Stocks Edge Lower Despite Dovish Fed Minutes, Metals Rebound – US Market Wrap

US equities finished modestly lower even after minutes from the Federal Reserve’s December meeting supported expectations for additional interest-rate cuts next year. Precious metals rebounded after sharp pullbacks from record highs.

The S&P 500 slipped 0.1%, marking a third straight decline after spending much of the session little changed. Treasury yields moved higher, with the 10-year US rate hovering around 4.12%, while the dollar strengthened.

Beyond the release of the Fed minutes, markets have lacked clear catalysts in recent sessions, with subdued news flow and lighter trading volumes. The central bank’s meeting record showed broad support among officials for further easing if inflation continues to cool, while also underscoring internal divisions and the challenges faced in delivering a quarter-point cut earlier this month.

In currency markets, China’s onshore yuan strengthened beyond the key 7-per-dollar threshold for the first time since 2023.

Asian equities edged lower, while European stocks advanced as rising metal prices lifted mining shares. Globally, equities remain on track for a third consecutive annual gain, though momentum has faded in recent days.