Core Viewpoint - The historical pattern of the Santa Claus rally on Wall Street raises the question of whether it will occur again this year, with stocks typically rising during this period due to lighter trading volumes and year-end optimism [1] S&P 500 Santa Rally Track Record - The S&P 500 has risen 75.79% of the time between December 20 and January 4, with an average gain of 1.7%, based on 95 years of data analyzed by Seasonax [2] - Notable years include 1991, when the S&P 500 rose nearly 8% during the Santa rally period [2] Stock Performance During the Santa Rally - Illumina Inc. (NASDAQ:ILMN) has an 85% winning rate with an average return of 4% over the past 20 years [5] - Caterpillar Inc. (NYSE:CAT) has an 80% winning rate and an average gain of 1.25%, although it experienced a decline of 4.3% in 2024 [5] - JPMorgan Chase & Co. (NYSE:JPM) has risen in 15 of the past 20 years, with an average return of 1.89% [5] - Freeport-McMoRan (NYSE:FCX) has a 70% winning rate and notable past surges, with an average return of 3.54% [5] - Goldman Sachs Group Inc. (NYSE:GS) has a 65% winning rate and an average return of 2.69% during the Santa rally [5]

Group 1: Goldman Sachs Debt Offering - Goldman Sachs has launched a $10 billion debt offering structured across five tranches, including $2.5 billion in 4-year fixed-to-floating notes at +67 basis points and $3.5 billion in 11-year fixed-to-floating notes at +92 basis points, as part of its capital management initiatives [2][7]. Group 2: Caterpillar Price Target Upgrade - JPMorgan has raised its price target for Caterpillar to $650 from $505, maintaining an "Overweight" rating, indicating a potential upside of 28.68% from the previous close [3][7]. Group 3: Netflix and Spotify Partnership - Netflix is partnering with Spotify to introduce video podcasts from Spotify Studios and The Ringer starting in early 2026, aiming to expand its content library and reach new audiences [4][7]. Group 4: Gold Prices Surge - Gold prices have reached a record high of over $4,000 per ounce, driven by global uncertainty, fears of economic fragmentation, and sustained central bank buying, as noted by Bank of England Governor Andrew Bailey [5][7]. Group 5: Argentina's Exchange Rate Reforms - Argentina is continuing its economic reforms by maintaining a floating exchange rate system for the peso within a band of 1,000 to 1,400 per US dollar, aiming to attract capital inflows and strengthen financial stability [6][8][7]. Group 6: Federal Reserve Reverse Repo Operations - The Federal Reserve's overnight reverse repurchase agreement operations declined to $3.516 billion, down from $4.124 billion earlier in the week, indicating reduced usage of the facility [9].