Trump's Davos Speech Lifts Markets & Explaining 25% Natural Gas Rally

• Pending home sales for December 2025 dropped by 9.3% month-over-month, significantly worse than the -0.3% estimate.
• Construction spending for October 2025 increased by 0.5% month-over-month, exceeding the 0.1% estimate.
• President Trump's speech at Davos, particularly his comments on not using military force regarding Greenland, is seen as calming geopolitical tensions, contributing to the market's positive turn.
• Natural gas futures rallied by over 25% due to anticipated severe winter storms, while gold futures hit another all-time high driven by geopolitical risk and central bank buying.

The market is showing resilience, with stocks moving higher despite a significant downturn in pending home sales. This is attributed to better-than-expected construction spending and a perceived de-escalation of geopolitical tensions following President Trump's comments at Davos. Energy and precious metals are also seeing notable price action.