Wall Street opened the final Christmas week of 2025 in a festive mood, with equities drifting higher in to record territory as if trying on a Santa rally for size without quite committing to the full costume, however the smalls seem to be fully committed to a Santa Rally somewhat surging today.
S&P 500: Holiday Glide Path
The S&P 500 rose about 0.6% to roughly 6,878, edging back toward its mid‑December record as large‑cap tech and AI beneficiaries reclaimed their role as market narrative drivers. Traders framed the move as a comfortable extension of last week’s rebound, helped by softer inflation data and the view that the Fed’s rate‑cut path into 2026 remains more friend than foe, at least for now.
Dow 30: Old Economy, New High Ground
The Dow Jones Industrial Average added roughly 0.5%, keeping it within striking distance of its recent closing peak near 48,700 as financials, industrials and select consumer names carried the baton. Beneath the surface, breadth remained respectable rather than euphoric, reinforcing the sense of a late‑year grind higher rather than a melt‑up, which suits value‑oriented investors just fine..
Nasdaq: Tech Rediscovers Holiday Cheer
The Nasdaq Composite gained about 0.52%, aided by renewed interest in AI and semiconductor leaders that had wobbled earlier in the month. With tech still trading at valuations that assume both immaculate Fed policy and frictionless AI adoption, Monday’s tape looked like investors were willing to suspend disbelief for at least one more session.
Russell 2000: Small Caps Climb
The Russell 2000 added solidly up 1.16% to close at 2,558.78, narrowing its underperformance gap versus the S&P 500 as rate‑cut hopes continued to offer tentative support to more levered and domestically focused names. Even so, the index continues to trade like the designated worrier in the room, reflecting concerns about higher funding costs and uneven earnings momentum below the mega‑cap tier.
Macroeconomic Notes and Fed Watch
Monday’s U.S. economic calendar was relatively light, with investors still digesting recent data showing cooling inflation and an uneven but positive growth backdrop into year‑end. The focus remains squarely on upcoming Q3 GDP revisions, confidence readings and durable‑goods indicators, which will help confirm whether the slowdown narrative is a soft landing or just a soft opening.
FOMC‑wise, markets are still parsing December’s cut, which lowered the funds rate to the 3.5–3.75% range, and are looking ahead to minutes due this week for clues on how many additional reductions might arrive in 2026. Futures continue to price a friendly path, while Fed commentary has tried to balance easing with persistent inflation pressures, particularly those linked to tariffs and elevated services costs.
The federal government shutdown that stretched into November remains in the rearview mirror, but the temporary funding patch through late January keeps a non‑trivial risk of renewed dysfunction on the early‑2026 docket. For now, the market is treating the episode as a modest growth and data‑release speed bump rather than a structural shock, though the cumulative toll on confidence and planning is still being tallied.
Treasury yields held in a relatively contained range, with the 10‑year closing at 4.168% ad the 2-year closing at 3.509%. The shape of the curve still whispers “late cycle,” but the recent drift toward a gentle steepening has encouraged those hoping the landing will be more textbook than cautionary tale.
Gold & Silver Shine, Bitcoin Behaves (Mostly), & Oil Drifts
Gold prices climbed toward record territory again closing at $4,481.50/oz., supported by lower real yields, lingering geopolitical tension and ongoing demand for a hedge against both inflation and policy missteps.
Silver joined the move higher, acting like gold’s slightly more excitable cousin, while the rally in both metals subtly reminded equity investors that faith in fiat still comes with an option premium. Silver closed at another high $69.085/oz.
Oil prices traded higher to $57.96/bbl, as supply discipline from producers met questions about global demand in a high‑tariff, moderate‑growth world. Energy equities, accordingly, remained more tactical trading vehicles than conviction holdings, with intraday moves tied closely to every fresh headline on output and shipping.
Bitcoin spent the day consolidating around the $88k range.
Corporate Highlights: AI Complex and Blue‑Chip Mix
Across the high‑profile names on today’s watchlist, trading was driven more by positioning, analyst commentary and the broader AI sentiment than by blockbuster company‑specific headlines.
- Eli Lilly (LLY, $1,076.48, +.47%) continued to trade as a premium growth staple, its obesity and diabetes franchise keeping it a favored defensive‑growth vehicle as investors balance valuation against the durability of its pipeline.
- Taiwan Semiconductor (TSM, $293.28, +1.50%) remained central to the AI hardware narrative, with shares reflecting ongoing demand for advanced nodes even as investors debate how much 2026 capacity has already been priced in.
- NVIDIA (NVDA, $183.69, +1.49%) saw active interest as a core AI bellwether, with analyst calls once again highlighting its data‑center strength and central role in the broader AI capex cycle.
- Micron (MU, $276.59, +4.01%) traded as a leveraged bet on AI memory demand and cyclical DRAM/NAND recovery, continuing its role as a higher‑beta semiconductor proxy.
- Apple (AAPL, $270.97, -.99%) held its footing as a cash‑flow and services story, with investors weighing incremental AI features and ecosystem stickiness against a mature smartphone market.
- Tesla (TSLA, $488.73., +1.56%) moved in line with broader growth sentiment, as debates over EV demand, margins and autonomous ambitions remained unresolved but far from ignored.
- Broadcom (AVGO, $341.45, +.51%) benefited from continued enthusiasm about its exposure to networking, custom chips and software, solidifying its reputation as an AI infrastructure toll collector.
- Meta Platforms (META, $661.50, +.41%) balanced its AI and Reels ambitions with ongoing cost‑discipline narratives, trading as both an ad‑recovery and efficiency story.
- Nokia (NOK, $6.54, +.62%) stayed tied to the 5G and network‑equipment cycle, where pricing pressure and capex scrutiny keep investor expectations conservative, shares still edged upward.
- McDonald’s (MCD, $316.22, +.12%) maintained its status as a defensive consumer bellwether, with investors still rewarding pricing power and drive‑through resilience in a choppy macro environment.
- Rio Tinto Group (RIO, $80.10, +2.27%) book $80 level for the first time in a while and reflected the usual mix of China‑sensitive commodity demand and capital‑discipline expectations that define the major miners late in a cycle.
- Oracle (ORCL, $198.38, +3.34%) remained in focus after recent analyst attention on its cloud and AI‑adjacent workloads, trading as a legacy‑to‑cloud transition story with improving credibility. On a side note oracles founder, Larry Ellison committed to backing ($40.4B) Paramount’s proposed acquisition of Warner Bros.
- Intel (INTC, $36.37, -1.2%) continued its multi‑year effort to reassert itself in advanced foundry and CPU markets, its stock functioning as a referendum on whether patience will ultimately be rewarded.
- OKLO ($83.44, +.25%), as a next‑gen nuclear‑energy play, stayed a niche but closely watched name for investors betting on long‑dated decarbonization and energy‑security themes.
- Opendoor (OPEN, $6.42,+.94%) traded as a leveraged bet on housing liquidity and i‑Buyer model viability, sensitive to every tick in mortgage rates and existing‑home sales.
- Palantir Technologies (PLTR, $193.98, +.31%) remained a focal point among AI and defense‑software enthusiasts, with its pipeline of government and commercial contracts keeping sentiment constructive despite rich expectations.
M&A
Alphabet (GOOG, $311.33, +.88%) has agreed to acquire Intersect, a data center and energy infrastructure specialist, in a transaction valued at about $4.75 billion in cash plus assumed debt, adding a fresh jolt of capacity to power its AI ambitions.
The target brings “multiple gigawatts” of energy and data center projects that are either being built or still on the drawing board, effectively letting Alphabet buy time in a market where construction timelines have become the new bottleneck for AI growth.
Vista Partners Watchlist Updates
Modular Medical, Inc. (Nasdaq: MODD., $.3405), a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps, announced (Dec. 10) that it had priced an underwritten public offering (the “offering”) of 12,173,000 shares of its common stock and accompanying warrants to purchase 6,086,500 shares of its common stock. Each two shares of common stock are being offered and sold together with one accompanying warrant at a combined offering at a price of $0.77, yielding an effective price of $0.38 per share and $0.01 per warrant. The warrants will have an exercise price of $0.45 per share, are exercisable immediately upon issuance and will expire five years following the date of issuance. In connection with the offering, Modular Medical has granted the underwriter a 30-day option to purchase up to an additional 15% of common shares and/or warrants at the public offering price, less underwriting discounts and commissions. The over-allotment option may be elected with respect to, at the underwriter’s sole discretion, shares and warrants together, solely shares, solely warrants, or any combination thereof. Newbridge Securities Corporation is acting as the sole bookrunner for the offering. Assuming no exercise of the over-allotment option, the gross proceeds to the Company from the offering are expected to be approximately $4.68 million, before deducting underwriting discounts, commissions, and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the offering to fund operations and for working capital and general corporate purposes, including capital expenditures.
On Nov. 17, Modular announced Institutional Review Board (“IRB”) approval to conduct an in-house study of its next-generation Pivot™ insulin delivery system using insulin on people with diabetes (the “Study”). Pursuant to U.S. Food and Drug Administration (“FDA”) regulations, an IRB is a group that has been formally designated to review and monitor biomedical research involving human subjects. The Study will simulate real-world conditions by delivering insulin to adult participants to gather critical data on device function and usability and obtain user feedback. Modular Medical’s Pivot tubeless patch pump aims to enhance accessibility for underserved patients with diabetes and drive market penetration and expansion.
On Nov. 14, Modular Medical announced the 510(k) premarket submission of its next generation Pivot™ tubeless patch pump to the U.S. Food and Drug Administration (the “FDA”). The Company expects to commence the commercial launch of its Pivot pump in Q1 2026. On Nov. 3, Modular Medical the successful validation of its Pivot controller line, a critical milestone in preparing for the commercial launch of its Pivot patch pump targeted for Q1 2026. The Pivot controller line validation further demonstrates manufacturing readiness for high-volume production, positioning Modular Medical to meet the growing demand in the diabetes treatment market for advanced technology.
Eupraxia Pharmaceuticals Inc. (NASDAQ: EPRX, $7, +6.71%), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology to optimize local, controlled drug delivery for diseases with significant unmet need, announced (Nov. 13) the second set of 52-week follow up data from its ongoing Phase 1b/2a RESOLVE trial evaluating a single administration EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). James A. Helliwell, Chief Executive Officer of Eupraxia stated,“These data further highlight the strong durability and tolerability profile of EP-104GI, reinforcing its potential to become a convenient, once-a-year treatment that fits seamlessly into routine disease management by aligning with annual patient endoscopies. The Cohorts 5 & 6 patients – the only groups to have reached 52 weeks in the trial – are demonstrating levels of symptom relief that is durable and clinically meaningful – we are very encouraged by this outcome. We’re also pleased that our previously announced 52-week data were presented as a late-breaking presentation at the American College of Gastroenterology Annual Scientific Meeting (ACG). These new results build on that momentum. Given that current EoE therapies often struggle with long-term adherence, we believe a durable, once-yearly treatment could meaningfully improve patient outcomes and establish EP-104GI as a preferred option for both physicians and their patients.”
GeoVax Labs, Inc. (Nasdaq: GOVX, $.1723, +8.23%), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer, announced (Dec. 19) that it has entered into definitive securities purchase agreements with several institutional and individual investors for the purchase and sale of approximately 13.2 million units, each comprised of one share of the Company’s common stock and warrants, as described below, to purchase shares of the Company’s common stock, at a price of $0.245 per unit in a public offering. The Company will issue warrants to purchase up to approximately 26.5 million shares of common stock. The warrants will have an exercise price of $0.245 per share, will be exercisable immediately following the date of issuance and will have a term of five years following the date of issuance. Roth Capital Partners is acting as the exclusive placement agent for the offering. The gross proceeds to the Company from this offering are expected to be approximately $3.2 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes. The closing of the offering is expected to occur on or about December 22, 2025, subject to the satisfaction of customary closing conditions.
GeoVax announced (Dec. 18) the publication of a peer-reviewed article in Frontiers in Immunology titled: “Multi-antigen MVA-vectored SARS-CoV-2 vaccine, GEO-CM04S1, induces cross-protective immune responses to ancestral and Omicron variants.” The study provides definitive preclinical evidence that GeoVax’s multi-antigen COVID-19 vaccine candidate, GEO-CM04S1, delivers full cross-variant protection, driven predominantly by robust T-cell responses, even in the absence of neutralizing antibodies. The findings reinforce the design philosophy behind GeoVax’s MVA-based, multi-antigen platform and provide mechanistic insight that is increasingly relevant for immunocompromised individuals, who often fail to respond optimally to the first-generation COVID-19 vaccines.
GeoVax announced (Dec. 17) the successful completion of fill-finish for the initial clinical batch of GEO-MVA, its next-generation Mpox/smallpox vaccine. The product has now entered final release evaluation, the concluding quality-control and compliance process required before shipment for clinical use, positioning the Company for Phase 3 immunobridging trial start-up activities in Q1 2026. Fill-finish – the sterile, cGMP-regulated process of filling, sealing, and packaging vaccine vials – marks the last manufacturing step before a vaccine may enter clinical study supply channels. With fill-finish complete and GEO-MVA now undergoing final release evaluation, GeoVax has moved into the final pre-clinical-deployment phase of its EMA-aligned clinical program. In June 2025, the European Medicines Agency (EMA) Scientific Advice confirmed that a single Phase 3 immunobridging study demonstrating immune comparability to the approved MVA vaccine, Imvanex(R), would be sufficient to evaluate GEO-MVA’s efficacy. This provides a clear, accelerated regulatory path to licensure. This milestone coincides with increasing Mpox activity globally – including expanding Clade I outbreaks in Africa and emerging cases in the United States – exposing vulnerabilities associated with global dependence on a sole foreign MVA vaccine supplier. GEO-MVA is designed to expand supply, diversify sources, and strengthen biodefense infrastructure.
Volato Group, Inc. (NYSE American: SOAR, $1.10, +1.85%) and M2i Global, Inc. (MTWO, $.0795), a company specializing in the development and execution of a complete global value supply chain for critical minerals, today announced key developments in its pending all-stock merger with M2i Global, Inc.. Volato has filed the Registration Statement on Form S-4 with the U.S. Securities and Exchange Commission (the “SEC”), following the SEC’s completion of its review of the initial confidential submission. With the reopening of federal agencies following the recent government shutdown, both companies now anticipate closing the merger in the first quarter of 2026, pending completion of SEC review and shareholder approval.
On Dec, 18 Volato Group, Inc. and M2i Global, Inc. announced that they applaud the recent December 11, 2025 announcement from the U.S. Department of State whereby Pax Silica, a U.S.-led strategic initiative to build a secure, prosperous, and innovation driven silicon supply chain—from critical minerals and energy inputs to advanced manufacturing, semiconductors, AI infrastructure, and logistics, was formed.
Volato Group, Inc. (NYSE American: SOAR) announced today that it has set a preliminary date of February 26, 2026 and preliminary record date of January 17, 2026 for a special meeting of shareholders to vote on the proposed merger with M2i Global, Inc. (MTWO) and related matters. The preliminary meeting date and record date remain subject to applicable regulatory and exchange requirements, including the effectiveness of Volato’s Registration Statement on Form S-4 (File No. 333-292132) (the “Registration Statement”) filed with the U.S. Securities and Exchange Commission (“SEC”) and the mailing of definitive proxy materials to shareholders. The proposed merger creates a combined company built for scale. M2i Global brings a platform focused on critical minerals and national supply chain resilience, while Volato contributes proven aviation technology, software capability, and an established track record of operational execution. Together, the companies aim to participate in a U.S. critical minerals market estimated at more than $320 billion annually.
Volato Group, Inc. (NYSE American: SOAR) with M2i Global, Inc. (MTWO) announced on Nov. 19 that Nimy Resources (“Nimy”) and M2i will collaborate with the aim of forming commercially binding contract terms for the respective sale and purchase of gallium production. They also announced (Oct. 16) the next phase of development of the digital and commercial infrastructure underpinning the U.S. Strategic Mineral Reserve (SMR). M2i initiated the SMR framework and technical specifications earlier this year. Volato is now applying its proven enterprise-software expertise to build and operationalize the secure technology backbone that will support critical mineral traceability, contracting, and compliance across the United States and allied nations. This infrastructure is being developed to serve as the market-facing layer of the U.S. Strategic Mineral Reserve initiative, providing miners, refiners, recyclers, manufacturers, and government entities with a trusted environment for physical critical mineral transactions—with verified provenance, end-to-end custody visibility, and regulatory compliance at its core.
Serina Therapeutics (NYSE American: SER, $2.6499), Alabama-based biotech is betting its proprietary POZ platform and reimagined approach to apomorphine delivery may redefine the treatment paradigm for patients who have exhausted standard oral therapies. On Dec. 11, Serina announced the appointment of Joshua Thomas, Ph.D., as Vice President and Head of Chemistry. He will oversee internal and external chemistry efforts to optimize POZ-based candidates, supporting efficient translation from discovery through development.
On Dec. 10,Serina announced that it has submitted a complete response to the U.S. Food and Drug Administration’s (“FDA”) clinical hold letter for SER-252, the Company’s lead program for advanced Parkinson’s disease. As previously disclosed, the FDA placed the Company’s Investigational New Drug (“IND”) application for SER-252 on clinical hold pending additional information related to a commonly used formulation excipient. On November 25, 2025, the FDA issued a formal full clinical hold letter specifying the information required to permit initiation of the planned Phase 1b registrational study, SER-252-1b. The issues identified by the FDA do not relate to the apomorphine active drug substance, its mechanism of action, the use of the enFuse device (Enable Injections) or the broader 505(b)(2) NDA development pathway previously discussed with the Agency.
The InterGroup Corporation (NASDAQ: INTG, $25.10) reported (Nov. 17) results for the three months ended September 30, 2025. John V. Winfield, Chairman and Chief Executive Officer, said: “We continue to observe signs of stabilization and recovery across the San Francisco hospitality market, including improving convention calendars, tourism indicators, and business travel activity. On the investment side, our marketable securities activity remained modest with a small net gain, consistent with our emphasis on liquidity and risk discipline.”
DoubleVerify Holdings Inc. (DV) closed at $11.28, +0.0%. DoubleVerify, which built its franchise on media verification and ad performance analytics, is now the first badged TikTok Marketing Partner focused specifically on attention measurement, tapping impression-level signals from the platform. Brands gain a granular view of how exposure and user interaction come together across TikTok formats, ad sets, creatives, and objectives, effectively treating every swipe as a tiny A/B test.
Rocket Lab Corporation (Nasdaq: RKLB, $77,55, +9.97%), a global leader in launch services and space systems, today successfully launched the STP-S30 mission for the U.S. Space Force’s (USSF) Space Systems Command (SSC) – completing the launch five months ahead of schedule and playing a critical role in advancing technologies that ensure U.S. superiority in space.
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