US Equities Trudge Along, Treasury Yields Rose – US Market Wrap

Stocks and bonds slipped alongside gold and silver on the final trading day of 2025, capping a subdued end to an otherwise buoyant year across asset classes that saw US equities post their third consecutive double-digit gain.

The S&P 500 extended its post-Christmas slide, trimming the benchmark’s advance for 2025 to about 17%. Even so, the index remains on track for its longest annual winning streak since 2021. The Nasdaq 100 fell 0.2%, with losses led by megacap technology names including Microsoft, Meta Platforms and Micron Technology.

Silver tumbled as a period of heightened volatility marked by daily price swings of 5% or more entered a fourth session. CME Group raised margin requirements on precious metals futures for the second time in a week following the recent turbulence.

Investors enjoyed outsized returns this year in a market fuelled by optimism over the economic potential of AI and supported by Fed rate cuts. The path higher was uneven, however, with markets buffeted by US trade policies, geopolitical tensions, concerns about elevated valuations and uncertainty surrounding the trajectory of central bank policy.