December 26, 2025. Reviewing the Christmas and Christmas Eve sessions, US equities drifted higher to notch new closing records amid thin year-end liquidity. The S&P 500, Dow, and Nasdaq all posted gains as the “Santa Claus Rally” window remained open. Simultaneously, precious metals saw exceptional volatility; Spot Gold briefly cleared the $4,500/oz handle, while Silver surged past $72.7/oz before retracing. These moves reflect a confluence of geopolitical uncertainty, robust institutional/central bank allocation, and market pricing for 2026 rate cuts. With US markets closed on December 25, the lack of volume exacerbated price swings surrounding the holiday.
자산 유형별 시장 성과 및 기본적 분석
1. US Stock Market
지수 성과:
- The Dow Jones Industrial Average gained 0.60% to 48,731, marking a record close but failing to eclipse the December 12 intraday peak;
- The S&P 500 Index extended its winning streak to three sessions, rising 0.32% to a fresh all-time high;
- The Nasdaq Index edged up 0.22%, continuing to consolidate within its recent high-level range.
주식 집중 분석: Micron Technology (MU) climbed 3.8%, continuing its run of record highs with sustained upside momentum.
주요 요인: Sentiment remains supported by economic resilience (as evidenced by Q3 GDP data) and seasonal “Santa Rally” expectations. The price action further underscores the market’s continued conviction in the AI narrative.
2. 외환 시장:
- The US Dollar Index (DXY) weakened ahead of the holiday, hovering near the 97.9–98.0 range. The index remains under secular pressure as markets price in a more aggressive easing cycle for 2026.;
- EUR/USD oscillated between 1.177–1.18 pre-holiday; the structural uptrend remains intact;
- USD/JPY: Japan’s Finance Minister Satsuki Katayama issued warnings earlier in the week, curbing further Yen depreciation. The pair eased toward 156;
- GBP/USD maintained relative strength due to yield differentials against the Eurozone and BoE dynamics. The pair is testing the 1.35 level, near recent cyclical highs.
3. Precious Metals and Commodities
귀금속:
- Spot gold (XAUUSD): Bullish momentum pushed prices to new record territory, briefly breaching the $4,500/oz psychological barrier. Gold’s dual role as a geopolitical hedge, and an inflation buffer is being amplified by “dovish” long-term policy expectations.
- Spot silver (XAGUSD): Outpaced Gold in terms of percentage gains before a partial retracement. Analysts attribute the pullback to profit-taking by traders following the spike to record highs.
상품:
- WTI crude oil prices remained largely range-bound, settling marginally lower by 0.17%, snapping a three-day winning streak.
4. Crypto Assets
- Bitcoin (BTC) and Ethereum (ETH) both assets continue to trade within a tight, low-volatility range at lower levels, currently lacking a clear catalyst for a breakout.
5. 오늘의 초점
- No major economic data to watch today.
