2025 ended up being a solid year despite the tariff scares and the Q4 government shutdown. SPY finished up 18.1% and QQQ jumped 22.3% as of late December. Wall Street firms seem optimistic for 2026, with price targets for the S&P 500 ranging from 7,500 to 8,000. The main drivers are expected to be AI capital spending and shareholder payouts, though high valuations and debt risks remain concerns. A few sectors getting attention: * **Commodities:** Silver and copper rallied in 2025. China might restrict silver exports in January, which could impact supply for AI hardware. * **Banks:** Expected to benefit from falling rates and better deal activity. * **Solar:** Seeing renewed interest as AI data centers drive demand for affordable power. * **International:** Quietly outperformed the US in 2025 due to better valuations and stimulus efforts abroad.