America commands a significant share of global investment assets, with U.S. equities and bonds accounting for 47% of the world portfolio.

Retail Money Funds continue to post record highs, fear of recession continues at a high level.

The global race to build AI infrastructure has accelerated sharply. Estimated capital expenditures now total more than $5 trillion, equivalent to the annual GDP of Germany.

At the end of the final full week, semis and discretionaries were sold into the closing bell, unlike Nasdaq, biotech or smallcaps -- a good enough sign that the Santa Claus rally can enter its opening stage over the next two shortened weeks.

Given the recent sloppy and weak trading in the market, it is unsurprising that investors are questioning whether “Santa Will Visit Broad & Wall” this year.

Seasonality is the dominant consideration for the next 2 weeks and it has been modestly positive.

This week reinforced that markets are transitioning from narrative-driven rallies toward a more discriminating environment.

​​​​​​​Stocks have been this far overvalued only a handful of time within the past 25 years. They could drop 50-60% from today's levels and still not enter a true bear market.

Bitcoin saw upward movement after the Bank of Japan raised interest rates. The rate hike marked a shift in Japan’s monetary policy, yet financial markets responded with optimism. Bitcoin’s gains came alongside a broader rebound in U.S. stock futures.

The U.S. banking industry is closing 2025 on a powerful note, with third-quarter profitability having reached its highest level in over a decade. This robust performance must renew investor focus on the industry. Thus, here are ETFs to consider.