Good afternoon. Per Norad, Santa is currently visiting Egypt.
82 days ago, the Dow closed at a record high — 26,828 — on a day where this newsletter focused on the Khashoggi coverup and the power shift driven by #MeToo.
But that was a few roller coaster rides ago.
Why it matters: Treasury Secretary Steven Mnuchin's unsettling weekend statement that the big banks have enough liquidity clearly didn't calm anyone down, Axios' Justin Green notes.
What they're saying:
Be smart, via Axios' Courtenay Brown: We’ve transitioned from a glass half-full bull market to a glass half-empty environment. This is much different than earlier this year when no amount of bad news could shake the market. Now it’s the opposite: good news isn’t as powerful as it used to be.
The bottom line: “The markets going down will eventually create an economic problem... People who spend money as consumers, if they have stock exposure, they’re reconsidering if they’re going to buy a $1,000 present — they’ll buy a $200 one.” [Bloomberg]
Wales Air Ambulance flies Santa into children's hospice Ty Hafan to visit children on Christmas Eve.
Santa holds two dogs as he poses for a photograph at Luna Park in Sydney, Australia.