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Here is the summary of the US stock market activity for the week ended Friday, December 12, 2025.
Market Action For Last Week
The market saw a distinct rotation this past week. While large-cap tech (QQQ) and the broader S&P 500 (SPY) pulled back from recent highs—likely digesting the Fed's recent moves—Small Caps (IWM) bucked the trend, posting a gain. This divergence suggests traders are rotating capital rather than exiting the market entirely.
ETFClosing Price (Fri, Dec 5)Closing Price (Fri, Dec 12)Point Change% Change
SPY (S&P 500)$685.69$681.76-3.93-0.57%
QQQ (Nasdaq-100)$625.48$613.52-11.96-1.91%I
WM (Russell 2000)$250.77$253.85+3.08+1.23%
Upcoming Major Economic Reports and Potential Market Moving Events
This week is critical. Due to the recent government funding lapse, we are facing a "data deluge" where delayed reports (like the Jobs Report and CPI) are being released in a compressed timeframe. Expect heightened volatility as the market attempts to price in weeks of missing data all at once.
Monday, December 15
- NY Empire State Manufacturing Index: Early look at manufacturing health in the Northeast.
- NAHB Housing Market Index: Gauge of homebuilder sentiment.
Tuesday, December 16
- Monthly Jobs Report (Delayed from Nov): This is the big one. Includes Nonfarm Payrolls and the Unemployment Rate. Usually released the first Friday of the month, its delay adds significant weight to this release.
- Retail Sales (Oct/Nov): A key look at consumer spending strength heading into the holidays.
- Housing Starts & Building Permits: Indicators of future construction activity.
Wednesday, December 17
- Business Inventories: Delayed September/October data.
- Weekly MBA Mortgage Applications: Standard weekly check on housing demand.
Thursday, December 18
- CPI (Consumer Price Index): The delayed November inflation report. This will be the primary focus for the Fed and bond markets.
- Weekly Jobless Claims: Standard weekly labor market health check.
- Philly Fed Manufacturing Index: Manufacturing activity in the Philadelphia region.
Friday, December 19
- Triple Witching (Likely): Options expiration for stocks, index options, and futures often creates erratic volume and price action to end the week.
Upcoming Major Stock Earnings Reports
Earnings volume is lighter as we are between major cycles, but a few heavy hitters in logistics and tech will provide important signals on the consumer and AI demand.
Monday, December 15
- No major market-moving earnings scheduled.
Tuesday, December 16
- Micron Technology (MU): Post-market. A critical bellwether for the semiconductor and AI hardware sectors.
Wednesday, December 17
- General Mills (GIS): Pre-market. A defensive staple providing insight into grocery inflation and consumer habits.
- Lennar Corp (LEN): Post-market. Key report for the housing sector.
Thursday, December 18
- Accenture (ACN): Pre-market. Insight into corporate IT spending and consulting demand.
- FedEx (FDX): Post-market. The global shipping giant is often viewed as a proxy for the entire global economy.
- Nike (NKE): Post-market. A major look at discretionary consumer spending and retail health.
Friday, December 19
- Darden Restaurants (DRI): Pre-market. Insight into dining and service industry trends.
Outlook for the Next 30 Days
I am Cautiously Bullish for the next 30 days. Despite the pullback in the S&P 500 and Nasdaq last week, the price action remains constructive. The rotation into Small Caps (IWM) is a healthy sign of market breadth rather than fear. With the Federal Reserve having cut rates again last week, the "Fed Put" is supportive of asset prices. Historically, the second half of December favors the "Santa Claus Rally," and the current consolidation in tech may provide the fuel for that next leg up. However, caution is warranted this specific week: the release of delayed Jobs and CPI data creates a binary risk event. If the data comes in "hot" (high inflation/strong labor), it could spook the bond market, but if it confirms a soft landing, expect the rally to broaden into year-end. Keep positions sized responsibly until the inflation data settles.