Weekly Market Update – December 22, 2025

Price Return Last Week

S&P 500 +0.1%   S&P Mid Cap  0.0%    Russell 2000   (0.8%)   

MSCI EAFE   +0.2%     MSCI EM (1.5%)     

10 Yr US Treasury Rate – fell from 4.20% to 4.15%

Source: Refinitiv Eikon

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Recent News

Jobs Report – Nov: 64k (Reuters Poll est. 50k) Oct: -105k

After a long delay due to the government shutdown, the Labor Department released jobs data for October and November on Tuesday.  The reports showed that payrolls were down 105,000 jobs in October but rose 64,000 jobs in November.  Many economists had anticipated a decline in jobs in October as that is when many of the recent government layoffs were set to kick in.  For October alone, federal employment shrank by 162,000 jobs contributing to the overall labor force declines.  The U.S. economy has now lost jobs in three out of the past six months and the unemployment rate has increased to 4.6%, the highest in more than four years.

Source: The Wall Street Journal

Core CPI – Nov: 2.6% (Reuters Poll est. 3.0%)

Since there was no CPI report for October due to the government shutdown, the Labor Department was only able to release year-over-year changes to inflation.  These changes came in much lower than expectations, but some have cautioned against reading too much into the data as officials were only able to collect pricing data for half of the month.  Furthermore, the data collected was primarily during Black Friday holiday shopping season, potentially skewing the results.

Source: The Wall Street Journal

Gasoline Prices Fall – For the first time since the end of 2020, the national average price for a gallon of gasoline fell below $3.  The least expensive state to buy gas is Oklahoma with an average of $2.34 and the most expensive state is Hawaii with an average price of $4.43.

Source: AAA

Extended Trading Hours – Nasdaq is preparing to file paperwork with the SEC to allow for round-the-clock trading of stocks five days a week.  The new trading schedule is expected to commence in the second half of 2026 and other exchanges are expected to follow suit.  They plan to propose a 23-hour trading day with a one-hour break for maintenance.

Source: Reuters

No Ticket, No Problem – The Oakland San Francisco Bay Airport announced that they will start to allow non-travelers to advance through security provided they apply for a guest pass beforehand.  The airport joins a growing list of airports that are allowing friends and family of travelers to greet them at the gate or join them as they wait for their departing flight.

Source: Oakland San Francisco Bay Airport, KTVU Fox 2

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Upcoming Events

12/23 – Durable Goods, Consumer Confidence

Source: Refinitiv Eikon