After a mixed week, US equity markets started the final full trading week of 2025 in the green. That marked the high point so far today as the S&P quickly moved lower after the Opening Bell. We wiped out the initial 0.5% gain and are currently down 0.3%. Megacap tech is a source of weakness though the equal-weight is trading about inline. Small cap names are lagging, with the Russell 2000 trailing the S&P 600. Thematic baskets are also weak (Quantum, nuclear, data centers flat to down 10%). Energy is the lagging sector however as both crude and natural gas continue to slide. Healthcare meanwhile is leading today. Biopharma is strong across the group and the managed care names are also trading mostly higher. Treasury yields are flat to down 2bps after backing up last week. The USD index is around flat, trying to hold 98 ahead of a busy week for central bank rate decisions (BOE, ECB, BOJ). Commodities are mixed. Crude is lower with Brent threatening to break below $60 and down for the 5th day in the last six. Bitcoin failed to hold the 20d ma ~$90k and selling pressure kicked in, bringing the decentralized ledger to ~$85k as it tests another important level. ETH is down ~5% as well.

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