Analyst Highlights
- The Fed’s third 2025 rate cut underscored growing internal divergence, keeping yields range-bound and volatility selective rather than systemic.
- Equity leadership broadened, with small caps outperforming even as mega-cap tech lagged under valuation and AI spend scrutiny.
- Crypto markets showed distribution signals as long-term Bitcoin holders exited and risk appetite cooled despite structural adoption trends.
- Energy prices softened on supply expectations and sanctions maneuvering, while precious metals benefited from rate-cut positioning.
- Political risk remained elevated, with U.S. actions spanning Russia sanctions, Venezuela pressure, Ukraine negotiations, and Asia ceasefire efforts.
- Technology policy hardened globally as AI competition intensified, export controls tightened, and China advanced a $70B domestic chip push.
IPO’s in the week
- Daedalus Special Acquisition Corp. (DSACU, Nasdaq Global) — A Cayman Islands–incorporated blank-check company targeting business combinations across AI, consumer technology, fintech, and digital platforms, priced its IPO at $10.00 per unit on December 9, 2025, offering 22,500,000 units to raise $225.0M for a future merger or acquisition.
- Cardinal Infrastructure Group Inc. (CDNL, Nasdaq Global Select) — A North Carolina-based turnkey infrastructure services provider (wet utilities, grading, paving, site development) serving residential, commercial, industrial, and municipal projects across the Southeast, priced its IPO at $21.00 per share on December 10, 2025, offering 11,500,000 shares to raise $241.5M to support growth and operations.
- JM Group Ltd (JMG, NYSE American) — A Hong Kong–headquartered sourcing and wholesale solutions provider supplying consumer goods across categories like sports/outdoor, toys, seasonal décor, electronics, home/tools, apparel, and personal care, priced its IPO at $4.00 per share on December 10, 2025, offering 3,750,000 shares to raise $15.0M to support growth and working capital.
- Meshflow Acquisition Corp (MESHU, Nasdaq Global) — A Cayman Islands–incorporated blank-check company targeting business combinations primarily in blockchain and digital-asset infrastructure, priced its IPO at $10.00 per unit on December 10, 2025, offering 30,000,000 units to raise $300.0M for a future merger or acquisition.
- Bluerock Acquisition Corp. (BLRKU, Nasdaq Global) — A Cayman Islands–incorporated blank-check company formed to pursue a future merger or acquisition across any industry, priced its IPO at $10.00 per unit on December 11, 2025, offering 15,000,000 units to raise $150.0M for an initial business combination.
- Karbon Capital Partners Corp. (KBONU, Nasdaq Global) — A Cayman Islands–incorporated blank-check company targeting business combinations primarily in the energy industry (power generation, energy infrastructure, and energy technology/security) with themes tied to AI/data-center power demand and LNG ecosystems, priced its IPO at $10.00 per unit on December 11, 2025, offering 30,000,000 units to raise $300.0M for an initial business combination.
- Lumexa Imaging Holdings, Inc. (LMRI, Nasdaq Global Select) — One of the largest U.S. providers of outpatient diagnostic imaging services, operating 184 centers across 13 states with a focus on advanced modalities like MRI and CT, priced its IPO at $18.50 per share on December 11, 2025, offering 25,000,000 shares to raise $462.5M to support growth and operations.
- ITHAX Acquisition Corp III (ITHAU, Nasdaq Global) — A Cayman Islands–incorporated blank-check company targeting business combinations in asset management, leisure, hospitality, travel, entertainment, and lifestyle sectors, with a focus on AI- and digital-asset-enabled platforms across the U.S., Latin America, and Europe, filed for an IPO at $10.00 per unit to offer 20,000,000 units and raise $200.0M for an initial business combination.
- Twelve Seas Investment Co III/Cayman (TWLVU, Nasdaq Global) — A Cayman Islands–incorporated blank-check company targeting global business combinations, with a focus on established, profitable oil and gas and industrial companies outside the U.S., filed for an IPO at $10.00 per unit to offer 20,000,000 units and raise $200.0M for an initial business combination.
- Wealthfront Corp. (WLTH, Nasdaq Global Select) — A digital wealth-management and financial solutions platform for “digital natives” (Millennials and Gen Z) offering cash management, automated investing, lending, and financial planning tools, filed for an IPO at $14.00 per share to offer 34,615,384 shares and raise $484.6M, supporting continued platform growth and expansion.
Markets Weekly
- S&P 500 closed at 6,827.41, down 19.10 points, or 0.28%, for the week.
- Russell 1000 (IWB) closed at 372.67, down 0.80 points, or 0.21%, for the week.
- Russell 2000 closed at 2,551.46, up 30.48 points, or 1.21%, for the week.
- Russell 3000 closed at 3,882.58, down 5.59 points, or 0.14%, for the week.
- CBOE (VIX) closed at 15.74, down 0.92 points, or 5.52%, for the week.
- Dow Jones closed at 48,458.05, up 718.73 points, or 1.51%, for the week.
- Nasdaq (IXIC) closed at 23,195.17, down 350.73 points, or 1.49%, for the week.
- Bitcoin closed at $90,270.41, down $369.79, or 0.41%, for the week.
- Ethereum closed at $3,084.17, down $41.03, or 1.31%, for the week.
- Solana closed at $132.32, down $0.96, or 0.72%, for the week.
- XRP closed at $2.0091, down $0.0640, or 3.09%, for the week.
- Gold closed at $4,300.10, up $112.90, or 2.70%, for the week.
- Silver closed at $61.36, up $3.58, or 6.19%, for the week.
- WTI crude closed at $57.44, down $1.44, or 2.45%, for the week.
- Brent crude closed at $61.12, down $1.37, or 2.19%, for the week.
- Bitcoin slid nearly 30% from its $126K peak as long-time holders sold at one of the fastest rates in years.
- U.S. Fed cuts rates for a third time in 2025, highlighting internal splits and data dependence as markets recalibrate post-FOMC.
- Global themes include central bank decisions and geopolitical policy risk shaping markets amid lingering economic data uncertainty.
- Trump Media & Technology Group Corp. will merge with TAE Technologies in an all-stock deal valuing the combined company at over $6B.
- China’s AI startup DeepSeek reportedly used Nvidia chips banned for China to build an upcoming AI model, according to The Information.
- Deutsche Bank and Goldman Sachs expect the dollar to weaken in 2026 as Fed rate cuts continue.
- Pakistan’s central bank unexpectedly cut rates to 10.5% after the IMF approved another loan payout, citing stable inflation and room to support growth.
Politics Weekly
- Belarus released 123 political prisoners, including high-profile figures, marking a potential diplomatic shift concurrent with eased U.S. sanctions.
- Pope Leo XIV warned Trump’s remarks about Europe risk fracturing the long-standing US–Europe alliance.
- Ukraine sent a revised peace plan to Washington as Trump spoke with European leaders on ending the war.
- Trump criticized Europe’s Ukraine efforts, saying Russia has the upper hand and his plan could reshape transatlantic ties.
- The U.S. extended a sanctions waiver for certain Lukoil transactions until next month as talks intensified over selling the company’s foreign assets.
- U.S. forces seized a sanctioned oil tanker off Venezuela’s coast, escalating tensions between Washington and Caracas.
- Trump said he will meet former Fed Governor Kevin Warsh as he weighs candidates for the next Fed chair.
- Trump said he would oppose any Warner Bros. Discovery deal that does not include the sale of CNN.
- Ukrainian President Volodymyr Zelenskiy floated a referendum on ceding Donbas territory as U.S.-backed peace efforts intensify.
- The U.S. seized an oil supertanker off Venezuela’s coast to pressure Nicolas Maduro by cutting oil revenue and forcing a transfer of power.
- Vladimir Putin expressed solidarity with Venezuela in a call with Nicolas Maduro, the Kremlin said, amid rising external pressure.
- Trump issued an executive order directing the SEC to review regulations governing proxy advisory firms.
- Trump plans to designate Peru a major non-NATO ally, citing shared security priorities including regional stability, counternarcotics, and economic ties.
- Trump said Thailand and Cambodia agreed to a fresh ceasefire after he urged both leaders to halt renewed fighting.
Technology Advancements in the week
- OpenAI unveiled GPT-5.2, a faster model improving ChatGPT’s coding and reasoning as competition with Google intensifies.
- Perplexity AI relaunched its iPad app with improved multitasking and new research tools as it targets more business customers.
- China is considering up to $70B in incentives to support domestic chipmaking, including subsidies and financing worth roughly 200B–500B yuan.
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