Stocks Slip as Megacap Tech Pullback Weighs, Metals Turn Volatile – US Market Wrap
US equities closed lower as investors trimmed exposure to technology heavyweights ahead of year-end. Precious metals saw sharp swings, with silver retreating after briefly hitting a record high.
The S&P 500 declined 0.3%, pressured by losses in major tech names including Tesla, Nvidia, and Meta Platforms. The Nasdaq 100 fell 0.5%. In the bond market, the yield on 10-year US Treasuries edged down to 4.11%.
Even with the day’s pullback, optimism remains widespread that the equity rally can extend into 2026 following three consecutive years of gains. While risks persist — ranging from a potential correction in artificial-intelligence-related stocks to unexpected policy disruptions — Wall Street forecasts on average point to another roughly 9% gain for the S&P 500 next year.
Silver led volatility across commodities, sliding more than 8% after surging past $80 an ounce amid speculative positioning and concerns about constrained supply. Gold also came under pressure, falling more than 4%.
Precious metals have been a standout segment of markets in recent months, supported by strong central-bank buying and increased flows into exchange-traded funds. Expectations for lower interest rates have further supported non-yielding assets, while geopolitical tensions — including strains between the US and Venezuela — have reinforced demand for safe-haven exposure.
