Wall Street tiptoed into the final holiday stretch with a Santa Claus rally that felt more like a well‑tailored cashmere sweater than an ugly Christmas jumper: comfortable but not euphoric. Major U.S. indexes ground higher over the week ending Friday, December 26, 2025, as investors balanced cooler inflation, a recently more dovish Federal Reserve, and a noisy backdrop of tariffs, shutdown politics, and record‑setting precious metals.
Indexes and Macro Backdrop
The S&P 500 closed at 6,926.94, +2.29% & spent the holiday‑shortened week edging back toward its December record, turning slightly positive for the week after Friday’s gains and finishing less than 1% below all‑time highs as growth and semiconductor names led the tape again. The Dow Jones Industrial Average closed at 48,710.97, +1.58% tagged along with more measured gains closed at , helped by megacap cyclicals and select tech, while the Nasdaq Composite closed at 23,593.10, +2.55% extended its run as the preferred vehicle for the AI trade, rising roughly 0.5% on Monday alone as part of a broader rebound into Christmas. The Russell 2000 closed at 2,534.35, +1.06% underscoring renewed appetite for small‑caps in a falling‑rate narrative.
Macroeconomic fireworks were largely postponed until after the holidays; the U.S. calendar between Christmas and New Year carries no major releases, with markets instead digesting earlier soft‑landing data and focusing on third‑quarter GDP and consumer confidence prints mid‑week.
Fed, Yields, Tariffs and the Curve
The Federal Reserve entered the final week of the year in post‑decision quiet, having cut its policy rate to a 3.50%–3.75% target range at the December 9–10 FOMC meeting and signaled a slower, more cautious easing path ahead. Futures markets spent the week calibrating the odds of additional 2026 cuts, but there were no new Fed announcements on the calendar and the next key communications are expected with the release of the December meeting minutes and the January FOMC gathering. In the bond market, the 10‑year Treasury yield hovered just above 4.1%–4.2%, leaving the curve modestly positively sloped again, with the 10‑year minus 2‑year spread around 0.7 percentage point and the 10‑year minus 3‑month spread near 0.5 percentage point—an inversion that has quietly gone into reverse, giving recession worriers less to point at and equity bulls a fresh talking point.
Trade policy, by contrast, remained anything but quiet. Trump’s 2025 tariff offensive, which has pushed effective U.S. tariff rates sharply higher, continued to ripple through corporate guidance and investor psychology, even as the White House selectively trimmed levies on items like beef and fruit to tame inflation while pressing ahead with sector‑specific duties, including 25% tariffs on some furniture and cabinet imports. The administration also continued to float the notion of a kind of tariff‑funded “dividend” to households—up to $2,000 per person in some rhetoric—though markets treated that promise with the same skepticism usually reserved for long‑dated SPAC projections.
Commodities, Bitcoin and the “Great Rotation”
If equities enjoyed a polite Santa rally, gold and silver threw a New Year’s Eve party. Spot gold spent the week trading above the $4,500 level closing at $4,562, marking unprecedented territory as investors rotated out of high‑beta trades and into old‑fashioned refuge, while silver surged toward the $80 mark closing at $79.675/oz. after gaining more than 168.97% year‑to‑date on the back of macro hedging flows and voracious industrial demand from AI‑linked electronics. Bitcoin, which had flirted with an October high near $126,000, continued to stumble below the $90,000 threshold during the thin holiday liquidity and trading near $87,825 on Friday, reinforcing the sense that, for now, crypto behaves less like “digital gold” and more like a speculative growth stock with a marketing problem. Oil prices drifted rather than surged closing at $56.93/bbl, caught between geopolitical tension and softer growth concerns, leaving energy equities to play supporting rather than starring roles in year‑end performance tables.
Deals, IPOs and Corporate Actions
In M&A, BioMarin (BMRN, $59.95,+15.40% over the last 5-days) gave the rare‑disease space an early holiday gift bow by agreeing to buy Amicus Therapeutics (FOLD, $14.25, +30.85% over the last 5-days) in a $4.8 billion all‑cash deal at $14.50 per share, a roughly 33% premium to Amicus’s pre‑deal close and about 58% above its 60‑day average. The acquisition, announced Friday and expected to close in the second quarter of 2026, would add Galafold and Pombiliti + Opfolda to BioMarin’s portfolio, broaden its rare‑disease footprint, and, according to management, accelerate revenue growth and become materially accretive to earnings after 2027.
On the new‑issue front, the U.S. IPO market continued to show signs of life rather than exuberance. Listings scheduled and priced around the week included micro‑cap and SPAC‑style deals such as ELC Group and other small offerings on Nasdaq, along with special‑purpose vehicles like TGE Value Creative Solutions on the NYSE, while data providers tallied roughly 347 U.S. IPOs for 2025—about 56% more than at this point in 2024, but still far from the froth of the last cycle. The calendar heading into New Year’s week featured additional small‑cap and blank‑check vehicles, underscoring that while bankers are working, investor enthusiasm remains highly selective.
Big‑Cap Tech, Select Names and Sector Color
AI‑linked megacaps again did much of the heavy lifting. Nvidia (NVDA, $190.53, +9.41% over the last 5-days) attracted renewed buying interest, with brokers such as Stifel reiterating bullish views on its role at the center of AI infrastructure, and traders eyeing fresh upside as forecasts pointed to stronger networking and data‑center demand into 2026. Taiwan Semiconductor Manufacturing (TSM, $302.84, +6.38% over the last 5-days), a structural beneficiary of that same AI and high‑performance‑computing wave, remained a favored upstream proxy, while Intel inched along its turnaround narrative as a domestic foundry champion, trading in the slipstream of the broader semiconductor rally even as the competitive gap with TSMC remains an ongoing debate. Micron Technology (MU, $284.79, +14.58% over theist 5-days) joined the party, climbing roughly 2.5% on Monday as investors leaned into the cyclical memory upturn and its positioning in high‑bandwidth DRAM for AI servers.
Apple (AAPL, $273.40, +.44%) shares moved with the broader large‑cap tech complex, benefiting from the renewed risk appetite but still under the microscope for iPhone replacement cycles and services growth, while Meta Platforms (META, $663.29) continued to trade as a barbell between strong advertising fundamentals and heavy investment in Reality Labs and AI. Broadcom (AVGO, $352.13, +6.74%) remained tethered to the AI narrative as well, with options activity reflecting expectations for continued data‑center and networking demand, even as valuation left little room for missteps. Palantir Technologies (PLTR, $188.71, +1.63%) stayed a darling of the options market, featuring prominently in hot‑options flow tied to AI, defense and government‑analytics themes, suggesting that speculative capital has not taken the holidays off.
Tesla (TSLA, $475.19) spent the week oscillating around key technical levels, with bulls encouraged by momentum into year‑end and bears still pointing to margin pressure and intensifying EV competition, while derivatives markets remained highly active in the name. Opendoor (OPEN, $6.01), a bellwether for housing‑adjacent risk sentiment, continued to trade as a high‑beta proxy on U.S. real estate and rates, its shares sensitive to every tick in long‑term yields and to any hint that consumer demand might normalize in 2026. OKLO ($76.92, -1.03% over the last 5-days), part of the new generation of advanced nuclear power hopefuls, rode the thematic tailwind of the energy transition and interest in small modular reactors, though volumes remained relatively thin, underscoring that the story is still more about optionality than cash flow.
Old Economy, Blue Chips and Global Miners
McDonald’s (MCD, $310.68) a reliable defensive name in a year of macro noise, traded with the consumer‑staples and quick‑service cohort, benefiting from its value positioning and global footprint even as currency and wage pressures kept analysts busy in their models. Oracle (ORCL, $197,99, +9.98% over the last 5days) drew fresh attention after Wells Fargo argued that pessimism around the stock had gone too far, highlighting cloud and database positives that, in the bank’s view, are underappreciated at current valuations; the stock responded with a more than 2% pop early in the week as investors reconsidered its role in the enterprise AI stack. Nokia (NOK, $6.62, +3.76% over the last 5-days) remained part of the quieter corner of the 5G and network‑equipment trade, overshadowed by higher‑beta semiconductor and AI names but still relevant for investors looking at European value and telecom infrastructure exposure.
Rio Tinto (RIO, $82.24, +13.91% over the last 5-days), the global mining heavyweight, navigated the cross‑currents of a nascent commodities super‑cycle built on metals for electrification and AI hardware, with sentiment tied as much to Chinese demand and iron ore pricing as to the excitement in gold and silver. Meanwhile, the broader yield‑sensitive equity cohort—from utilities to REITs—benefited modestly from the stabilizing Treasury backdrop, even if the real excitement remained clearly clustered in growth, semiconductors, and the extraordinary sprint in precious metals.
Vista Partners Watchlist Updates
Modular Medical, Inc. (Nasdaq: MODD., $.3966, +11.72% over the last 5-days), 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, $7.55, +20.80% over theist 5-days), 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, $.1810), 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, $.9431) and M2i Global, Inc. (MTWO, $.072), 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, $2.66), 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, $27.28) 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 $11.50, +1.50% over the last 5-days. 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.
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