Market Overview: A Resilient Close to 2025 The final two weeks of 2025 provided a fitting conclusion to a robust year for U.S. equities. Despite the typical seasonal thin liquidity during the Christmas and New Year period, the market’s underlying momentum remained intact. The S&P 500 closed 2025 with an annual gain of approximately 16.4%, successfully navigating a year defined by shifting rate expectations and significant geopolitical shifts. 1 While the traditional "Santa Claus Rally" was somewhat muted—with the S&P 500 posting a marginal decline of 0.11% during the official seven-session period—the broader trend remains constructive.[^2] The first two trading days of 2026 have already seen a reversal of year-end profit-taking, with the benchmark index gaining 0.8% as "new year" capital allocations began to flow. 2 Large-Cap Tech: The Growth Engine Large-cap technology stocks, particularly the Mag Seven, after overcoming persistent doubts in...