The S&P 500 spent most of the week in the red before rallying on Friday. Investors will keep an eye on more economic data in the coming holiday-shortened trading week.
Stocks
The S&P 500 began the week on shaky ground as investors continued to rotate out of AI stocks and toward cyclical stocks—a theme that started the prior week. On Tuesday, fresh jobs data revealed a better-than-expected November for nonfarm payrolls, but also escalating unemployment in October. While the data didn't immediately impact the market's expectations regarding future interest rate cuts, the broader market continued to feel pressure, particularly in the AI sector. Wednesday brought more of the same. On Thursday, however, the release of the previously delayed November Consumer Price Index report showed cooler-than-expected inflation. This, along with a strong earnings report from the tech sector, temporarily boosted stocks. On Friday, news of an acquisition by Oracle (
Bonds
US Treasury yields were relatively quiet during the first half of the week as the market weighed the latest unemployment data, which yielded better-than-expected results in November, but also potentially concerning unemployment numbers in October. On Thursday, however, yields fell as the previously delayed November CPI report revealed cooler-than-expected inflation, increasing expectations of further interest rate cuts in 2026. On Friday, they moved higher again amidst a new report that showed consumer sentiment was weaker than predicted this month.
Oil
Oil prices got a boost during the week due to new developments regarding geopolitical tensions. On Tuesday, prices briefly touched lows not seen since 2021, but this wouldn't last long, as news regarding geopolitical developments helped trigger a bounce. Prices rose again on Thursday and Friday as a fresh batch of geopolitical news pushed the market higher.
Gold
After jumping 2.43% during the prior week, gold briefly pushed above its prior week's high before falling back within the weekly range. Cooler-than-expected inflation data and new unemployment data suggesting a potentially cooling jobs market helped support its price during the week, as investors continue to monitor the possibility for interest rate cuts in 2026.
Crypto
Following a 2.5% drop the prior week, bitcoin continued to fall, briefly trading back below $85,000. It attempted a rally on Tuesday that sent it back to $90,000, but it would be short-lived. However, Friday brought some relief amidst a new rally that pushed it into the upper half of its weekly range. Altcoins felt downward pressure early in the week as well, with ethereum at one point trading below $2,800. However, it too rallied on Friday, at a larger magnitude compared to that of bitcoin. As of Friday evening, bitcoin was up 2.8% on the day, while ethereum was up 5.7%.
| Past week | Year-to-date | 5-year | |
|---|---|---|---|
| S&P 500 | –0.3% | 16.3% | 84.3% |
| Oil (WTI crude) | –1.9% | –22.6% | 17.3% |
| Gold (New York) | 0.2% | 64.3% | 132.4% |
| Bitcoin | –0.4% | –6.8% | 274.5% |
Source: Yahoo Finance, as of December 19, 2025.
KEY DATA FOR THE WEEK OF DECEMBER 22
Despite the upcoming holiday week, several economic reports are on deck, including another update on domestic employment numbers.
| Ennis ( |
Consumer confidence – Tuesday |
| Limoneira ( |
New home sales – Tuesday |
| iHuman ( |
Durable goods orders – Wednesday |
| Outlook Therapeutics ( |
Jobless claims – Wednesday |
| EIA petroleum status report – Wednesday | |
| EIA natural gas report – Wednesday | |
| See the full earnings calendar (login required). | See the full economic calendar. |
Source: Fidelity.com, as of December 19, 2025.