- Barry Adams
- 12 Dec, 2025
- New York City
U.S. indexes hovered near record highs, and investors rotated into industrial and smaller cap companies.
The S&P 500 index edged up 0.1%, and the tech-heavy Nasdaq Composite inched lower 0.2% amid growing worries that returns on huge investments in AI infrastructure could lag market expectations.
The Fed's rate cut, economic projections, and 2026 rate outlook generally met investors' expectations, and investors set aside rate-hike worries for now.
Despite the Fed's soothing words about the U.S. economic health, the job market continues to cool, and delayed economic data releases are contributing to market anxieties.
Investors are bracing for sharp downward revisions to nonfarm payrolls, which could show that the U.S. payrolls are shrinking by 20,000 a month between April and October.
For now, investors bid up stocks, and the Dow Jones Industrial Average and the S&P 500 index scaled new record highs and anticipated another uptick in earnings in the holiday-spending-driven fourth quarter.
U.S. Movers
Oxford Industries extended the previous session's 22% decline by a fraction and traded at $31.06 after the apparel retailer confirmed the slow start of the holiday season.
Oxford Industries said quarterly losses expanded, driven by higher impairment charges and a challenging sales environment.
Broadcom Inc. decreased 6.5% to $379.79 despite the advanced chip designer's fiscal fourth-quarter results surpassing market expectations.
Broadcom delivered a sharp jump in revenue and earnings, driven by a surge in demand for its AI chips.
- Scott Peters
- 12 Dec, 2025
- New York City
Broadcom Inc. decreased 6.5% to $379.79 despite the advanced chip designer's fiscal fourth-quarter results surpassing market expectations.
Revenue soared 28% to $18.0 billion from $14.0 billion, net income soared 97% to $8.5 billion from $4.3 billion, and diluted earnings per share jumped 93% to $1.74 from 90 cents a year ago.
The company issued a solid outlook for the current year, driven by a strong demand for its AI chips.
The company estimated fiscal first quarter 2026 revenue to rise to $19.1 billion and adjusted operating earnings margin to be 67% of projected revenue.
"We see the momentum continuing in Q1 and expect AI semiconductor revenue to double year-over-year to $8.2 billion, driven by custom AI accelerators and Ethernet AI switches," said the company's CEO Hock Tan in a statement released to investors.
CEO Tan confirmed that the company's order backlog has swelled to $73 billion, which the company plans to fulfill over the next six quarters.
Broadcom revealed Anthropic as the mystery buyer, and the AI model start-up placed an additional order of $11 billion, on top of the $10 billion order confirmed in September.
Oxford Industries extended the previous session's 22% decline by a fraction and traded at $31.06 after the apparel retailer confirmed the slow start of the holiday season.
Revenue in the fiscal third quarter declined to $307.3 million from $308.0 million, net loss expanded to $63.7 million from $3.9 million, and diluted loss per share advanced to $4.25 from 25 cents a year ago.
Despite the company declaring a quarterly dividend, investors worried that future payments may be in jeopardy amid rising losses and negative effects of tariffs.
"The company's current annual EPS and adjusted EPS guidance reflect a net tariff impact of approximately $25 million to $30 million, or approximately $1.25 to $1.50 per share," said the company in the earnings release.
The company declared a 69-cent-per-share quarterly dividend to shareholders on record on January 16, 2026, and payable on January 30, 2026.
Oxford Industries revised its sales and adjusted earnings outlook for the fiscal year 2025 ending at the end of January 2026.
The retailer lowered its annual sales outlook range to between $1.47 billion and $1.49 billion from $1.52 billion in fiscal 2024.
The company estimated GAAP earnings per share to range between $1.32 and $1.52, compared to $5.87 in fiscal 2024, reflecting noncash impairment charges of $61 million, or $3.05 per share, primarily associated with the Johnny Was purchase in 2022.
- Scott Peters
- 12 Dec, 2025
- New York City
Broadcom Inc. decreased 6.5% to $379.79 despite the advanced chip designer's fiscal fourth-quarter results surpassing market expectations.
Revenue soared 28% to $18.0 billion from $14.0 billion, net income soared 97% to $8.5 billion from $4.3 billion, and diluted earnings per share jumped 93% to $1.74 from 90 cents a year ago.
The company issued a solid outlook for the current year, driven by a strong demand for its AI chips.
The company estimated fiscal first quarter 2026 revenue to rise to $19.1 billion and adjusted operating earnings margin to be 67% of projected revenue.
"We see the momentum continuing in Q1 and expect AI semiconductor revenue to double year-over-year to $8.2 billion, driven by custom AI accelerators and Ethernet AI switches," said the company's CEO Hock Tan in a statement released to investors.
CEO Tan confirmed that the company's order backlog has swelled to $73 billion, which the company plans to fulfill over the next six quarters.
Broadcom revealed Anthropic as the mystery buyer, and the AI model start-up placed an additional order of $11 billion, on top of the $10 billion order confirmed in September.
Oxford Industries extended the previous session's 22% decline by a fraction and traded at $31.06 after the apparel retailer confirmed the slow start of the holiday season.
Revenue in the fiscal third quarter declined to $307.3 million from $308.0 million, net loss expanded to $63.7 million from $3.9 million, and diluted loss per share advanced to $4.25 from 25 cents a year ago.
Despite the company declaring a quarterly dividend, investors worried that future payments may be in jeopardy amid rising losses and negative effects of tariffs.
"The company's current annual EPS and adjusted EPS guidance reflect a net tariff impact of approximately $25 million to $30 million, or approximately $1.25 to $1.50 per share," said the company in the earnings release.
The company declared a 69-cent-per-share quarterly dividend to shareholders on record on January 16, 2026, and payable on January 30, 2026.
Oxford Industries revised its sales and adjusted earnings outlook for the fiscal year 2025 ending at the end of January 2026.
The retailer lowered its annual sales outlook range to between $1.47 billion and $1.49 billion from $1.52 billion in fiscal 2024.
The company estimated GAAP earnings per share to range between $1.32 and $1.52, compared to $5.87 in fiscal 2024, reflecting noncash impairment charges of $61 million, or $3.05 per share, primarily associated with the Johnny Was purchase in 2022.
- Barry Adams
- 12 Dec, 2025
- New York City
U.S. indexes hovered near record highs, and investors rotated into industrial and smaller cap companies.
The S&P 500 index edged up 0.1%, and the tech-heavy Nasdaq Composite inched lower 0.2% amid growing worries that returns on huge investments in AI infrastructure could lag market expectations.
The Fed's rate cut, economic projections, and 2026 rate outlook generally met investors' expectations, and investors set aside rate-hike worries for now.
Despite the Fed's soothing words about the U.S. economic health, the job market continues to cool, and delayed economic data releases are contributing to market anxieties.
Investors are bracing for sharp downward revisions to nonfarm payrolls, which could show that the U.S. payrolls are shrinking by 20,000 a month between April and October.
For now, investors bid up stocks, and the Dow Jones Industrial Average and the S&P 500 index scaled new record highs and anticipated another uptick in earnings in the holiday-spending-driven fourth quarter.
U.S. Movers
Oxford Industries extended the previous session's 22% decline by a fraction and traded at $31.06 after the apparel retailer confirmed the slow start of the holiday season.
Oxford Industries said quarterly losses expanded, driven by higher impairment charges and a challenging sales environment.
Broadcom Inc. decreased 6.5% to $379.79 despite the advanced chip designer's fiscal fourth-quarter results surpassing market expectations.
Broadcom delivered a sharp jump in revenue and earnings, driven by a surge in demand for its AI chips.
- Akira Ito
- 12 Dec, 2025
- Tokyo
Stocks in Tokyo rebounded and erased the previous session's losses ahead of rate decisions by the Bank of Japan next week.
The Nikkei 225 Stock Average advanced 1%, the broader Topix soared 1.8%, and the yen hovered at 155.72 against the U.S. dollar.
Stocks in Tokyo have traded in a tight range amid uncertainty about the Bank of Japan's monetary policy and persistent pressure on the yen.
Moreover, investors are worried that Japan's economy is likely to stall in 2026 amid geopolitical uncertainty and the expectations of a 5% increase in wages for the third year in a row.
Japan's consumer price inflation has been hovering near the Bank of Japan's target rate of 2%, supporting the case for the central bank to continue its rate-hike campaign.
The Bank of Japan is likely to increase its short-term rate at the end of its two-day policy meeting on December 19.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 1% to 50,678.77, and the broader Topix jumped 1.8% to 3,417.37.
For the week, the Nikkei 225 advanced 1%, and the Topix gained 1.6%.
Volatile AI-linked stocks rebounded in Friday's trading, despite worries that returns in AI infrastructure are likely to lag expectations.
Softbank Group jumped 3.1% to ¥17,755.0, Tokyo Electron decreased 2.6% to ¥31,760.0, Lasertec Corp. inched higher 0.4% to ¥31,120.0, and Advantest Corp. fell 1.8% to ¥20,670.0.
- Akira Ito
- 12 Dec, 2025
- Tokyo
Stocks in Tokyo rebounded and erased the previous session's losses ahead of rate decisions by the Bank of Japan next week.
The Nikkei 225 Stock Average advanced 1%, the broader Topix soared 1.8%, and the yen hovered at 155.72 against the U.S. dollar.
Stocks in Tokyo have traded in a tight range amid uncertainty about the Bank of Japan's monetary policy and persistent pressure on the yen.
Moreover, investors are worried that Japan's economy is likely to stall in 2026 amid geopolitical uncertainty and the expectations of a 5% increase in wages for the third year in a row.
Japan's consumer price inflation has been hovering near the Bank of Japan's target rate of 2%, supporting the case for the central bank to continue its rate-hike campaign.
The Bank of Japan is likely to increase its short-term rate at the end of its two-day policy meeting on December 19.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 1% to 50,678.77, and the broader Topix jumped 1.8% to 3,417.37.
For the week, the Nikkei 225 advanced 1%, and the Topix gained 1.6%.
Volatile AI-linked stocks rebounded in Friday's trading, despite worries that returns in AI infrastructure are likely to lag expectations.
Softbank Group jumped 3.1% to ¥17,755.0, Tokyo Electron decreased 2.6% to ¥31,760.0, Lasertec Corp. inched higher 0.4% to ¥31,120.0, and Advantest Corp. fell 1.8% to ¥20,670.0.
- Li Chen
- 12 Dec, 2025
- Hong Kong
Stock market indexes in China edged slightly higher after China's economic planners vowed to consider providing additional support to bolster domestic demand.
The Hang Seng Index gained 1.4%, and the mainland-focused CSI 300 index increased 0.2% amid growing speculation that policymakers may follow through with a mix of fiscal and monetary stimulus measures.
China's top economic planners, political leaders, and heads of state-owned enterprises sent a signal to investigate how to improve domestic demand and revive the residential property market.
At the end of the annual Central Economic Work Conference on Thursday, a meeting attended by the members of the CCP Central Committee and State Council, China's leaders sent signals to boost domestic demand and support "high-quality growth."
China Indexes and Stocks
The Hang Seng Index increased 1.4% to 25,878.49, and the mainland-focused CSI 300 index edged up 0.2% to 4,562.08.
Benchmark indexes dropped 0.7% after a week of trading, as investors stayed on the sidelines and debated the 2026 growth outlook and possible stimulus measures.
Residential property developers advanced for the second consecutive session, following a rate cut by the Hong Kong Monetary Authority to maintain its currency's peg with the U.S. dollar.
Sun Hug Kai Properties rose 2.7% to HK $98.45, CK Asset Holding Ltd. gained 1.2% to HK $39.82, China Vanke added 0.7% to HK $3.75, and Longfor Group advanced 0.7% to HK $9.42.
- Li Chen
- 12 Dec, 2025
- Hong Kong
Stock market indexes in China edged slightly higher after China's economic planners vowed to consider providing additional support to bolster domestic demand.
The Hang Seng Index gained 1.4%, and the mainland-focused CSI 300 index increased 0.2% amid growing speculation that policymakers may follow through with a mix of fiscal and monetary stimulus measures.
China's top economic planners, political leaders, and heads of state-owned enterprises sent a signal to investigate how to improve domestic demand and revive the residential property market.
At the end of the annual Central Economic Work Conference on Thursday, a meeting attended by the members of the CCP Central Committee and State Council, China's leaders sent signals to boost domestic demand and support "high-quality growth."
China Indexes and Stocks
The Hang Seng Index increased 1.4% to 25,878.49, and the mainland-focused CSI 300 index edged up 0.2% to 4,562.08.
Benchmark indexes dropped 0.7% after a week of trading, as investors stayed on the sidelines and debated the 2026 growth outlook and possible stimulus measures.
Residential property developers advanced for the second consecutive session, following a rate cut by the Hong Kong Monetary Authority to maintain its currency's peg with the U.S. dollar.
Sun Hug Kai Properties rose 2.7% to HK $98.45, CK Asset Holding Ltd. gained 1.2% to HK $39.82, China Vanke added 0.7% to HK $3.75, and Longfor Group advanced 0.7% to HK $9.42.
- Scott Peters
- 11 Dec, 2025
- New York City
Oracle plunged 11% to $198.69 after the company's revenue in its fiscal second quarter ending in November fell short of market expectations.
Revenue increased 14% to $16.0 billion from $14.0 billion, net income soared 95% to $6.1 billion from $3.1 billion, and diluted earnings per share rose to $2.10 from $1.10 a year ago.
Revenue in the cloud segment increased 34% to $8.0 billion, cloud infrastructure revenue soared 68% to $4.1 billion, and cloud applications advanced 11% to $3.9 billion.
The board of directors declared a quarterly cash dividend of 50 cents per share paid on January 23, 2026, to shareholders on record on January 9, 2026.
Adobe Inc. declined 0.4% to $341.05, and the graphic design software company reported better-than-expected results in its fiscal fourth quarter ending in November.
The software company estimated a double-digit increase in recurring revenue in fiscal 2026, driven by AI-supported tools.
Revenue increased to $6.2 billion from $5.6 billion, net income advanced to $1.9 billion from $1.6 billion, and diluted earnings per share rose to $4.45 from $3.79 a year ago.
The software company guided fiscal first quarter revenue to range between $6.25 billion and $6.30 billion, and diluted earnings per share to range between $4.45 and $4.60.
Synopsys Inc. decreased 0.8% to $472.0, and the electronic design automation software company reported better-than-expected earnings in its fiscal fourth quarter ending in October.
Revenue increased to $2.3 billion from $1.6 billion, net income from continuing operations advanced to $448.7 million from $279.3 billion, and diluted earnings per share rose to $2.39 from $1.79 a year ago.
The company estimated fiscal year 2026 revenue of $9.610 billion at mid-point, including $2.9 billion of expected Ansys revenue and reflecting the impact of approximately $110 million of divested Optical Solutions Group and PowerArtist RTL businesses.
- Scott Peters
- 11 Dec, 2025
- New York City
Oracle plunged 11% to $198.69 after the company's revenue in its fiscal second quarter ending in November fell short of market expectations.
Revenue increased 14% to $16.0 billion from $14.0 billion, net income soared 95% to $6.1 billion from $3.1 billion, and diluted earnings per share rose to $2.10 from $1.10 a year ago.
Revenue in the cloud segment increased 34% to $8.0 billion, cloud infrastructure revenue soared 68% to $4.1 billion, and cloud applications advanced 11% to $3.9 billion.
The board of directors declared a quarterly cash dividend of 50 cents per share paid on January 23, 2026, to shareholders on record on January 9, 2026.
Adobe Inc. declined 0.4% to $341.05, and the graphic design software company reported better-than-expected results in its fiscal fourth quarter ending in November.
The software company estimated a double-digit increase in recurring revenue in fiscal 2026, driven by AI-supported tools.
Revenue increased to $6.2 billion from $5.6 billion, net income advanced to $1.9 billion from $1.6 billion, and diluted earnings per share rose to $4.45 from $3.79 a year ago.
The software company guided fiscal first quarter revenue to range between $6.25 billion and $6.30 billion, and diluted earnings per share to range between $4.45 and $4.60.
Synopsys Inc. decreased 0.8% to $472.0, and the electronic design automation software company reported better-than-expected earnings in its fiscal fourth quarter ending in October.
Revenue increased to $2.3 billion from $1.6 billion, net income from continuing operations advanced to $448.7 million from $279.3 billion, and diluted earnings per share rose to $2.39 from $1.79 a year ago.
The company estimated fiscal year 2026 revenue of $9.610 billion at mid-point, including $2.9 billion of expected Ansys revenue and reflecting the impact of approximately $110 million of divested Optical Solutions Group and PowerArtist RTL businesses.
- Barry Adams
- 11 Dec, 2025
- New York City
High-flying technology stocks faced sharp headwinds after Oracle's quarterly results and outlook raised worries about the sustainability of elevated investment in AI infrastructure.
The S&P 500 index decreased 1%, and the tech-heavy Nasdaq Composite declined 2%, as investors shifted focus away from the Fed's rate actions.
The Federal Reserve lowered its short-term fed funds rate range for the third time in a row and signaled fewer cuts in 2026.
The fed funds rate range was cut by 25 basis points to between 3.50% and 3.75%, and the divided rate-setting committee focused on weakening labor market conditions.
The Federal Open Market Committee left its rate outlook unrevised, signaling a possible one rate cut in 2026, revised higher its 2026 GDP growth outlook to 1.7% from 1.6%, and left jobless rate estimates unchanged at 4.5% in 2025 and 4.4% in 2026.
In the absence of economic data because of the government shutdown, Fed officials worried that the "low-hire, low-fire" labor market may be weaker than the data suggests.
The central bank is likely to hold off from revising rates at the end of its next meeting in late January, as it evaluates additional economic data and the impact of the Trump administration's aggressive tariffs on goods.
The Federal Open Market Committee's projections signaled one possible rate cut in 2026, while the market is still holding out for as many as two 25 basis point rate cuts in the next year.
U.S. Stock Movers
Oracle plunged 11% to $198.69 after the company's revenue in its latest quarter fell short of market expectations.
Adobe Inc. declined 0.4% to $341.05, and the graphic design software company reported better-than-expected results in its fiscal fourth quarter. The software company estimated a double-digit increase in recurring revenue in fiscal 2026, driven by AI-supported tools.
Synopsys Inc. decreased 0.8% to $472.0, and the electronic design automation software company reported better-than-expected earnings in its fiscal fourth quarter.
- Barry Adams
- 11 Dec, 2025
- New York City
High-flying technology stocks faced sharp headwinds after Oracle's quarterly results and outlook raised worries about the sustainability of elevated investment in AI infrastructure.
The S&P 500 index decreased 1%, and the tech-heavy Nasdaq Composite declined 2%, as investors shifted focus away from the Fed's rate actions.
The Federal Reserve lowered its short-term fed funds rate range for the third time in a row and signaled fewer cuts in 2026.
The fed funds rate range was cut by 25 basis points to between 3.50% and 3.75%, and the divided rate-setting committee focused on weakening labor market conditions.
The Federal Open Market Committee left its rate outlook unrevised, signaling a possible one rate cut in 2026, revised higher its 2026 GDP growth outlook to 1.7% from 1.6%, and left jobless rate estimates unchanged at 4.5% in 2025 and 4.4% in 2026.
In the absence of economic data because of the government shutdown, Fed officials worried that the "low-hire, low-fire" labor market may be weaker than the data suggests.
The central bank is likely to hold off from revising rates at the end of its next meeting in late January, as it evaluates additional economic data and the impact of the Trump administration's aggressive tariffs on goods.
The Federal Open Market Committee's projections signaled one possible rate cut in 2026, while the market is still holding out for as many as two 25 basis point rate cuts in the next year.
U.S. Stock Movers
Oracle plunged 11% to $198.69 after the company's revenue in its latest quarter fell short of market expectations.
Adobe Inc. declined 0.4% to $341.05, and the graphic design software company reported better-than-expected results in its fiscal fourth quarter. The software company estimated a double-digit increase in recurring revenue in fiscal 2026, driven by AI-supported tools.
Synopsys Inc. decreased 0.8% to $472.0, and the electronic design automation software company reported better-than-expected earnings in its fiscal fourth quarter.
- Akira Ito
- 11 Dec, 2025
- Tokyo
Stocks in Tokyo faced heavy selling pressure, and morning gains turned to evening losses following another day of sell-off in tech stocks.
The Nikkei 225 Stock Average decreased 0.9%, the broader Topix fell 1%, and the yen hovered at 155.95 against the U.S. dollar.
Investors continued to bet that the Bank of Japan is likely to deliver a rate hike after its policy meeting later in the month, dampening the so-called yen-dollar carry trade.
The U.S. Federal Reserve lowered its short-term benchmark rate range by 25 basis points to between 3.5% and 3.75%, the third decrease in a row following similar-sized rate cuts in September and October.
The Federal Open Market Committee left its rate outlook unrevised, signaling a possible one rate cut in 2026, revised higher its 2026 GDP growth outlook to 1.7% from 1.6%, and left jobless rate estimates unchanged at 4.5% in 2025 and 4.4% in 2026.
Japan Indexes and Stocks
The Nikkei 225 Stock Average declined 0.9% to 50,148.82, and the broader Topix fell 1% to 3,357.24.
Exporters were in focus in Tokyo trading, following the persistent weakness in the yen. Technology stocks remained under pressure after Oracle's sales revenue fell short of market expectations, and a weak profit outlook dampened investor enthusiasm.
Softbank Group Corp. dropped 7.3% to ¥17,225.0, Sanrio Co. Ltd. declined 1.9% to ¥4,905.0, and Nintendo Co. Ltd. eased 1.6% to ¥11,400.0.
- Akira Ito
- 11 Dec, 2025
- Tokyo
Stocks in Tokyo faced heavy selling pressure, and morning gains turned to evening losses following another day of sell-off in tech stocks.
The Nikkei 225 Stock Average decreased 0.9%, the broader Topix fell 1%, and the yen hovered at 155.95 against the U.S. dollar.
Investors continued to bet that the Bank of Japan is likely to deliver a rate hike after its policy meeting later in the month, dampening the so-called yen-dollar carry trade.
The U.S. Federal Reserve lowered its short-term benchmark rate range by 25 basis points to between 3.5% and 3.75%, the third decrease in a row following similar-sized rate cuts in September and October.
The Federal Open Market Committee left its rate outlook unrevised, signaling a possible one rate cut in 2026, revised higher its 2026 GDP growth outlook to 1.7% from 1.6%, and left jobless rate estimates unchanged at 4.5% in 2025 and 4.4% in 2026.
Japan Indexes and Stocks
The Nikkei 225 Stock Average declined 0.9% to 50,148.82, and the broader Topix fell 1% to 3,357.24.
Exporters were in focus in Tokyo trading, following the persistent weakness in the yen. Technology stocks remained under pressure after Oracle's sales revenue fell short of market expectations, and a weak profit outlook dampened investor enthusiasm.
Softbank Group Corp. dropped 7.3% to ¥17,225.0, Sanrio Co. Ltd. declined 1.9% to ¥4,905.0, and Nintendo Co. Ltd. eased 1.6% to ¥11,400.0.