McDonald’s to Micron: Main‑Street Fries, Wall‑Street Chips and a Santa Rally That Refuses to Take a Holiday - December 24, 2025 -( $AAPL $DV $EPRX $LLY $MCD $MODD $MTWO $MU $NOK $OPEN $SOAR Rise!) - Vista Partners LLC

Wall Street tiptoed into the Christmas break with its party hat still firmly on, as major indexes notched fresh records or near-record closes in a holiday‑shortened session that felt more champagne than coal. In all, Christmas Eve gave investors what they wanted most: rising stocks, calmer policy waters and just enough risk left on the table to keep 2026 forecasts lively—and careers, as always, subject to revision

S&P 500: Santa’s Favorite Benchmark

The S&P 500 added about 0.32% on Wednesday, edging to a new record close near 6,932.05 and its first Christmas Eve record in more than a decade, with 10 of 11 sectors participating in the rally. The index is now up roughly 17.86% year‑to‑date, a tidy performance for a market that spent much of the year pretending higher rates, tariffs and shutdown drama were just background noise.

Dow 30: Blue Chips Go Festive

The Dow Jones Industrial Average climbed around 0.6% to finish near 48,731, extending a winning streak that has the blue‑chip gauge up about 14.54% for 2025. The move came on light pre‑holiday volume but broad participation, as investors appeared more interested in squeezing in one more uptick than in last‑minute shopping.

Nasdaq & Russell: Growth Keeps Gliding

The Nasdaq Composite inched higher by roughly 0.22% to about 23,613, leaving the tech‑heavy index up more than 22% for the year as AI, chips and megacaps continued to do the market’s heavy lifting. The Russell 2000 added about 0.27% to 2,548.08, modestly extending a small‑cap advance that has now topped 14.28% in 2025, even if the group still looks more “value menu” than “tasting menu” compared with the megacap elite.

Macro, Fed, Tariffs and Shutdown

The macro backdrop remained one of solid but cooling growth, with consumer spending still propping up the economy even as shoppers complain loudly about prices heading into 2026.
The Fed’s December meeting is already in the books, with policymakers delivering their third 25‑basis‑point cut of the year and taking the funds rate to a 3.50%–3.75% target range, a level officials now describe as roughly neutral.
The yield curve has been gradually normalizing after the Fed’s cuts, with shorter‑maturity Treasury yields drifting lower as markets price in only limited easing from here rather than a full‑blown pivot.
Tariff risk remains an ever‑present stocking stuffer: Trump’s earlier tariff package and his floated “tariff dividend” continue to color the policy backdrop, and markets remain attuned to potential court decisions on tariff legality that could swing risk sentiment and metals demand.
Washington’s shutdown saga is in “temporary truce” mode, with recent moves to avoid another immediate closure helping calm markets even as longer‑term fiscal concerns—including a deficit near 6% of GDP—continue to underpin demand for safe‑haven metals.

FOMC Timing

The December FOMC meeting concluded in mid‑month; the next policy gathering is scheduled for early 2026, with the current dot plot pointing to only one additional cut next year. Fed commentary has shifted from aggressive easing toward a cautious “wait‑and‑see” posture, emphasizing labor‑market risks and still‑elevated inflation rather than promising further rapid cuts.

IPOs, SPACs and Deal Tape

On the new‑issue front, Silicon Valley Acquisition Corp. completed a $200 million SPAC IPO on Nasdaq, selling 20 million units at $10 each, with underwriters holding a 45‑day option to buy an additional 3 million units.
Overall, the 2025 IPO class has swelled to roughly 347 U.S. listings, more than 55% above the pace at this time last year, as long‑dormant issuance finally reawakened.
Recent days have also seen the launch of other blank‑check and specialty listings, including vehicles such as Social Commerce Partners’ 10‑million‑unit Nasdaq offering priced at $10 per unit, underscoring that the SPAC genre still refuses to exit stage left.
In broader M&A, Accenture agreed to acquire Italian financial‑services tech firm Cabel Industry, while infrastructure investor Stonepeak struck a deal to buy a majority stake in Castrol from BP at a roughly $10.1 billion enterprise value, with BP retaining a minority interest.

Gold, Silver, Oil and Bitcoin

Gold extended its charge to fresh record territory above the $4,500 per‑ounce mark this week closing at $4,502.80 today, as investors balanced softer data, ongoing tariff and geopolitical risks, and U.S. fiscal worries.
Silver closed at $71.685/oz. has outpaced even gold’s exuberance, logging an eye‑catching 24% gain in December alone and 142% YTD and reinforcing the sense that metals are once again the asset of choice for those nervous about deficits and policy volatility.
Oil prices remain supported by supply‑side jitters and sanction‑related disruptions, with Crude recently trading near $58.35 per barrel following fresh U.S. restrictions on sanctioned tankers.
Bitcoin, after a rollercoaster year marked by heavy tariff‑induced volatility and one of the largest liquidation events on record, is heading into year‑end with traders focused on a looming $27 billion options expiry that could inject additional fireworks into holiday‑thinned markets. and is trading near $87,495 today.

Eli Lilly (LLY): GLP‑1 Royalty Holds Court

Eli Lilly (LLY) shares traded modestly higher in the holiday‑shortened session, hovering around $1,075–$1,085 as investors digested a fresh wave of GLP‑1 headlines rather than any company‑specific fireworks. The stock has been buoyed by blockbuster obesity and diabetes treatments that drove Q3 2025 revenue up about 54% year‑over‑year and pushed non‑GAAP gross margins above 83%, even as Novo Nordisk’s newly approved oral Wegovy pill sharpened competitive questions.

TSM, Nvidia, Micron and Intel: Chips Still Run the Menu

Taiwan Semiconductor (TSM, $298.80, +.62%) continued to ride the AI wave, trading not far below recent levels near $295–$300as investors leaned into a story defined by 40%‑plus stock gains this year, 30%‑plus revenue growth and net margins north of 43%.
Nvidia (NVDA, $188.61, -.32%) remains the market’s unofficial AI central bank, with analysts reiterating bullish calls that highlight its estimated 95% share in data‑center AI chips and a potential total addressable market topping $500 billion by 2028; tech’s modest advance on the day kept the stock in the market’s leadership pack even without a big Santa‑rally pop.
Micron (MU, $286.68, +3.77%), a key beneficiary of AI‑driven memory demand, has enjoyed a year of outsized gains supported by bullish commentary on high‑bandwidth memory and storage, though today’s quiet tape left the name trading more in line with the broader chip complex than as a standalone headline driver.
Intel (INTC, $36.16, -.52%), still attempting its turnaround as a foundry and AI infrastructure player, moved largely in sympathy with the broader semiconductor group, with sentiment aided by improving sector fundamentals even as competitive pressure from TSM and Nvidia remains formidable.

Megacaps and Tech Titans: Apple, Tesla, Broadcom, Meta, Palantir

Apple (AAPL, $273.81, +.53%) ticked higher, recently trading around $271, as ongoing enthusiasm over AI‑enabled devices and services offset concerns about maturing smartphone demand; the stock has benefited from a string of upbeat analyst calls and a broad flight to quality in megacap tech.
Tesla (TSLA, $485.40, -.03%) shares saw restrained holiday trading after a year marked by frequent swings; analysts remain focused on upcoming catalysts from robotaxis, lower‑cost models and the Optimus humanoid robot, all of which have kept the stock central to AI‑plus‑autos narratives even as execution risk stays elevated.
Broadcom (AVGO, $350.22, +.26%) continued to sit comfortably in the AI winners’ circle, supported by repeated analyst upgrades that emphasize its leadership in custom AI ASICs and an expanding customer roster among hyperscale cloud providers.
Meta Platforms (META, $667.55, +.39%) participated in the broader tech drift higher, with ongoing investor focus on AI‑driven ad tools and efficiency gains from its multiyear cost‑cutting campaign rather than any specific Christmas Eve catalyst.
Palantir (PLTR, $194.17, +.02%), fresh off a year dominated by debate over AI valuations and high‑profile short interest, traded in line with broader software and defense‑tech peers, as investors balanced long‑term government and commercial AI demand against a rich multiple and lingering volatility.

Consumer, Real Estate and Cyclicals: McDonald’s, Opendoor, Rio Tinto

McDonald’s (MCD, $131.33, +.80%) shares were little changed in the quiet session, with the fast‑food giant remaining a preferred defensive growth name amid steady global same‑store sales and pricing power that has made its menu look almost as reliable as Treasurys—just with more salt.wtop+1
Opendoor (OPEN, $6.28, +.16%), a high‑beta housing‑tech name, entered Christmas week after a year of dramatic price swings, including a roughly 300% gain over one recent quarter that sparked fresh scrutiny of its path to sustainable profitability and exposure to housing‑cycle crosswinds.
Rio Tinto Group (RIO, $80.89, -.10%) traded broadly in line with the global commodities complex, as investors weighed China‑linked demand, shifting tariff and trade dynamics, and the longer‑term role of copper and iron ore in the energy transition.

Networking, Telecom and Software: Nokia, Oracle, OKLO

Nokia (NOK, $6.59, +.92%) shares were quiet, reflecting a sector still wrestling with uneven 5G spending and capex fatigue, even as investors look for upside from network modernization and potential AI‑related traffic growth.
Oracle (ORCL, $197.49, +1.10%) remained in focus after recent analyst commentary argued that bearish sentiment has become too one‑sided, highlighting the company’s growing role in AI‑enabled cloud infrastructure and enterprise applications.
Oklo (OKLO, $81.31, -.70%), the advanced nuclear microreactor developer that has captured clean‑energy imaginations, continued to trade as a long‑duration story tied to licensing milestones and demonstration projects rather than day‑to‑day earnings, leaving the stock sensitive to risk appetite in a thinly traded holiday tape.

Tariffs, Trade and Policy Undertow

Tariffs remain a key macro undertow, with Trump’s earlier moves on Chinese imports and the possibility of court challenges to tariff authority influencing both corporate planning and safe‑haven positioning. The ongoing debate over a potential “tariff dividend” funded by customs receipts and borrowing has only sharpened investor focus on the U.S. fiscal trajectory, which markets increasingly see as a central driver of metals and bond pricing rather than a distant concern.

Vista Partners Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.4027, 20.68%), 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, $7.34, +2.09%), 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, $.1817), 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, $1.05, +3.96%) and M2i Global, Inc. (MTWO, $.0752, +1.08%), 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. 23, Volato Group, Inc. announced preliminary financial guidance for the fourth quarter and full year ending December 31, 2025, reflecting continued execution against its strategic and balance sheet objectives. For the fourth quarter of 2025, Volato expects to report revenue between $27 million and $28 million. For the full year 2025, the Company anticipates total revenue between $78 million and $79 million, with net income of $6 million to $8 million. These results reflect a year of meaningful progression aligning operational performance with Volato’s long-term growth initiatives and advancing its pending merger with M2i Global, Inc. (OTC: MTWO). During 2025, Volato also made substantial progress strengthening its balance sheet. As of September 30, 2025, the Company reduced total liabilities to $9.5 million, satisfying the debt reduction condition required under its pending merger agreement with M2i Global, Inc. (OTC: MTWO). Volato expects continued improvement in its capital structure as it advances toward a targeted first-quarter 2026 closing of the transaction. “Our 2025 results reflect a year of transformation and disciplined balance sheet execution,” said Mark Heinen, Chief Financial Officer of Volato. “We made significant progress reducing liabilities while sharpening our focus on scalable, technology-driven businesses that are designed to complement and strengthen the M2i Global platform over the long term.”

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 recently 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.

Serina Therapeutics (NYSE American: SER, $2.44), 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, $26.95) 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 $11.25, +.85%. 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.

McDonald’s to Micron: Main‑Street Fries, Wall‑Street Chips and a Santa Rally That Refuses to Take a Holiday – December 24, 2025 -( $AAPL $DV $EPRX $LLY $MCD $MODD $MTWO $MU $NOK $OPEN $SOAR Rise!)