Macro
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Housing stayed frozen as mortgage rates lingered at 6.5-7.5% and sales hit multi-decade lows, while office CRE distress deepened against a wall of maturities; home values held on lock-in scarcity, and the Fed's September cut brought modest hope.
GLP-1 leaders (Lilly hitting record value) kept me euphoric early, but managed care melted down under Medicare Advantage rate cuts and rising medical costs, the Change Healthcare cyberattack disrupted the system, and Medicare's first negotiated drug prices bit;
A soft-landing year with resilient spending and September Fed cuts, but a bifurcated consumer (strained low-end, softening restaurant traffic) and EV-demand disappointment (BYD outselling Tesla, Hertz dumping EVs) capped the mood; October ports strike briefly snagged goods flow.
Trump election; deregulation optimism plus data-center/electrification capex boom
Oil drifted soft and range-bound near $80, but exploding AI data-center power demand, 16-year-high uranium prices, and a wave of hyperscaler nuclear deals turned the electricity side of energy into a powerful new profit engine, lifting owners' mood despite lackluster crude.
Trump wins, bank stocks rally on deregulation hopes
Streaming profitability; Netflix ad tier plus live sports
Gold broke out to a string of record highs on central-bank buying and the Fed's rate-cut cycle, copper spiked to a record in May on electrification demand, and precious-metals owners enjoyed a strong, appreciating year.
A euphoric turnaround as the AI data-center load boom repriced us as power plays for the first real demand growth in twenty years, Fed rate cuts revived the yield bid, and nuclear-restart and SMR deals ignited a generation renaissance.
Trump elected, strong on defense but Ukraine-peace uncertainty