On the macroeconomic front, US JOLTS job openings unexpectedly rose in October, primarily driven by a significant increase in the retail sector. The figure climbed to 7.67 million, surpassing expectations of 7.117 million and the previous reading of 7.658 million.
The NFIB Small Business Optimism Index for November showed improvement, with sales expectations and hiring demand rebounding. The index reached 99%, higher than the anticipated 98.3% and the prior 98.2%.
Additionally, the US Sentix Investment Confidence Index for December rose to 9.7 in December 2025, up from 4.0 in the previous month.
**Major Index Performance** Last week (December 8–12), the S&P Oil & Gas Index fell 3.69%, while the Nasdaq 100 dropped 1.93%. The S&P 500 declined 0.63%, with six out of its 11 sectors posting gains. The S&P 500 Materials sector led gains (+2.44%), while S&P 500 Communication Equipment lagged (-3.20%).
**Investment Outlook** **US Stocks**: The Fed cut rates as expected last week while unexpectedly expanding its balance sheet. However, concerns over an AI investment bubble—reignited by Oracle and Broadcom—weighed on equities. The FOMC also introduced hawkish signals in its December statement, suggesting a higher threshold for further rate cuts. Post-meeting, market expectations adjusted, with CME data now pricing in 2.2 rate cuts for 2026, down from three.
Internal Fed divisions persisted, with Governor Milan dissenting in favor of a 50bps cut, while Goolsbee and Schmid voted to hold rates. The 2025 dot plot revealed six participants leaning toward unchanged rates—a "soft dissent"—alongside one dovish dissent, totaling a record seven dissents.
The Fed’s accelerated balance sheet expansion supports market liquidity, which historically correlates with equity performance. Expectations of renewed rate cuts may resurface after the new chair nomination in Q1 2026, with further easing likely post-June under the new leadership. While US stock valuations remain elevated, liquidity expansion and earnings recovery provide support.
**Product Highlights** - **Bosera S&P 500 ETF (513500)**: Tracks the S&P 500, offering cost-efficient exposure to US large-cap equities, representing ~80% of the US market. - **Bosera Nasdaq 100 ETF (513390)**: Focuses on the tech-heavy Nasdaq 100, with IT comprising 57.87% of the index. Top holdings include leading high-growth tech firms.
**Risk Disclosure** Investing involves risks, including market volatility, liquidity constraints, and currency fluctuations for international exposure. Past performance does not guarantee future results. Investors should assess their risk tolerance and consult fund documents before investing.
The Bosera S&P 500 ETF (513500) and Nasdaq 100 ETF (513390) carry medium-high risk ratings. Funds are subject to management, regulatory, and operational risks.
*Data sources: Wind, Bloomberg (as of December 12, 2025).*
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