Seasonal Strength
First Week with Walter Todd

Seasonal Strength

December 1, 2025

What do Black Friday sales signal for the economy? Walter Todd rings in the holiday season with a market update to share what is moving markets in December, from AI volatility to the ever-resilient American consumer. He also discussed the headlines from the Fed, including recent policy shifts and the upcoming change in leadership.

In this month’s video:

  • Seasonality & Consumer Trends: December is historically the strongest month for equities. Black Friday sales were solid, signaling resilient consumer spending.
  • Looking Ahead: Tax refunds in Q1 2026 could provide a tailwind, while midterm election volatility may pose headwinds later in the year.
  • Federal Reserve: A December rate cut now looks almost certain, marking the third cut this year. Markets await Powell’s comments and the potential leadership shift. 

Greenwood Capital is an SEC-registered investment advisory firm. This material has been prepared for information purposes only, is not intended to provide, and should not be relied on solely for tax, legal, or accounting advice. Subtitles are automatically generated.

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