Andy Wang, Managing Partner at Runnymede Capital Management, joined Nicole Petallides on Schwab Network to open a new month of trading and break down the key themes he’s watching as 2025 winds down and 2026 approaches. December often brings unique market dynamics, and this year is proving no different.

 

Below are the main takeaways from his appearance.

December Crosscurrents—and the Opportunities They Create

Wang noted that markets are experiencing the classic December mix of tax-loss selling, profit-taking, and rotation into sectors like healthcare, gold, and small caps. While this creates crosscurrents, it also creates opportunities for investors willing to lean into volatility rather than avoid it.

One of the Final Catalysts of the Year: The December Fed Meeting

A major focus for Wang is the upcoming December 8–9 Federal Reserve meeting, which he believes could be one of the final market catalysts of 2025. Because the meeting occurs before the release of the full November economic data, policymakers will be making a rate decision without a fully complete picture.

As he pointed out, rate expectations have shifted dramatically: just two weeks ago, markets were pricing in only a 35% chance of a December cut. As of this week, CME FedWatch shows that probability near 87%.

Wang emphasized that January, when the Fed will have all the data, could become a major tone-setter for early 2026.

Bitcoin as a Sentiment Signal, Not a Crypto Call

When discussing Bitcoin, Wang explained that he watches BTC not as a cryptocurrency trade but as a gauge of investor sentiment. The recent pullback, he noted, was caused by a leverage unwind in perpetual futures rather than any meaningful shift in fundamentals.

Because Bitcoin remains tightly correlated with the Nasdaq, its stabilization often signals that investors are ready to re-embrace higher-beta assets such as tech, small caps, and cyclicals. Wang expects that risk appetite could reappear later this year and into 2026.

The AI Arms Race—and Why Stability Still Matters

Wang acknowledged that AI remains a powerful driver of S&P 500 earnings growth. However, with valuations priced for perfection, any slowdown could trigger disappointment.

He highlighted Apple (AAPL) as an example of a company often overlooked in the AI conversation. Despite being labeled an AI laggard, Apple continues to demonstrate strong demand in iPhones, wearables, and services. Wang believes this operational stability is especially valuable in a choppy December market.

Costco: A Durable Retail Leader With a Unique Catalyst

When Nicole Petallides asked which stock he would buy today to make money, Wang pointed to Costco (COST).

He emphasized Costco’s consistently durable business model, driven by:

  • Strong membership revenue
  • High renewal rates
  • A still-resilient, affluent customer base

Wang also called attention to a potential catalyst: Costco’s lawsuit against the Trump administration seeking refunds for tariffs it paid earlier this year. If the Supreme Court rules the emergency-powers tariffs unlawful, Costco—and potentially many retailers—could benefit from lower import costs.

With retail stocks already showing relative strength, he believes the sector is one to watch closely.

Looking Into 2026

Wang concluded that while December may bring its usual volatility, underlying signals from the Fed, Bitcoin, and market rotations could shape the early tone of 2026. These are the indicators he’ll be monitoring most closely in the weeks ahead.