Good Morning Investors!!! After Wednesday’s short holiday session, U.S. stocks kept the Santa rally vibe alive with fresh record closes, while the bond market stayed twitchy as traders game out the next Federal Reserve (Fed) (U.S. central bank) moves and leadership headlines. Meanwhile, gold just hit a new high, which is a fancy way of saying some investors still like a safety blanket even when stocks are smiling. Today’s calendar is light, so markets may drift unless rates or oil decide to make noise, and Monday brings a busier batch with trade and housing signals. We also spotlight the “toll booth” side of Wall Street (exchanges and market data) and look at Coupang’s trust test after a customer data leak update.
Key Market DriversSanta rally starts with record closes: U.S. stocks walked into Christmas with a grin. In Wednesday’s short session, the Dow Jones Industrial Average and the S&P 500 closed at record highs, the Nasdaq also edged up, but the record closes were the Dow and S&P 500.Investors stayed upbeat because the Federal Reserve (US central bank) is expected to cut rates in 2026, jobless claims fell, and profit hopes for next year remain high. A Santa Claus rally (late-Dec and early-Jan stock bump) can fade fast, so watch carefully when volume comes back. 
Nasdaq 1 Year Price Chart
Rates and the dollar stay jumpy into year-end: Overnight, Asian stocks rose, while the U.S. dollar stayed weak as traders debate when the Fed cuts again. Rate futures (bets on future rates) price in at least two cuts in 2026, even though the Fed leans closer to one, so each data point can nudge stocks. Now for a touch of politics. President Donald Trump is expected to name the next Fed chair, since Jerome Powell’s term ends in May. Bond yields can swing on that pick, and those swings feed into mortgage and business loan costs. Gold hits a new high, and silver tags along: Gold hit a record, trading near $4,516 an ounce as of early this morning after a higher peak earlier. Silver also set a new high. Safe-haven buying, Fed rate-cut bets for 2026, and demand from central banks and gold exchange-traded funds helped carry the prices higher. When gold runs this hot, it can signal that some investors want a safety blanket, not just more stocks. For new investors, it is a reminder that different assets can shine at different times. Oil stays calm, but supply worries hang in the air: Oil prices were steady in thin post-holiday trade. Brent crude hovered near $62.4 a barrel and West Texas Intermediate sat near $58.50. Traders watched fresh U.S. action tied to Nigeria and Venezuela, plus talk of Russia-Ukraine peace talks. The bigger weight is supply. Output from the Organization of the Petroleum Exporting Countries and allies (OPEC+) and other producers has many traders bracing for a glut in 2026. Cheaper oil can cool gas prices, but it can also pinch energy stocks and some oil-heavy regions. |
Thoughts from InvestorsGrow:
The calendar today is pretty light. The Staff Nowcast is worth a quick peek because it is a fast way to see if recent data is stacking up as “hot” or “not.” (Nowcast: a real-time guess of growth before the official number.)
Monday is the main event since the weekend is a data nap. The trade report can nudge Gross Domestic Product (GDP) (the economy’s total output) math, so a smaller gap can look like a tailwind for growth. Pending home sales matters because housing feeds jobs, spending, and confidence, and the bill auctions are a quick read on demand for safe parking spots.
Exchanges and Market Data: Wall Street’s toll booths
Exchanges run marketplaces where trades happen, and they collect fees each time someone buys or sells. Think toll booths: they get paid when traffic is heavy. A quick tracker is the iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI), up about 25% over the past year and closing at $183.93 on Dec. 24.
Two things tend to help this group. One is volatility (big price swings), which often means more hedging (cutting risk) and more trades. (Derivatives: contracts that track things like rates or oil.) The other is market data, since many sell prices and tools on subscriptions.
CME Group (CME):
CME runs futures markets, especially in U.S. interest rate contracts. That focus can shine when traders are debating the Federal Reserve (Fed) (U.S. central bank) path. It said November average daily volume (ADV) (contracts traded per day) was 33.1 million, and it is pushing into prediction markets with a sportsbook partner.
Intercontinental Exchange (ICE):
ICE owns the New York Stock Exchange and runs futures and clearing (the back-office step that settles trades). It stands out for its data and tech units, including mortgage software and research. That can add steadier fee income alongside trading. Its mortgage data has flagged how small rate drops can spark refinance demand.
London Stock Exchange Group (LSEG.L):
LSEG is the London exchange operator, but much of its profit comes from data, indexes, and clearing. It has been leaning into artificial intelligence (AI), including a plan to let users pull its licensed market data inside ChatGPT. It also announced a deal around its post-trade unit and a share buyback.
InvestorsGrow Takeaway:
Exchanges can earn in two seasons: calm markets pay the data “subscription” and choppy markets pay extra trading fees. When you track them, watch volume trends and the stickiness of their data sales.
Coupang (CPNG)
Coupang is a South Korea-focused online store and delivery firm that trades in the United States. It sells daily goods, runs its own hubs, and uses its “Rocket Delivery” system to get orders to you fast. It also earns fees from sellers and ads.
Yesterday, Coupang said leaked customer info has been deleted by the suspect. The firm said a former employee downloaded data for about 3,000 customers out of roughly 33 million, and claims it was erased without being shared. South Korea’s science ministry said the probe is still open and has not confirmed those claims. Shares jumped about 6% before the open.
Why it matters is simple: trust is part of the product. Even if payment data was not taken, regulators can fine firms and customers can walk. The company may also spend more on online security, which can trim profits. (Margin: profit left after key costs are paid.) In its most recent quarter, Coupang said revenue rose 18% from a year ago to about $9.3 billion. What to watch next is any official update on the breach and possible penalties. Also listen for comments on the next earnings call about security spend and customer growth.
InvestorsGrow Takeaway:
Coupang’s edge is speed. Its delivery network is hard to copy, and strong sales growth can add up if shoppers stick around. The red flag is repeat risk. If this turns into a long string of fines, lawsuits, or higher costs, the stock can lose its shine even if the carts stay full.
