The final trading week of 2025 began with U.S. indices pulling back despite increased rate-cut odds. While equities face pressure from sell-offs in metals, November’s 3.3% rise in pending home sales highlights real estate resilience. Geopolitical optimism is rising as a 20-point Russia-Ukraine peace framework, including U.S. security guarantees, gains traction. This, alongside year-end profit-taking, defines current market action. Investors now await the December FOMC minutes for clarity on Fed internal debates regarding inflation and labor. Upcoming manufacturing and housing data will set the tone for the transition into 2026.