Wall Street Tiptoed Toward Euphoria on Wednesday - Dec. 3, 2025 -( $BTC $COST $DV $EPRX $GOVX $INTC $MCD $MODD $MTWO $NOK $OKLO $ORCL $PLTR $RIO $SOAR $TSLA $TSM Rise!) - Vista Partners LLC

Wall Street tiptoed toward euphoria on Wednesday as weak jobs data rekindled rate‑cut hopes, sending the Dow to another record while tech leaders mostly took a breather and hard assets reminded everyone who really owns the inflation narrative.

Indexes and macro backdrop

The S&P 500 added about 0.3% to finish near 6,850, with the Dow Jones Industrial Average up roughly 0.9% (about 400 points) to just under 47,900, while the Nasdaq managed only a modest 0.2% gain as some heavyweight tech names lagged; the small‑cap Russell 2000 stole the spotlight with a rally of about 1.91% as investors rotated into domestically focused cyclicals and the growth investment became attractive. Fresh ADP data showed the private sector shed roughly 30,000–35,000 jobs in November, a “bad news is good news” print that strengthened market conviction that the Federal Reserve will deliver another rate cut at next week’s meeting. The 10‑year Treasury yield hovered just above 4.0%, easing slightly on the day as di the 2-yr which came in at 3.494% and reinforcing the view that the tightening cycle has definitively rolled over even as the Fed remains publicly non‑committal.

Fed, tariffs and Washington

Attention is now firmly fixed on the December 10 FOMC decision, with futures markets pricing high odds of a 25‑basis‑point cut and Chair Jerome Powell slated to explain the committee’s thinking in a 2:30 p.m. ET press conference that could set the tone for early 2026. The backdrop is increasingly political: President Donald Trump continues to champion tariffs as a revenue engine even as economists question whether customs duties can meaningfully replace income taxes, and legal challenges to the latest tariff architecture are heading toward a Supreme Court test. Businesses are not waiting for the verdict, with firms such as Costco (COST, $922.26, +.02%) moving to secure potential tariff refunds and a separate U.S.–China understanding outlining mutual steps to trim some agricultural and “fentanyl‑related” levies, offering a narrow but notable de‑escalation in a broader tariff regime that still weighs on supply chains. On fiscal policy, markets continue to digest the economic scars from the recently ended 43‑day government shutdown, which federal agencies and airlines now quantify in the hundreds of millions of dollars in lost activity even as appropriations talks lurch into the next round.

Metals, oil and crypto

Gold continued to loiter around the low‑$4,200s per ounce, with spot and futures pricing implying only fractional day‑to‑day moves but a roughly 60% surge over the past year as investors hedge both tariffs‑driven inflation and policy uncertainty. Silver, having stolen the crown in percentage‑gain terms, traded around the high‑$58s per ounce after recently punching through a record near $59.70, as a combination of tight physical supply and speculative enthusiasm turned the market into a late‑cycle hero. Oil remained the designated wallflower: Crude settled near $59.10 a barrel, up .78% on the day and down more than 15% from a year ago as persistent oversupply and a subdued demand outlook offset any geopolitical risk premium. Bitcoin (BTC), by contrast, resumed its role as macro mood ring, moving up nearly to %94k again after a multi‑day rebound that crypto advocates are happily attributing to the prospect of looser Fed policy and growing institutional participation.

Big tech, chips and AI

Among the market’s celebrity names, the mood was more mixed than the indexes suggested, with investors quietly rebalancing away from the AI darlings that have led all year. Nvidia (NVDA, $179.59, -1.03%), Apple (AAPL, $284.15, -.71%), Tesla (TSLA, $446.74, +4.08%), Broadcom (AVGO, $389.61, -.25%), Meta Platforms (META, $639.60, -1.16%) and Intel (INTC, $43.76, +.67%)all spent the session trading against a backdrop of earlier analyst enthusiasm for AI infrastructure spending, EV normalization and premium handset demand, but the day’s leadership came from smaller cyclicals rather than the Large‑cap cohort. Taiwan Semiconductor (TSM, $295.45, +1.15%) remained in focus as recent results showing more than 40% year‑over‑year revenue growth and nearly 60% gross margins on the strength of its 3‑ and 5‑nanometer nodes kept it at the center of every AI supply‑chain discussion, even as the stock still trades at what some houses describe as a “discount” to its growth profile. Oracle (ORCL, $207.73, +3.30%) , a later‑cycle AI infrastructure story, continued to wrestle with a narrative reset after a sharp autumn drawdown that left investors questioning how much of its cloud backlog reflects durable demand versus one‑off mega‑deals with partners such as OpenAI. Oracle reportedly received an “Overweight Rating” from at least Wall Street analyst today.

Health care, consumer and the rest of the tape

In health care, Eli Lilly (LLY, $1,033.56, -1.20%) remained the market’s quietly unstoppable compounder, supported by a still‑crowded bull camp that points to surging GLP‑1 demand, raised full‑year guidance and improving 2025–2026 earnings estimates as reasons the stock’s premium multiple has, so far, refused to mean‑revert. McDonald’s (MCD, $307.71, +2.32%) traded against the familiar “fortress consumer” theme as investors continued to treat the chain as a defensive winner in a higher‑price, higher‑wage world, even while government shutdown fallout and tariffs complicate the broader restaurant and retail cost picture. At the more speculative end of the spectrum, Opendoor (OPEN, $6.94,-.72%), nuclear micro‑reactor developer Oklo (OKLO, $96.59, +5.17%) and data‑analytics mainstay Palantir (PLTR, $176.08, +3.16%) stayed in the conversation as vehicles for housing‑cycle leverage, next‑gen energy and defense‑tech spending respectively, with Palantir in particular drawing interest from investors tracking its multi‑year total‑return profile through early December. Nokia (NOK, $6.26, +1.13%) and Rio Tinto (RIO, $74.28, +2.68%) gave international flavor to the tape, with the former still battling for relevance in a crowded 5G and network‑equipment landscape and the latter positioned as a bellwether for how tariffs and China‑related policy shifts filter into global demand for iron ore and industrial metals.

Deals, IPOs and corporate activity

The day’s deal flow leaned heavily toward the blank‑check end of the spectrum, as General Purpose Acquisition Corp. began trading units on Nasdaq under the symbol GPACU after pricing a $200 million SPAC IPO, adding yet another vehicle to an already busy late‑year new‑issue calendar. The broader U.S. IPO docket for the week included additional SPACs and smaller operating companies across energy, dental services, de‑SPAC‑type acquisition vehicles and international growth stories, underscoring that while traditional large‑cap IPOs remain selective, the market for specialized and financial‑engineering‑heavy listings is very much open. In SPAC‑adjacent housekeeping, holders of Drugs Made In America Acquisition II units gained the ability to separately trade common shares and rights on Nasdaq starting today, a reminder that even in a rate‑cut countdown, there is always room on Wall Street’s stage for one more capital‑raising structure.

VP Watchlist Updates

Modular Medical, Inc. (Nasdaq: MODD., $.4211, +6.88%, a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps, today (Nov. 17) 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, $5.96, +2.14%), 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, $.4007, +7.77%, a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer, reported (Nov. 13) its financial results for the quarter ended September 30, 2025, and provided a business update highlighting key corporate and clinical advancements across its vaccine and oncology programs. David Dodd, CEO of Geovax stated, “As highlighted in this report, during the third quarter GeoVax continued making important progress, advancing innovative vaccines and immunotherapies that address urgent and underserved medical needs. With continued global Mpox spread and constrained vaccine supply, our GEO-MVA program represents a U.S.-based, scalable, next-generation MVA platform. Our EMA and BARDA-aligned program position GeoVax to accelerate regulatory readiness and commercial entry. For our GEO-CM04S1 COVID-19 vaccine program, recent clinical presentations validate our belief that multi-antigen vaccines – expressing both spike and nucleocapsid – are essential for breadth and durability in vulnerable immunocompromised populations. In particular, the robust immune responses demonstrated in Chronic Lymphocytic Leukemia (CLL) patients represents a meaningful step forward in addressing the unmet needs of over 40 million immunocompromised Americans. In our Gedeptin(R) oncology program, the expansion into multiple solid tumor indications builds upon a growing recognition that tumor-targeted immune priming can dramatically improve checkpoint outcomes. We are executing a clear path to clinical and commercial value creation. GeoVax continues to execute with purpose and discipline. Our multi-antigen vaccine and immunotherapy platforms position the Company squarely within the national call to strengthen America’s health security, expand domestic manufacturing, and deliver equitable global solutions.”

Volato Group, Inc. (NYSE American: SOAR, $1.26, +.80%%) and M2i Global, Inc. (MTWO, $.0973, +353%), a company specializing in the development and execution of a complete global value supply chain for critical minerals, 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, $3.48) stands at a pivotal juncture as it harnesses fresh capital, regulatory momentum, and a sharpened communications strategy to propel its lead program, SER-252, into late-stage clinical testing for advanced Parkinson’s diseas. The Alabama-based biotech is betting its proprietary POZ platform and reimagined approach to apomorphine delivery may redefine the treatment paradigm for patients who have e96xhausted standard oral therapies.

The InterGroup Corporation (NASDAQ: INTG, $32.25) 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.”

Nokia (NOK, $6.26, +1.13%) is promising investors a sleeker, AI‑age version of itself by 2028, aiming to lift profits by as much as 60% while quietly admitting that the road there runs through a restructuring zone. Nokia today announced it has been selected by KPN, a Dutch telecommunications company, to help transform the Netherlands’ core digital infrastructure through the deployment of an 800G-capable IP and optical network. This nationwide initiative, known as FabriQ, forms the ‘digital aorta’ for all fixed and mobile services delivered by KPN to millions of consumer, business and wholesale users across a range of enterprise sectors, supporting increased speed, greater resilience and supporting KPN’s focus on reduced energy use. KPN is the leading telecom provider in the Netherlands, offering mobile, fixed-line, IT and wholesale services. The company has been rapidly expanding its fiber-optic network, aiming to make high-speed broadband widely available across the Netherlands.

Opendoor Technologies Inc. (OPEN, $6.94) a digital red estate disruptor, jumped higher as the belief that interest rates would be cut in December rose significantly.

DoubleVerify Holdings Inc. (DV) closed at $10.82, +.65%. DoubleVerify Holdings is a software company that helps advertisers verify and improve the quality and performance of their digital ads across the web, apps, social platforms, and connected TV. DoubleVerify provides a digital media measurement and analytics platform that checks whether ads are viewable, shown to real people (not bots), served in brand‑safe environments, and delivered in the right geography. Its tools give advertisers independent, third‑party data so they can reduce ad fraud, avoid unsafe content, and get better return on their digital ad spend. DoubleVerify primarily earns revenue by charging advertisers, agencies, and platforms based on the volume of media it measures (such as impressions or transactions). Its technology is integrated with major ad platforms and programmatic exchanges, and is used globally by brands, marketplaces, and publishers to monitor and optimize campaigns.

Wall Street Tiptoed Toward Euphoria on Wednesday – Dec. 3, 2025 -( $BTC $COST $DV $EPRX $GOVX $INTC $MCD $MODD $MTWO $NOK $OKLO $ORCL $PLTR $RIO $SOAR $TSLA $TSM Rise!)

Indexes and macro backdrop

Fed, tariffs and Washington

Metals, oil and crypto

Big tech, chips and AI

Health care, consumer and the rest of the tape

Deals, IPOs and corporate activity

VP Watchlist Updates

Sources

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