Moe’s Market Memo – December 5, 2025
Weekly data-driven insights on the markets and economy
Mohammad Abouchleih, MBA, CIMA®
Investment Analyst
Private payrolls fell
The U.S. labor market weakened in November as private employers cut 32,000 jobs, with small businesses losing 120,000 positions, according to a report released by ADP on Wednesday. Larger firms added 90,000 workers, while gains in education and health services were offset by declines in professional services, manufacturing, and information.1
Petrol prices dip
On Tuesday, U.S. gas prices fell below $3 a gallon for the first time since May 2021, according to AAA. The national average now sits at $2.998, driven by lower oil prices and increased global supply. Analysts expect prices could remain low into next year if the Organization of the Petroleum Exporting Countries doesn’t curb production.2
Nvidia bets on Synopsys
On Monday, Nvidia announced a $2 billion investment in Synopsys as part of an expanded partnership to accelerate computing and AI engineering solutions. The collaboration aims to revolutionize design and engineering by leveraging Nvidia’s GPU technology and Synopsys’ knowledge of silicon design. Both companies saw stock gains on Monday following the news.3
Goldman Sachs expands ETF empire
Goldman Sachs announced on Monday that it will acquire Innovator Capital Management, a leading provider of defined-outcome ETFs, for $2 billion. The deal will expand Goldman’s ETF offerings and strengthen its asset management division, with Innovator overseeing $28 billion across 159 ETFs. This move underscores Goldman’s continued focus on asset and wealth management as it pivots away from consumer banking.4
Crypto caution
Cryptocurrency prices plunged on Monday, with bitcoin and Ethereum leading a broad sell-off as investors shifted away from riskier assets. The sell-off, driven by heavy leverage and a $400 million exchange liquidation, also hit other tokens like Solana and Dogecoin. Pressure intensified after China’s central bank warned of illegal crypto activities, weighing on Asia-based digital asset stocks.5
International enrollment eases
New international student enrollment at U.S. colleges dropped 17% this fall, driven by visa restrictions and policy changes. The decline is projected to cost the economy more than $1 billion, as foreign students typically contribute billions in tuition and local spending. Analysts warn that the trend could weaken U.S. competitiveness in attracting global talent and innovation.6
[1] Cox, Jeff. “November private payrolls unexpectedly fell by 32,000, led by steep small business job cuts, ADP reports.” CNBC, 3 December 2025, https://www.cnbc.com/2025/12/03/adp-jobs-report-november-2025-private-payrolls-unexpectedly-fell-by-32000-.html. Accessed 3 December 2025.
[2] Egan, Matt. “Major milestone: US gas prices drop below $3 a gallon for first time since May 2021.” CNN, 2 December 2025, https://www.cnn.com/2025/12/02/business/gas-prices-three-dollars. Accessed 2 December 2025.
[3] Capoot, Ashley. “Nvidia takes $2 billion stake in Synopsys with expanded computing power partnership.” CNBC, 1 December 2025, https://www.cnbc.com/2025/12/01/nvidia-takes-2-billion-stake-in-synopsys.html. Accessed 3 December 2025.
[4] Son, Hugh. “Goldman Sachs acquires ETF firm for $2 billion in latest deal to bolster asset management division.” CNBC, 1 December 2025, https://www.cnbc.com/2025/12/01/goldman-sachs-acquires-innovator-capital-management.html. Accessed 1 December 2025.
[5] Leask, Hugh. “Bitcoin, ethereum fall sharply as crypto sell-off resumes.” CNBC, 1 December 2025, https://www.cnbc.com/2025/12/01/bitcoin-ethereum-fall-sharply-as-crypto-sell-off-resumes-.html. Accessed 1 December 2025.
[6] Dickler, Jessica. “Fewer international students are enrolling at U.S. colleges, which could cost the country $1 billion, reports find.” CNBC, 30 November 2025, https://www.cnbc.com/2025/11/30/international-student-enrollment-decline.html. Accessed 1 December 2025.
This material is for general information and educational purposes only. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete and is not intended to be used as a primary basis for investment decisions.
Find answers to your questions about Hightower Signature Wealth
Hightower Signature Wealth is a fiduciary wealth management practice that provides investment management, financial planning, estate strategies, insurance, and banking solutions. We work with families, business owners, professionals, women, and retirees across more than 40 offices nationwide. Our advisors take the time to understand your financial priorities, develop a plan around your goals, and adjust that plan as your life and circumstances evolve.
Hightower Signature Wealth provides a broad range of wealth management services designed to address different aspects of your financial life. Our capabilities include investment management, financial planning, retirement planning, estate strategies, insurance and risk management, banking solutions, and charitable giving strategies. By considering these areas together, our advisors can develop a coordinated approach based on your goals, priorities, financial circumstances, and plans for the future.
Hightower Signature Wealth advisors work with a broad range of clients, including women, families, business owners, professionals, retirees, and high-net-worth individuals navigating major life or financial transitions. Rather than applying a generic playbook, each advisor tailors the plan to a client’s specific goals and current stage of life – from early-career decisions to multigenerational wealth transfer.
Yes. Hightower Signature Wealth advisors serve as fiduciaries, which means they are committed to acting in their clients’ interests when providing investment advice. We offer fee-based advisory services, with fees depending on the services provided and the specifics of your relationship. Your advisor will discuss the applicable fee structure with you so you can understand how you are charged and what services are included.
Hightower Signature Wealth has more than 40 offices nationwide, allowing our advisors to serve individuals, families, and organizations across the country. Depending on your location and preferences, you may be able to work with an advisor locally or connect with a team in another market. Visit our Locations page to explore our office locations, learn more about the teams in each market, and find an office near you.
Getting started with Hightower Signature Wealth is simple. Complete our online contact form with some basic information about yourself and what you are looking for, and we’ll connect you with an advisor who can discuss your needs and financial priorities. That initial conversation is an opportunity to learn more about our approach, ask questions, and determine whether working with a Hightower Signature Wealth advisor may be a good fit.
Your first conversation is an opportunity for us to learn more about you, your financial circumstances, and what you hope to accomplish. An advisor may ask about your goals, current investments, family considerations, business interests, and other priorities that could influence your financial plan. You’ll also have an opportunity to ask questions, learn about our approach, and discuss what working together could look like.
