Europe Asia News

On an annual basis, last year the S&P 500 rose 16.6% and the Nasdaq climbed 20.4%, posting double-digit returns for a third consecutive year, largely driven by AI-focused growth and the impact of interest rate cuts by the U.S. Federal Reserve.

Meanwhile, the Dow gained 13.2%, somewhat constrained by the limited impact of large-cap technology companies. Standout performers included Palantir Technologies up 136.40%, AppLovin up 97.15%, Alphabet up 65.23% and Nvidia up 34.84%.

Market momentum was capped by geopolitical risks and new U.S. tariffs that increased volatility. Investors also faced challenges due to high valuation levels and shifting expectations regarding the Fed’s monetary policy.

Volatility in gold and silver complicated year-end rebalancing and cautious positioning into early 2026. Investors are now awaiting next week’s manufacturing and services PMIs as well as JOLTS data.