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Happy Wednesday and New Year’s Eve. I’ve decided that there are three main groups of holiday observers this year: Those going to parties or watching the Times Square ball drop at home; those doing late-night workout classes or races; and those going to AMC

viewings of the “Stranger Things” finale.

This newsletter normally walks you through five things to know before the market opens. Today, that list would include Federal Reserve minutes that showed a divisive December meeting, and new details about SoftBank’s investment in OpenAI.

But as 2025 comes to an end, we’re taking a step back to instead look at five of the biggest trends that shaped Wall Street, Main Street and Silicon Valley this year.