Why Tech's Comeback And A 'Hawkish' Fed Could Change Everything

2025-12-05 23:35:00 ET

By Ryan J. Puplava

Key Points This Week:

• Tech and Mega-Cap Leadership: After Monday’s crypto-driven selloff, mega-cap technology rebounded strongly midweek, led by NVIDIA ( NVDA ), Apple ( AAPL ), Microsoft ( MSFT ), and Intel ( INTC ), with earnings beats and AI-driven initiatives supporting the rally.
• Broader Market Participation: Market breadth improved as industrials, energy, financials, and consumer cyclicals posted gains, highlighting that the rally is no longer solely dependent on tech. Small caps also showed strength, signaling renewed risk appetite.
• Fed Policy and Macro Outlook: Mixed economic data—weak manufacturing, resilient services, and sticky inflation—sets the stage for a widely expected “hawkish” Fed rate cut next week, with implications for rates, bonds, precious metals, and risk assets.
• Chart of the Week – Silver: A bearish momentum divergence in this chart signals potential near-term caution. Strong year-to-date performance and sensitivity to Fed policy highlight the importance of monitoring technical signals alongside macro developments.

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