U.S. stocks advanced Thursday as investors toasted cooler inflation, lower yields and yet another tech-led melt-up, suggesting Santa is at least circling the mall parking lot even if he has not walked in yet. Risk assets climbed despite softer precious metals and oil, while bitcoin and AI bellwethers resumed their recurring role as the market’s speculative Greek chorus.
Indexes: Tech Reclaims the Spotlight
The S&P 500 added about 0.8%, with megacap tech and semiconductor shares doing most of the heavy lifting as investors rotated back into growth after a benign inflation print. The Nasdaq Composite outpaced its peers with a roughly 1.4% gain, powered by AI-related names and a strong showing from chipmakers, while the small‑cap Russell 2000 climbed about 0.6%, finally managing to keep pace instead of serving as the market’s designated caboose.
The Dow Jones Industrial Average rose more modestly as its old‑economy tilt and lighter weight in AI and chips left it trailing the day’s more speculative enthusiasm. All four major benchmarks remain comfortably higher for the year, with the Nasdaq still the standout thanks to its concentrated exposure to the market’s AI fixation.
Macro, Fed, Yields and Shutdown
A cooler‑than‑feared CPI backdrop kept the “soft landing” story intact, with markets reading recent data as a green light for modest Fed easing in 2025 rather than an emergency‑style pivot. Treasury yields eased along the curve, with the 10‑year near the low‑4% area and the 20‑year around 4.78%, easing financial conditions just enough to cheer equity traders without unnerving bond vigilantes. The 30‑year yield hovered near 4.8%, leaving the curve still kinked but less ominously inverted compared with earlier in the year. The 2-yr gifted lower to 3.473%.
The FOMC’s December policy meeting and press conference remain the focal point for rate expectations, with investors watching the Fed’s updated projections and language for clues on the timing and pace of cuts next year. In Washington, the year’s record‑long federal government shutdown remains in the rear‑view mirror after Congress and President Donald Trump agreed in November to reopen agencies, though fiscal brinkmanship is now treated by markets as a recurring feature rather than a one‑off bug. Tariff risk continues to simmer in the background, especially around China and critical materials, but investors largely treated trade as a 2026 problem and an options‑desk talking point rather than a near‑term trading catalyst today.
Commodities, Crypto and Currencies
Gold slipped modestly, with spot prices around 4,363.90 dollars an ounce, as the appetite for safety faded in favor of growth stocks and crypto speculation. Silver followed suit, giving back 2.17% of its gains to close at $65.45/oz. as volatility hedges fell out of favor and investors leaned back into cyclical and tech exposures.
Oil prices closed at $55.90, +.16%, echoing forecasts that crude could drift lower into 2026 absent a new supply shock or fresh OPEC discipline, leaving energy equities as reluctant wallflowers at an otherwise lively risk‑asset party. Bitcoin (BTC) closed at $85,337.58, -.95%.
Corporate News: Pharma, Chips, AI and More
Eli Lilly (LLY) climbed 1.45% to $1,056.88 and +4.71% over the last 50days after new data and commentary on its obesity pill underlined the company’s grip on the weight‑loss market, extending one of the most profitable therapeutic trends in modern pharma. Analysts highlighted strong earnings momentum, fast‑rising revenue and continued enthusiasm around its GLP‑1 franchise, reinforcing the view that Lilly remains the street’s preferred long‑duration growth story in healthcare.
In semiconductors, Micron (MU, $248.55, +10.12%) rode a wave of optimism around AI‑driven memory demand and announcing its blowout earnings and forecast and “cool” inflation, helping lift the broader chip complex and feeding into the Nasdaq’s outperformance. NVIDIA (NVDA, $174.14, +1.87%), Taiwan Semiconductor Manufacturing (TSM, $284.68, +2.79%) and Intel (INTC, $36.28, +.64%) traded as the de facto barometers of AI capital expenditure; enthusiasm for data‑center build‑outs remained high even as periodic profit‑taking kept a lid on the most extreme gains.
Apple (AAPL, $272.19, +.13%), Broadcom (AVGO, $329.88, +1.18%) and Tesla (TSLA, $483.37, +3.45%) joined the session’s tech rebound, as all three featured prominently on high‑volume watch lists and options flow screens, indicating that institutional traders still treat them as core expressions of the growth and AI themes. Palantir Technologies (PLTR, $185.69, +4.74%) also sat near the top of liquidity leaderboards, reflecting ongoing interest in its defense‑and‑data AI narrative, while Meta Platforms (META) continued to benefit from expectations of resilient digital‑ad demand into 2026.
Oracle (ORCL, $180.03, +.88%) and other legacy enterprise names saw more mixed trading as investors weighed robust AI‑infrastructure revenue growth against heavier‑than‑expected capital spending and pressure on free cash flow, a reminder that not every AI story mints effortless margins. Nokia (NOK, $6.38, +2.57%) and Rio Tinto Group (RIO, $77.63, +.57%) remained more tethered to the slow‑burn realities of telecoms and global commodities, respectively, with their shares reflecting the tug‑of‑war between tariff uncertainties, infrastructure demand and China‑linked growth concerns.
McDonald’s (MCD, $319.65, +.30%) continued to trade as a defensive consumer stalwart, with investors still willing to pay for predictable cash flows and pricing power even as rate‑cut talk nudges growth names back into favor. Opendoor Technologies (OPEN, $6.28, +2.61%) remained a speculative housing‑cycle proxy, showing up in options flow but still hostage to the path of mortgage rates and the willingness of consumers to trade homes more often than stocks. Nuclear‑power startup Oklo (OKLO, $77.72, +2.34%) and other advanced‑energy names stayed in the spotlight of policy‑watchers and thematic investors, given the intersection of energy security, decarbonization and tariffs on critical materials.
Deals, IPOs and Primary Markets
The new‑issue market showed signs of life as a cluster of small and special‑purpose deals came to market, underscoring how rapidly bankers dust off term sheets whenever volatility ebbs. On the NYSE and Nasdaq, listings included American Drive Acquisition Company and other SPAC and niche offerings, with additional vehicles such as Vine Hill Capital Investment Corp. II and Libera Gaming Operations joining the week’s modest roster.
While 2025’s marquee IPOs remain concentrated in larger industrial, healthcare and consumer names that priced earlier in the week, today’s tape suggested that the window is at least partially open for opportunistic sponsors willing to accept more modest valuations. Merger and acquisition headlines were comparatively quieter, with no transformational megadeals capturing the tape, though the steady drumbeat of smaller strategic acquisitions—particularly in healthcare and technology—continued just below the threshold of market‑moving drama.
Vista Partners Watchlist Updates
Modular Medical, Inc. (Nasdaq: MODD., $.3550, +.42%), 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, $6.25, -.64%), 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, $.2401), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer, 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.
GeoVax announced (Dec. 16) that the United States Patent and Trademark Office (USPTO) has issued a Notice of Allowance for U.S. Patent Application No. 17/888,131, titled “Recombinant Modified Vaccinia Ankara (rMVA) Expressing Spike, Membrane, and Envelope Proteins of SARS-CoV-2.”
Volato Group, Inc. (NYSE American: SOAR, $1.10, +5.77%) and M2i Global, Inc. (MTWO, $.075), 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. (NYSE American: SOAR, $1.10, +5.77%) and M2i Global, Inc. (MTWO, $.075) 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, $2.64), 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, $29.08) 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 $11.33, +.71%. 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, $59.92, +11.05%), 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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