Good afternoon! US offshore wind just hit a hard stop. The Interior Department suspended federal wind leases over national security concerns, freezing power and construction at five East Coast projects that could supply about 2.5 million homes, including the already-operating Vineyard Wind 1.
The administration cited classified Pentagon risks and radar interference, but the move sparked backlash from developers and labor groups who warn of job losses and tighter power supplies as AI-driven electricity demand keeps rising.
MARKETS
Stocks wrapped up the day with another milestone. The S&P 500 logged its fourth straight gain and closed at a fresh record, powered by Big Tech strength that also lifted the Nasdaq 100, even as the Russell 2000 lagged.
A delayed Q3 GDP report showed the economy growing at its fastest pace since late 2023, briefly stirring worries about how much room the Fed has to cut next year. Those jitters faded fast, Treasurys finished mostly flat, and investors headed into the holidays feeling pretty good, helped along by gas prices hitting a four-year low.
STOCKS
Winners & Losers
What’s up 📈
Novo Nordisk jumped 7.3% after the FDA approved the first GLP-1 weight-loss pill, a major breakthrough that could push obesity treatments beyond injections and into the mainstream $NVO
The approval lifted other pill hopefuls too, with Viking Therapeutics up 2.85% and Structure Therapeutics surging 12.71% as investors warmed up to the broader weight-loss drug pipeline $VKTX $GPCR
ZIM Integrated Shipping climbed 5.78% after board members said the company is fielding multiple acquisition offers, reigniting takeover chatter in a beaten-down shipping sector $ZIM
Hycroft Mining surged 10.69% again as optimism grew around stronger-than-expected results at its Nevada mine, extending momentum from the prior session $HYMC
Unusual Machines jumped 9.24% and AeroVironment rose 2.26% after the FCC banned drones and components from several Chinese manufacturers, giving domestic drone makers a regulatory tailwind $UMAC $AVAV
What’s down 📉
ServiceNow slipped 1.48% after announcing a $7.75 billion acquisition of cybersecurity startup Armis, sparking concerns about deal fatigue and integration risk $NOW
Crypto-linked stocks slid after bitcoin dropped overnight, with Coinbase down 2.26%, Strategy falling 3.88%, and Robinhood Markets losing 1.74% $COIN $MSTR $HOOD
The Metals Company fell 5.19% after regulators opened a public comment period on its deep-seabed mining licenses, adding another layer of uncertainty $TMC
Asana tumbled 6.05% after its COO disclosed large insider share sales, rattling investors already wary of software execution risk $ASAN
MARKETS
Gold, Silver, and Copper Are on a Record-Breaking Tear (Again)
If it feels like déjà vu, that’s because it is. Gold, silver, and copper just smashed fresh all-time highs, extending what’s quietly been one of the most powerful trades of 2025. Commodities, long treated as the boring ballast of portfolios, are suddenly stealing the spotlight from stocks and bonds.
The Year of Hard Assets
Gold has been the steady anchor, fueled by a familiar cocktail: geopolitical uncertainty, shifting tariff policy, central-bank buying, falling yields, and a softer dollar. Every time risk flares up, investors keep reaching for the same safety blanket, and so far it hasn’t failed them. Even stronger U.S. data only managed to cause brief stumbles before buyers stepped right back in.
Wall Street thinks the run isn’t over. Major banks expect gold prices to keep climbing into 2026 and beyond, pointing to sustained central-bank demand, potential Fed rate cuts, and investors continuing to diversify away from paper assets.
Silver Steals the Show
Silver has been the real overachiever. Tight supply met surging demand from both consumers and industry, sending prices soaring after a historic inventory squeeze earlier this year. Heavy buying from India, combined with growing use in solar, electronics, and electrification, turned silver into both a safe haven and a growth play.
Some analysts now see current levels as a new baseline rather than a peak. Expectations are building that silver’s industrial role will keep demand elevated even if speculative froth cools.
Copper Joins the Party
Copper’s rally has been driven less by fear and more by foresight. Traders rushed to lock in supply amid concerns about future tariffs, while demand from electrification, grid upgrades, data centers, and AI infrastructure keeps accelerating. The result has been a wave of front-loaded buying and swelling inventories inside the U.S.
Looking ahead, analysts see copper as a direct bet on the physical buildout of the AI era. If power grids, data centers, and electrification keep expanding, copper’s story may still be in the early chapters.
Bottom line: 2025 quietly turned into the year commodities stopped being boring. And with many of the same forces lining up for 2026, this rally might have more legs than most investors expect.
NEWS
Market Movements
💊 Novo Nordisk lands the first weight-loss pill: Novo Nordisk surged after the FDA approved Wegovy as the first oral GLP-1 obesity drug in the US. The pill launches in early 2026, giving Novo a first-mover advantage just as the obesity drug race heats up and investors look for a momentum reset. $NVO
🎬 Disney stacks another global blockbuster: Disney is closing in on another billion-dollar hit after Avatar: Fire and Ash delivered a massive global opening weekend. International markets and premium formats like IMAX carried the release, extending Disney’s already dominant box-office year. $DIS
🚗 Tesla loses ground in Europe: Tesla’s sales continue sliding across the EU even as overall EV demand grows, signaling a company-specific slowdown rather than a market-wide one. Cheaper Chinese rivals are gaining share quickly, turning Europe into a real pressure point for Tesla’s global strategy. $TSLA
🛡 ServiceNow makes cybersecurity non-negotiable: ServiceNow agreed to acquire cybersecurity firm Armis for $7.75 billion, its largest deal ever. The move embeds security directly into enterprise workflows as AI expands attack surfaces and trust becomes mandatory. $NOW
🏭 China chip tariffs pushed far into the future: The US outlined plans to tariff Chinese semiconductors but delayed any action until mid-2027. Markets barely reacted, viewing the move as long-term leverage rather than an immediate trade shock.
🚁 Chinese drones grounded, US makers get a lift: The FCC blocked new Chinese-made drones from entering the US, targeting industry leader DJI over national security concerns. With few domestic alternatives ready at scale, US drone suppliers are emerging as default winners. $UMAC
ECONOMY
US GDP Surprises With Strong Third Quarter Growth
The third quarter GDP report finally arrived and it showed an economy that was moving faster than expected over the summer. Growth came in well ahead of forecasts and marked the strongest pace in roughly two years, a reminder that momentum was still alive before fall rolled around. Markets welcomed the headline even though the data is already a few months old.
Consumers Did the Heavy Lifting
Household spending was the main engine behind the strong showing, with Americans opening their wallets more aggressively than in the prior quarter. A big contributor was a last-minute rush into electric vehicle purchases ahead of expiring tax credits, which pulled demand forward and padded the numbers. It boosted growth, but it may also have borrowed from future spending.
Later data adds a reality check. Consumer confidence has slid since then, hitting its weakest level since spring, suggesting that enthusiasm faded as inflation worries, tariffs, and political uncertainty piled up. That makes the summer strength look impressive, but potentially temporary.
A Snapshot, Not a Promise
This report also comes with a timing problem. The government shutdown delayed the release, making it more backward-looking than usual and less useful as a real-time signal. The economy clearly had momentum in the third quarter, helped by spending and ongoing AI-related investment, but newer indicators point to a slower pace heading into year-end.
The Takeaway: The US economy put up a strong quarter when it counted, but investors should not mistake this for a guarantee of smooth sailing ahead. Think of this GDP print as a highlight reel, not a trailer for what comes next. The next on-time report will matter far more than this overdue surprise.
CALENDAR
On The Horizon
Tomorrow
‘Twas the night before Santa, and Wall Street is already checking out. Before investors fully switch from stock tickers to cookie logistics, there’s one last data point worth a glance: the weekly jobless claims report, arriving as a final pulse check on the labor market.
A quick scheduling note while you’re setting alarms. Markets close early tomorrow at 1pm ET, and we’re doing the same. Expect the newsletter to land in your inbox ahead of schedule, just in time to log off and start pretending you didn’t peek at your portfolio.
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