Stock Market Summary – December 15, 2025

The AI infrastructure companies Broadcom, CoreWeave, and Oracle saw their stocks slide as investors began to question whether the returns on investment would justify the high level of spending. Despite beating revenue forecasts and showing soaring AI demand, their quarterly earnings reports did not impress the market. The S&P 500 was lower at the start of the week, reversing a tepid attempt at a rebound after a tech selloff last Friday.

Shares in Linde, an industrial gas giant, started improving after falling in late September. It experienced five straight sessions of gains, and analysts from Citi named it as their new top pick in the chemicals sector. However, Zillow’s shares plunged by more than 9% amid fears that Google Search could impact the online real estate platform’s position as it begins testing real estate sale listings.

Meanwhile, semiconductor equipment maker KLA Corp saw a 4% increase in its shares, while Zillow Group’s shares dipped by 8% due to Google testing a new listing format. Alibaba and Baidu saw their stocks fall 3% and 4% respectively due to an economic slowdown in China. Shares in ServiceNow fell by 4% following discussions to acquire cybersecurity firm Armis.

SpaceX is set to make a public offering next year, potentially becoming the largest IPO ever with an estimated valuation of $1.5 trillion. The initial beneficial recipients are expected to be private investors, publicly traded space sector peers, and investment banks.

In alternative asset news, the SPDR Gold Shares ETF (GLD), which typically exhibits a low correlation with equities, resumed its upwards trajectory, with the daily cloud model providing key support throughout the year.