Single-stock moves reflected event-driven trading. Vanda Pharmaceuticals surged after the US FDA approved its motion-sickness treatment tradipitant. Axsome Therapeutics jumped after its Alzheimer’s drug received priority review. Corcept Therapeutics plunged after regulators rejected its therapy for a form of high blood pressure. The decision widened the day’s biotech dispersion.
Silver slid as CME Group raised margins on precious-metal futures for the second time in a week. Volatile trading drove the change, and it takes effect after Wednesday’s close. Newmont slipped as mining shares tracked the higher funding terms. Markets also watched . The stock traded little changed on Warren Buffett’s last day at the firm. In November, Buffett said he was “going quiet,” ending a long public chapter.
Macro data offered limited direction, although jobless claims surprised. Initial claims fell 16,000 to 199,000 in the week ended Dec. 27. This reading beat the 218,000 median estimate. Bloomberg economist Eliza Winger said seasonal adjustments likely distorted the number. However, she expected weak hiring to keep the Federal Reserve open to rate cuts in 2026.
Treasuries held steady, with the 10-year yield near 4.15%. The dollar fluctuated after a run of gains, while Bitcoin traded near $88,500 after settling into a broad post-crash range. Oil stayed under pressure into year-end and into 2026. Brent held near $62 a barrel as traders weighed higher supplies and near-term OPEC+ focus.
Roberto Scholtes at Singular Bank said managers realigned to the benchmark. He added that his base case kept the bull run intact, though he expects more volatility and mid-single-digit returns going forward.
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