U.S. stocks fell on Monday as Wall Street opened the last three days of trading on a rollercoaster ride of 2025 that will likely end with considerable gains.
The tech-heavy Nasdaq Composite (^IXIC) led the decline, falling 0.6%, while shares of mega-caps Nvidia (NVDA) and Tesla (TSLA) fell more than 1%. The S&P 500 (^GSPC) lost 0.3%, while the Dow Jones Industrial Average (^DJI) fell 0.1%.
Meanwhile, volatility gripped precious metals trading after a furious rally to record highs. Silver (SI=F) retreated, falling as much as 7% after breaking above $80, while gold futures (GC=F) fell more than 3%.
Stocks had finished a shortened holiday trading week near all-time highs, with the S&P 500 and Dow setting records Wednesday to kick off the “Santa Claus rally” period: the last five trading days of December and the first two sessions of January.
It looks like all three major indices will finish a choppy 2025 with strong gains. The benchmark S&P index is up more than 17% and the blue-chip Dow is up more than 14%. The tech-heavy Nasdaq has led gains, adding more than 22% so far, even after briefly entering a bear market in April following the implementation of President Trump’s most sweeping tariffs.
Another relatively quiet week will greet investors heading into the new year. There is a reading on pending home sales on Monday. But the highlight of the week will likely come on Wednesday with the release of the minutes from the Federal Reserve meeting earlier this month.
The minutes could provide new information for investors looking for clues about the Federal Reserve’s next move in January, and the divisions that have plagued the central bank in 2025 are likely to continue into the new year. About 80% of bets are on the Fed to maintain current interest rate levels next month, although traders are more divided on what the committee will do in March.
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