MARKET WRAPS
STOCKS: U.S. stocks ended slightly lower in thin trading following the Christmas break as investors took to the sideline after another year of strong gains.
TREASURYS: Treasury yields fell slightly for the day and remained little changed during the Christmas week.
FOREX: The dollar edged higher and also remained little changed for the week.
COMMODITIES: Oil futures settled lower ahead of the weekend in which President Trump is expected to discuss Russia-Ukraine peace with Ukraine's President Zelensky. Silver futures surged, extending a record run. Gold futures also hit records.
HEADLINES
China Sanctions Boeing, Other U.S. Companies Over Taiwan Arms Sale
SINGAPORE-The Chinese government imposed sanctions on 20 U.S. defense companies and 10 of their executives on Friday in retaliation for the Trump administration's approval of a large package of weapons for sale to Taiwan.
The targets include Northrop Grumman, Boeing's St. Louis-based defense unit and Palmer Luckey, founder of Anduril Industries. Preparing for a potential conflict with China has been a major focus for Luckey and his startup, which owns three of the sanctioned companies.
Beijing said it would freeze the assets of the sanctioned entities, ban them from Chinese transactions and prohibit the executives from entering mainland China, Hong Kong and Macau.
Coty Is Speeding Up Its Supply Chain to Turn Around Sagging Sales
The maker of CoverGirl cosmetics and Hugo Boss fragrances is resetting its supply chain to be able to respond to fast-changing consumer trends.
Coty, one of the world's largest beauty companies, has struggled in recent years after supply-chain disruptions during the pandemic and amid an uncertain economy and changing consumer demand. Shoppers have gravitated recently toward newer, fast-growing brands such as Hailey Bieber's cosmetics and skin-care line Rhode.
Customs Crackdown Leads to Blocked, Destroyed Imports
Backpacks from Japan, Milka chocolate biscuits from Europe and other goods shipped to the U.S. aren't just being blocked from entering the country. Some are smashed to bits.
Tens of thousands of imports have been blocked from entering the U.S. in recent months and stacked in vast warehouses. Many get to their destinations after buyers complete government paperwork. Yet some that can't clear customs because of missing or incomplete information are returned-or destroyed.
The stranded parcels are casualties of shifting new U.S. tariffs, tougher customs enforcement and other import restrictions that carriers and consumers said are tough to navigate.
Airline Delays and Cancellations Pile Up Ahead of New York-Area Snowstorm
Airlines canceled hundreds of flights out of New York City area airports Friday ahead of a winter storm expected to bring as much as 8 inches of snow to the Big Apple.
Nearly 1,200 flights to or from New York's John F. Kennedy International Airport and LaGuardia Airport and New Jersey's Newark Liberty International Airport were canceled for Friday and Saturday, according to flight-data specialist FlightAware. Hundreds more flights were delayed as of early Friday afternoon.
JetBlue was the most heavily affected carrier, owing to its heavy footprint in the Northeast. Ahead of the storm, the airline canceled around 350 flights for Friday and Saturday, representing roughly a fifth of its scheduled total flights. "We are working to assist affected customers with rescheduling," a spokesman said.
Zelensky to Meet Trump on Closing Gaps in Draft Peace Deal
KYIV-Ukrainian President Volodymyr Zelensky said he plans to meet President Trump on Sunday in Florida, seeking to close remaining disagreements over a draft deal to end the full-scale war with Russia that has raged for nearly four years.
Zelensky has pushed for a summit with Trump to close the gaps that remain over the 20-point draft agreement and other elements of the peace agreement that are under discussion between the U.S. and Ukraine. A White House official confirmed that Trump is planning to meet with Zelensky on Sunday.
Ukrainian and U.S. negotiators have spent several weeks tweaking the plan for ending the war that was drafted by Trump's envoys Steve Witkoff and Jared Kushner, with input from Russian envoy Kirill Dmitriev.
Startup Lifordi Seeks to Deliver Potent Medication for Autoimmune Diseases
Startup Lifordi Immunotherapeutics aims to bring a potent class of cancer treatments to patients with autoimmune diseases, the fruit of decades of research into combining antibodies and drugs.
Antibody-drug conjugates are one of the hottest types of oncology therapies because of their guided-missile quality: An antibody homes in on tumor cells and delivers a toxic drug to them, concentrating the treatment where it is needed and reducing harm to healthy tissue.
The Food and Drug Administration has approved more than a dozen such treatments, with most approvals coming in recent years.
Nvidia Licenses Groq's AI Technology as Demand for Cutting-Edge Chips Grows
Nvidia has forged a licensing deal with the chip startup Groq for its AI-inference technology, the companies said Wednesday, a sign of growing demand for cutting-edge AI chips.
Under the nonexclusive deal, Groq's chief executive officer and founder, Jonathan Ross, will be joining Nvidia, along with its president and some of the startup's staff. The company, founded in 2016, makes chips and software to run artificial-intelligence models.
Groq's "language processing unit" chips are built for inference, the everyday process that occurs when consumers or businesses ask trained AI models to provide answers, make predictions or draw conclusions on new data. Ross has said that the company's design, with embedded memory, means its chips can be produced and deployed faster and use less power than graphics-processing units, which typically consume a lot of energy and are more necessary for training models.
TALKING POINT Family Offices Have Become the New Power Players on Wall Street
Family offices are the new power players on Wall Street.
A growing number of wealthy Americans are launching family offices, firms that do everything from investing money for the superrich to managing their personal affairs. They are huge and secretive, and their influence on Wall Street and Main Street is only growing.
Families with these offices recently oversaw about $5.5 trillion in wealth, a 67% jump from five years ago, according to Deloitte. The firm expects that figure to rise to $6.9 trillion this year and top $9 trillion by 2030. It estimates that in coming years, these offices will manage more money than hedge-fund firms.
Banks and other firms are hungry to cater to family offices' every need, while entrepreneurs and investment managers are clamoring to land a slice of these families' immense wealth.
"It's not just growing, it's exploding," said Hendrik Jordaan, a partner at Nelson Mullins who works exclusively with family offices. "I really think about the family office world being the next private equity."
Launching a family office is in vogue. While the biggest ones have long managed billions of dollars on behalf of titans such as Jeff Bezos, Michael Dell and Bill Gates, many families with hundreds or tens of millions of dollars in wealth are launching them, too, or turning to so-called multifamily offices to manage their fortunes. There are more than 8,000 single-family offices globally today, up roughly a third from 6,130 in 2019, according to Deloitte. The firm expects that figure to top 10,000 by 2030.
"It's kind of become the word for ultrahigh-net-worth families. Do you or don't you have a family office?" said Justin Flach, managing director of wealth strategy for Ascent Private Capital Management at U.S. Bank, who typically works with families with net worths topping $75 million.
--Gunjan Banerji
Expected Major Events for Monday
06:00/RUS: Dec Russian Manufacturing PMI
09:30/UK: Nov Capital issuance statistics
13:30/US: Nov Advance Economic Indicators Report - Suspended
15:00/US: Nov Pending Home Sales Index
15:30/US: 12/19 EIA Weekly Petroleum Status Report
15:30/US: Dec Texas Manufacturing Outlook Survey
17:00/US: 12/19 EIA Weekly Natural Gas Storage Report
21:30/US: Federal Discount Window Borrowings
21:30/US: Foreign Central Bank Holdings
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Monday
ALT5 Sigma Corp $(ALTS)$ is expected to report $-0.36 for 3Q.
Broadway Financial Corp $(BYFC)$ is expected to report for 3Q.
RCI Hospitality Holdings Inc $(RICK)$ is expected to report for 4Q.
Powered by Onclusive and Dow Jones.
We offer an enhanced version of this briefing that is optimized for viewing on mobile devices and sent directly to your email inbox. If you would like to sign up, please go to https://newsplus.wsj.com/subscriptions.
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
December 26, 2025 16:43 ET (21:43 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Comments