**Markets** U.S. stocks closed higher on Christmas Eve, with the S&P 500 hitting a record high. Among the top 20 stocks by trading volume, NVIDIA reportedly paused testing Intel’s 18A process technology. Key Chinese ADRs were mixed: TSMC rose 0.70%, while Alibaba fell 0.72%.

Oil prices stabilized Wednesday as traders weighed U.S. economic data and geopolitical tensions. Gold retreated slightly from record highs as profit-taking kicked in. European equities mostly gained, with Germany’s DAX 30 up 0.19%.

**Macro** The U.S. DOJ uncovered over a million new documents potentially linked to Jeffrey Epstein. A judge upheld the Trump-era $100,000 H-1B visa fee rule. The White House ordered the military to focus on Venezuela’s oil "blockade" for at least two months.

U.S. initial jobless claims dropped to 214,000, signaling labor market resilience.

**Corporate** Tesla Motors faces a U.S. probe over Model 3 door unlock defects. NVIDIA is reportedly in talks to acquire AI chip startup Groq for $20 billion. Nike surged over 4% after Apple CEO Tim Cook increased his stake. BP plans to sell a 65% stake in Castrol, valuing the unit at $10 billion.

Louis Dreyfus announced its CFO’s "unexpected" death at age 52. NVIDIA’s rumored halt in outsourcing tests sent Intel shares down 3.8% at the open.

**Commodities & Bonds** Oil dipped amid oversupply concerns and geopolitical risks. Copper extended its record rally, while gold edged lower. The U.S. 7-year Treasury yield settled at 3.93%. The Bloomberg Dollar Index hit its lowest since early October, with the yen leading gains.

**Commentary** Global trade faces four major challenges, potentially making 2026 another tough year. Three unexpected market moves caught Wall Street off guard in 2025. Critics argue the White House overlooks AI risks in its economic push.

Private equity’s reliance on circular deals draws investor warnings of systemic flaws.

**U.S. Equities** The S&P 500 closed at an all-time high ahead of Christmas, heralding the start of the "Santa Claus rally."