) and its partner Mereo Biopharma (MREO) announced Phase 3 ORBIT and COSMIC studies of setrusumab in osteogenesis imperfecta did not achieve primary endpoints. RARE shares lost almost ½ of their value while MREO shares surrendered close to 90% in today’s trading.
• Sellas Life Sciences (SLS) shares climbed after it provided an update on pivotal phase 3 regal trial of galinpepimut-s (GPS) in acute myeloid leukemia (AML).
• LLY – CMS has unveiled a voluntary payment model for Medicare Part D plans and state Medicaid agencies to lower the costs of GLP-1 medications.
• FDA: Continuous glucose monitoring software correction: Dexcom (DXCM) issues correction for Dexcom G6 and G6 PRO software.

• Orion Group Holdings (ORN) positions for growth with closing of $120M refinancing transaction

• Energy Fuels’ (UUUU) U.S. uranium business continues to deliver, with year-end production and sales exceeding guidance per company PR this morning.
• Reuters reports that some global trading firms in Brazil preparing to exit Amazon soy moratorium to preserve Mato Grosso State tax benefits, sources note. BG, ADM
• 3M (MMM) announced it will debut an AI-powered assistant ‘Ask 3M’ and expanded 3M Digital Materials Hub at CES 2026.

• Pew Research: YouTube (GOOGL) leads U.S. Social Media platforms with 84% of adults using it versus 71% for Facebook (META).
• Samsung (SSNLF) plans to bring Google Photos (GOOGL) to Samsung AI TV lineup, helping users relive their favorite memories on the big screen.