In this softly paced pre-holiday edition of The Gentle Ledger, markets drifted higher in a calm, deliberate fashion as Wall Street eased toward Christmas. The S&P 500 and Nasdaq reached fresh record territory, supported by steady gains in large-cap technology, while small-caps lagged amid lighter year-end liquidity. We explore standout corporate moves, including Novo Nordisk’s sharp rally following regulatory approval, mixed signals from retail names like Target and Nike, and quiet strength in market infrastructure and financials. Across Asia and Europe, equities reflected the same restrained optimism, with exporters and banks offering support while tech and property weighed on select regions. Gold remained elevated near record levels, oil softened modestly, Treasury yields held steady, and Bitcoin hovered near $89,000 — all reinforcing a market content with stillness rather than spectacle as the holidays draw near.