CryptoStonks

The strength of this market is unprecedented. The S&P 500 has traded for 22 consecutive sessions without a decline of at least -1.0%. Furthermore, the Volatility Index, $VIX, has closed at or below 16 points for 18 straight trading days. On Friday, the $VIX finished at 14.4 points, its 2nd-lowest daily close since December 2025. This is ~20% below its 1-year average of ~18.0 points. The S&P 500 has now added nearly +$12 trillion in market cap since the March 2026 bottom and stands just ~1.5% below its all-time high. US stocks have been remarkably resilient.

BREAKING: The Dow Jones Industrial Average extends losses to over -500 points on the day as US Treasury Yields surge despite attempted Treasury intervention.

Big Tech’s dominance is unprecedented: The Technology, Media, and Telecom (TMT) sector now accounts for a record 49% of the S&P 500’s market value. This is ~9 percentage points above the 2000 Dot-Com Bubble peak and ~20 percentage points above the late-1960s high. The tech sector now carries a larger weight than the financials, cyclicals, and defensives sectors combined. By comparison, TMT accounted for just ~19% of the S&P 500 during the 2008 Financial Crisis. The US stock market has never been this reliant on tech.

BREAKING: US crude oil prices surge above $77/barrel to their highest level since January 21st, 2025, one day after President Trump's inauguration. The entire oil price decline under President Trump has now been erased.

Global investors are increasingly piling into Brazilian stocks: Brazilian stocks have recorded +$6.6 billion in foreign inflows so far in 2026. This already surpasses the +$4.9 billion recorded in the entire 2025. As a result, the average daily trading volume for Brazilian equities jumped to $6.1 billion last month, the highest since November 2022. Furthermore, the Brazil ETF, $EWZ, which covers 85% of the nation's stocks, surged +17% in January, its best monthly performance since 2020. A weakening US Dollar and higher commodity prices are driving the historic move higher. Brazil's bull market is accelerating.

BREAKING: Gold has officially overtaken US Treasuries in central bank FX reserves for the first time in at least 20 years. Global official gold holdings at market price are up to $5.0 trillion, surpassing foreign official Treasury holdings of $3.9 trillion. Gold holdings have TRIPLED since Q4 2019, driven by aggressive purchases by central banks and rising prices. Over this period, central banks have added ~4,500 tonnes of gold, including unreported purchases. At the same time, foreign Treasury holdings have remained unchanged. Gold is redefining the global monetary system.

We need more power: AI and data center electricity consumption is set to more than DOUBLE by 2028. Data center power usage is expected to surge +650 TWh between 2025 to 2028, to a record ~1,230 TWh in 2028. AI power consumption has already increased ~200 TWh since 2023, or +55%, to ~580 TWh, an all-time high. This means data center electricity demand could TRIPLE in just 5 years. Data center energy consumption is already up to a record 5% of total US power demand. Energy will soon be the biggest constraint on AI growth.

Key Events This Week: 1. October PCE Inflation data - Monday 2. US Q3 2025 GDP data - Tuesday 3. December CB Consumer Confidence data - Tuesday 4. October New Home Sales data - Tuesday 5. October Durable Goods Orders data - Wednesday 6. Stock Market Closed, Merry Christmas! - Thursday More government shutdown data is coming this week.