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S&P 500 set to rise for eight straight month
Michael Purves, Founder and CEO at Tallbacken Capital Advisors, discusses the latest market news including gold and silver hitting record highs and the merger landscape as Paramount Skydance adjusts its bid for Warner Bros.
The holiday-shortened week started with stocks moving higher in a broad advance that saw renewed appetite for the artificial-intelligence trade. Oil and gold rallied as the dollar fell.
Equities erased their December losses, with the S&P 500 set for an eighth straight up month - the longest winning run since 2018. About 400 of its shares advanced, with Tesla Inc. and Nvidia Corp. leading megacaps higher. A gauge of smaller firms climbed nearly 1.5%.
Despite bouts of volatility and concerns about the AI trade, tech has led the market to the upside this year, and it will probably be the difference between a positive and negative December, said Chris Larkin at E*Trade from Morgan Stanley.
“If a Santa Claus rally does kick in this year, St. Nick’s gift bag will likely need to be full of positive tech sentiment,” he noted.
It’s been a strong year for stocks and the big question is whether investors will carry that bullish mood into 2026.
Positioning in equities is rising and fund managers are maintaining record low levels of cash. Their expectations of a further rally are outweighing concerns over rich valuations. The Federal Reserve path is also being closely watched, with two US cuts priced for next year.
Fed Governor Stephen Miran told Bloomberg Television the central bank risks sparking a recession unless it continues lowering rates next year.
The S&P 500 hovered near 6,865. The yield on 10-year Treasuries rose two basis points to 4.17%. The dollar halted a three-day advance. Bitcoin climbed to around $90,000.
Oil rallied while gold and silver jumped to all-time highs amid geopolitical tensions.
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Published Dec 22, 2025
