In this calm post-holiday edition of The Gentle Ledger, markets returned from Christmas with a quiet, measured tone as trading volumes remained light and conviction stayed restrained. U.S. indexes edged slightly lower, with small-caps lagging while large-cap tech and select retailers offered pockets of strength. We explore notable corporate moves, from renewed momentum in Nvidia and Micron to an activist-driven lift in Target, alongside softer action across cyclical sectors. Across global markets, Asia traded with caution and Europe largely remained closed, reinforcing the sense of a slow, deliberate restart. Commodities told a clearer story, with gold and silver reaching fresh highs while oil eased, Treasury yields held steady, and Bitcoin hovered near $89,000 — a fitting backdrop for a market gently waking up rather than rushing ahead as the year draws toward its close.