1. Job Cuts Are Surging — Another Warning Light
Yesterday we got the ADP numbers, which came in way below expectations.
This morning, the Challenger Job Cuts Report dropped — and it wasn’t pretty.
U.S. firms announced 71,000+ job cuts in November, up 24% from November 2024.
For context, monthly job cuts above 70,000 have only happened twice in recent history: 2008 and 2022.
Year-to-date, the first 11 months of 2025 show 1.17 million job cuts, up 54% compared to the same period a year ago — and the highest level since 2020. (Source)
2. S&P 500: Calm… Maybe Too Calm?
The S&P 500 continues its sideways action, and honestly, it feels like everyone is just holding their breath for the Federal Reserve’s next move.
Will it be a rate cut, or no cut? That’s the big catalyst.
Also remember: It’s December. Historically a strong month for stocks… until it isn’t.
We’ve seen rough Decembers before — 2018 was ugly and a perfect reminder that seasonality isn’t guaranteed.
3. Metals & Commodities: Cooling Off, Resetting, Stabilizing
Silver is selling off a little — and that’s actually healthy. It was getting way too overheated.
Gold looks like it’s building a solid base.
Oil remains choppy, but the trend is still down.
Uranium is showing signs of life again — momentum slowly picking up.
4. Japanese Yields Hit Highest Since 2007 — A Sleeping Giant Wakes
Japanese bond yields are now the highest since 2007.
Barely a headline on WSJ, a whisper on CNBC, and almost nothing on Bloomberg.
But watch this story. It’s starting — and likely runs into January.
This is a global financial-system wiring story. When Japan moves, it can trigger wild market swings.
Just look at what happened on the charts in early August 2024.
5. Bitcoin, Dollar, and FX: Pressure Points
Bitcoin is struggling to push higher… but honestly, I won’t be surprised if it runs to $100,000, which is the next major test level.
The U.S. Dollar Index (DXY) is moving down, telling you markets are leaning toward a rate cut ahead.
The U.S. 10-Year Treasury is stuck at 4%.
Meanwhile, the Canadian dollar is really really really trying to break out of its long downtrend against the USD.