Wall Street ended the past week with mixed results. The S&P 500 closed the week up 0.11%, the Nasdaq gained 0.48%, while the Dow Jones fell by 0.67%, due to weak performance in the consumer sector. The main driver of the week was a new wave of gains in technology stocks, as a result of which the Nasdaq outperformed the other indices.

The rise in technology stocks was led by Micron, whose optimistic earnings forecast restored investor confidence in artificial intelligence (AI) stocks. Micron Technology shares rose by about 16% after the company presented a profit forecast significantly above expectations. The increase was driven by strong global demand for memory chips.

European markets closed at record highs on Friday. The STOXX 600 index rose by 0.4% in one day and ended the week up 1.7%, thus approaching its best annual result since 2021. The gains were led by shares of defense and aerospace companies, which have risen by nearly 60% this year. Investors continue to favor this sector amid geopolitical tensions.

Over the course of one week, gold rose by 1.1%, while silver surged by as much as 8.4%. The reason is investor optimism that, against the backdrop of easing inflation and rising unemployment, the US Federal Reserve will continue to cut the refinancing rate.

Major US stock exchanges, including Nasdaq, the NYSE, Cboe, and the Investors’ Exchange (IEX), announced that they will operate on a regular schedule on Wednesday and Friday, despite President Donald Trump’s order that US government offices should be closed on those days. The stock exchanges stated that they will operate as planned, ensuring market activity during the holiday period as well. These stock exchanges will be closed only on Christmas day—Thursday, December 25.

Tesla shares rose by about 5% in a single day last week, reaching $481.37, the highest level in nearly a year. This followed confirmation by CEO Elon Musk that the company is now conducting robotaxi tests without safety monitors in the front passenger seat. Tesla’s value is estimated at $1.53 trillion, the largest in the automotive sector.

Among companies with a market capitalization of at least $10 billion, the biggest gain last week was recorded by electric pickup and SUV manufacturer Rivian Automotive, Inc. The company’s shares rose by 21.88% over the week ($22.45 per share). Next was travel and cruise services provider Carnival Corporation & plc, with a 21.27% increase ($30.96 per share). Rounding out this top three was Sandisk Corporation, engaged in data storage solutions and memory devices, with a 15.24% rise ($237.61 per share).

The trio of large-cap companies that recorded the biggest losses last week was led by homebuilding and real estate development company Lennar Corporation, whose shares fell by 13.15% over the week ($98.25 per share). Next was sportswear and footwear manufacturer NIKE, Inc., with a 12.98% decline ($58.71 per share). Completing this trio was Arm Holdings, engaged in the development of semiconductor architectures and processor solutions, with a 12.88% drop ($114.03 per share).

In the United States, consumer prices rose by 2.7% year-on-year in November. This is lower than the forecasted 3.1% increase. However, analysts note that these data may not fully reflect the overall picture, as data collection was suspended during the 43-day US government shutdown.

Last Thursday, the European Central Bank decided to leave the refinancing rate unchanged and raised its forecasts for economic growth and inflation in the eurozone, indicating that further cuts in the near term are unlikely. Economic growth in the eurozone exceeded expectations, contributed by exporters and increased domestic spending, while inflation continues to remain close to the 2% target level.

At its final meeting of 2025, the Central Bank of Russia cut the refinancing rate from 16.5% to 16% per annum. This is the fifth cut since June. The main reason for the decision is the slowdown in inflation. According to the bank’s assessment, as of December 15, annual inflation in Russia stood at 5.8%, and it is expected to be below 6% at the end of the year.

On Monday, government bonds worth 3 billion drams were placed on the Armenia’s stock market, to mature on July 13, 2026. The public auction had four participants, and the amount of bids submitted by them totaled 7.6 billion drams. The weighted average price of the placed government bonds was 96.15 drams, and the yield was 7.14 percent.

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