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After a monster rally in 2025, analysts at UBS say it’ll continue into the new year.
In fact, the firm says earnings growth, easy monetary policy, and clearer policy could keep the markets soaring. “UBS expects S&P 500 earnings per share to rise about 10% in 2026, a pace it says could lift the index to roughly 7,700 by the end of next year,” says CNBC.
UBS also believes we’ll see more interest rate cuts from the Federal Reserve.
Plus, the naming of the newest Fed chair in the new year could reinforce a dovish shift. And we could see further clarity from the U.S. Supreme Court on President Trump’s tariffs, which will help reduce market uncertainty.
We agree with those calls. But we’d add in the unstoppable artificial intelligence boom, which could easily send markets screaming even higher.
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After plummeting from about $220 to $180, shares of Oracle are starting to pivot higher. Last trading at $191.97, we’d like to see Oracle initially refill its gap at around $220.
Helping, analysts at Wells Fargo say the pullback is overdone.
The firm now has an overweight rating on ORCL with a $280 price target.
“More generally, bulls on ORCL: 1) view the sharp pullback as overdone w/ shares back to pre-OpenAI levels, 2) see potential for meaningful market share gains in cloud IaaS, & 3) think AI still v. early innings,” said the firm, as quoted by CNBC.
Happy Holidays to you and yours!
As we get into the holiday-shortened week, the S&P 500 is up about 30 points. The SPDR S&P 500 ETF (SPY) is up about $2.90. The Dow is up 30, as the tech-heavy Nasdaq gains 162 points.
Fueling upside, Nvidia (NASDAQ: NVDA) is racing even higher after Reuters said the company was looking to start shipments of its H200 chips to China early next year. “The report, which cited people familiar with the matter, said that the shipments are anticipated to total between 5,000 and 10,000 chip modules, or approximately 40,000 to 80,000 of H200 chips, added CNBC.
Micron (NASDAQ: MU) is still racing higher on strong earnings. And down, but not out, shares of Oracle (NYSE: ORCL) are up another $5.15 a share in premarket.
Gold and Silver Now at Record Highs
Gold and silver show no signs of cooling off.
The yellow metal is now up to $4,443. Silver is now up to $69. Both remain a hot hedge.
“Due to outsized fiscal deficits in the U.S., U.K., Europe, and increasingly Japan and China, “the monetary value of gold has arguably reemerged, according to Matthew McLennan, head of global value team at First Eagle Investments,” added CNBC.
Many are now making calls for $5,000 gold.
As just reported by CNBC, “Industry experts say there is still room for gold to run. ‘We are now aiming for $5,000 in 2026. If it continues on its current path, it could reach $10,000 before the end of the decade,’ Ed Yardeni, president of Yardeni Research, said.”
Fueling upside is the potential for more rate cuts from the Federal Reserve, economic and geopolitical uncertainty, and a wave of central bank buying.
Copper Prices are Also Rocketing Higher
Copper prices could test new highs on concerns about supply.
Used in everything from electric vehicles and data centers to power grids and defense systems, copper prices are exploding with massive supply-demand issues.
It’s just part of the reason why copper ran from about $4.25/lb. to more than $5.40 – with more upside likely – since the year began, especially with growing demand for artificial intelligence data centers all over the United States.
For example, data centers require significant amounts of copper for their construction, most notably for their power networks, circuit boards, and cooling systems. According to BHP, “A study of Microsoft’s US$500 million data center facility in Chicago found it used 2,177 tonnes of copper, equivalent to 27 tonnes of copper for every megawatt (MW) of applied power.”
In addition, according to the International Energy Agency (IEA), hyperscale data centers have a power demand of 100 MW or more, an annual electricity consumption equivalent to that used by around 350,000 to 400,000 electric cars, as also noted by BHP.
Moving forward, the amount of copper used in data centers globally could grow sixfold by 2050 from about half a million tonnes today. Plus, global electricity consumption from data centers could run from about 2% of global electricity demand to 9% by 2050.
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