Christmas holidays just ended, and the financial markets today( December 26th) enter the first trading day after the holiday. Global stock markets are trading lightly, with the US stock market opening as usual but no major economic data or earnings reports, so volatility is expected to be limited. Last night on Christmas Eve, the three major US indices rose slightly—S&P 500 up 0.32% to a new closing high, Dow Jones up 0.60%, and Nasdaq up 0.22%. The entire 2025 US stock market has gained over 17%, mainly driven by the AI investment boom and strong corporate earnings.

On the crypto side, Bitcoin is fluctuating around $87,000, with market attention focused on today’s $2.7 billion options expiration event. If this options event triggers a move, it could likely break the current $85,000-$90,000 oscillation range. The total crypto market cap is about $3.04 trillion, up slightly by 0.7% in 24 hours, and overall still in a consolidation phase.

In terms of central banks, things are relatively calm. The December CPI data for Tokyo, Japan, will be released today, which could influence the future direction of the yen. China’s benchmark loan interest rate has remained unchanged for seven consecutive months. Gold and silver continue to perform strongly, making them the most eye-catching asset classes of the year.

With the holiday atmosphere, there are few new market catalysts, and most investors are in a wait-and-see mode. However, whether the "Santa Claus rally" can continue into 2026, analysts believe that further Fed rate cuts will provide support, but the uncertainty surrounding tariffs could at any time create risks.