Last week, all three major U.S. equity indices posted gains of more than 1% during the holiday-shortened trading week, with the S&P 500 and Dow Jones setting new all-time highs. Economic data surprised to the upside, as third-quarter U.S. GDP accelerated to a 4.3% annualized pace, well above expectations and signaling continued economic strength. Precious metals extended their remarkable year-to-date performance, with silver climbing above $77 per ounce for the first time and gold also hitting new records. Market volatility continued to ease, with the VIX falling to its lowest level in over a year. Despite a modest rebound, oil prices remained on track for their steepest annual decline since 2020. Fixed-income markets reflected expectations for further monetary easing, as futures markets implied a 74% probability of at least two Fed cuts in 2026. International equities continued to outperform U.S. benchmarks on a year-to-date basis, illustrating the importance of portfolio diversification. Corporate earnings expectations remain robust, with analysts projecting 15% S&P 500 earnings growth in 2026.