U.S. Stock market today: U.S. stocks started the final week of 2025 on a weaker note, with major indexes slipping as selling pressure hit megacap technology names and precious metals pulled back sharply from record highs. Investors entered the last three trading sessions of the year cautious but still positioned for what is shaping up to be a strong annual finish for Wall Street.
The Dow Jones Industrial Average fell about 0.6% in midday trade, while the S&P 500 slid roughly 0.5%. The tech-heavy Nasdaq Composite led losses, down close to 0.7%, weighed by declines in Nvidia and Tesla. Both stocks fell more than 1.5%, extending volatility that has defined much of the year for growth names.
Despite the daily slip, the broader market remains on track for a robust yearly performance. The S&P 500 has climbed over 17% year-to-date, while the Nasdaq has surged 22% despite enduring a brief bear market earlier this spring triggered by trade tariff concerns.
Markets also digested sharp moves in commodities. Silver plunged nearly 7% after briefly trading above $80 an ounce, while gold futures dropped more than 3%, snapping a recent surge to all-time highs.
Investors are closely analyzing the internal divisions within the Federal Reserve as the new year approaches. Current market sentiment, reflected in interest rate futures, suggests an 80% probability that the Fed will maintain rates at their current levels during the January meeting. However, the outlook for March remains a toss-up among traders.
Amidst this monetary uncertainty, the US housing market provided a rare dose of optimism. Pending home sales for November surged 3.3%, marking the most significant jump since early 2023. This growth, led by a 9.2% increase in the West, suggests that stabilizing mortgage rates and cooling price growth are finally drawing buyers back into the fold.
Dow, S&P 500, Nasdaq slip as megacaps retreat
The Nasdaq Composite underperformed early Monday as investors locked in profits from some of 2025’s biggest winners. Nvidia shares slid about 1.7%, while Tesla fell roughly 1.5%, dragging the broader tech sector lower. The S&P 500 eased to around 6,895, down more than 35 points, and the Dow Jones Industrial Average dropped nearly 280 points to hover near 48,430.Even with the pullback, the broader trend remains positive. The S&P 500 is still up more than 17% for the year, while the Dow has gained over 14%. The Nasdaq has led by a wide margin, rising more than 22% in 2025, despite briefly entering bear-market territory in April after President Trump announced sweeping new tariffs.
Energy markets saw a 2% spike in crude prices on Monday as geopolitical risks weighed heavily on supply forecasts. Brent crude climbed above $61.50 per barrel, driven by escalating rhetoric in the Middle East and a 6% production drop in Kazakhstan’s Tengiz field.
Despite ongoing peace talks between President Trump and Ukrainian leader Volodymyr Zelensky at Mar-a-Lago, US sanctions on Russian oil are expected to remain firm. These sanctions continue to sideline hundreds of thousands of barrels daily. As 2025 concludes, the oil market is attempting to break a five-month losing streak, balanced precariously between cooling global demand and localized supply disruptions.
Gold and silver slide after record-breaking rally
Volatility surged in precious metals after a historic rally earlier this month. Silver futures fell as much as 7% after topping $80 an ounce, marking one of the sharpest single-day declines of the year. Gold futures also retreated, dropping more than 3% as traders unwound defensive positions.
Two major factors drove this sudden collapse:
- Margin Hikes: The Chicago Mercantile Exchange (CME) raised margin requirements for silver. This forced traders to sell positions to cover costs.
- China Export News: China, a major silver producer, announced export restrictions starting in January. This sparked a “sell the news” event after a massive speculative rally.
Elon Musk also commented on the price surge, noting that expensive silver hurts industrial processes. This added to the bearish sentiment surrounding the metal’s sudden price correction.
The pullback comes after weeks of strong inflows driven by inflation hedging, geopolitical risk, and expectations of eventual rate cuts. Analysts noted that thin year-end liquidity likely amplified the moves, with profit-taking accelerating once prices broke lower.
Top gainers today
- DigitalBridge Group (DBRG)
Shares jumped 9.66% to $15.27 on heavy volume of 59 million. Buying interest stayed strong as the stock traded near its 52-week high of $15.55, signaling renewed momentum in digital infrastructure plays.
- NIO (NIO)
The EV maker rose 3.04% to $5.25 with 42 million shares traded. Investors continued to rotate into beaten-down EV names after recent stabilization in deliveries and pricing expectations.
- Intel (INTC)
Intel edged up 0.43% to $36.35 on 21 million shares. The stock found support as investors weighed its long-term chip manufacturing and AI-related recovery plans.
Top losers today
- Mereo BioPharma (MREO)
Mereo BioPharma plunged 90.18% to $0.23 on massive volume of 148 million shares. The collapse followed company-specific developments, making it the session’s most severe decliner.
- Tesla (TSLA)
Tesla slid 1.91% to $466.10, shedding over $9 per share. Profit-taking hit megacap tech stocks as investors locked in year-end gains.
- NVIDIA (NVDA)
Nvidia fell 1.85% to $187.01 on 74 million shares. The stock pulled back alongside broader weakness in big tech and semiconductors.
- Plug Power (PLUG)
Shares dropped 2.20% to $2.02, continuing volatility in clean-energy stocks amid funding and profitability concerns.
- Opendoor Technologies (OPEN)
Opendoor slipped 2.41% to $5.87 as housing-related stocks reacted cautiously despite improving home sales data.
- American Airlines (AAL)
The airline fell 1.65% to $15.19, tracking broader weakness in travel stocks.
- BigBear.ai (BBAI)
BigBear.ai edged down 0.87% to $5.68, consolidating after recent AI-driven volatility.
Housing data offers a bright spot for investors
Amid an otherwise quiet economic calendar, new housing data provided a rare positive surprise. Pending home sales in November jumped at the fastest pace since early 2023, signaling improving buyer demand as mortgage rates stabilized. The report suggested that housing activity could regain momentum heading into 2026, offering support to consumer confidence and related sectors.
Homebuilder and real estate-linked stocks were mixed, but economists said the data reinforced the view that the housing market may have passed its weakest point.
Fed minutes in focus as rate outlook remains uncertain
The key event for markets this week will be the release of minutes from the Federal Reserve’s December meeting. Investors are looking for clues on how policymakers view inflation, growth, and the timing of any potential rate changes.
Futures markets currently price in roughly an 80% chance that the Fed will hold interest rates steady at its January meeting. Expectations for March remain more divided, reflecting ongoing internal debate within the central bank. As 2025 draws to a close, those policy signals could set the tone for markets at the start of the new year.
FAQs:
Q: Why did U.S. stock markets fall at the start of the final trading week of 2025? A: Major indexes slipped as investors took profits in large technology stocks. Nvidia and Tesla fell more than 1.5%, dragging the Nasdaq down about 0.7%. With few economic releases scheduled, thin year-end trading amplified price swings. Markets remain near record highs despite the pullback.
Q: What are investors watching next after the late-December market dip?
A: Attention is focused on the Federal Reserve’s meeting minutes due Tuesday. Around 80% of traders expect no rate change in January. Investors are looking for guidance on March policy decisions and clues on inflation and growth trends heading into 2026.