US stocks slipped Monday, as Wall Street opened the final three days of trading in a rollercoaster 2025 that looks likely to end with sizable gains.
The tech-heavy Nasdaq Composite (^IXIC) led the way lower, falling 0.6%, as shares of megacaps Nvidia (NVDA) and Tesla (TSLA) both fell over 1%. The S&P 500 (^GSPC) lost 0.3%, while the Dow Jones Industrial Average (^DJI) dipped 0.1%.
Meanwhile, volatility gripped the precious metals trade after a furious rally to all-time highs. Silver (SI=F) retreated, plummeting as much as 7% after rising above $80, while gold (GC=F) futures fell over 3%.
Stocks had ended a shortened Christmas trading week near all-time highs, with the S&P 500 and Dow setting records on Wednesday to start the “Santa Claus rally” period — the last five trading days of December and first two sessions in January.
All three major indexes look set to end a topsy-turvy 2025 with strong gains. The benchmark S&P is up over 17%, and the blue-chip Dow has climbed over 14%. The tech-heavy Nasdaq has led gains, adding over 22% so far — even after briefly entering a bear market in April after the rollout of President Trump’s most sweeping tariffs.
Another relatively sleepy week will greet investors heading into the new year. A read on pending home sales is on the docket Monday. But the highlight of the week will likely come Wednesday with the release of the minutes from the Federal Reserve’s meeting earlier this month.
The minutes could add fresh insight for investors looking for clues on the Fed’s next move in January, with the divisions that have gripped the central bank in 2025 likely to continue into the new year. Around 80% of bets are on the Fed standing pat at current interest rate levels next month, though traders are more split on what the committee will do in March.
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