US Stock Market Today: S&P 500 and NASDAQ Slide as Tech Megacaps Retreat and Silver Rally Reverses

US equities opened the final week of 2025 under pressure as traders cut risk. A tech megacap pullback weighed on major benchmarks, while commodity swings drove cross-asset volatility.

Tech Selling Pressures the S&P 500 and NASDAQ 100

US equities slipped after early declines in large technology names weakened index leadership. The S&P 500 fell 0.4% by late morning in New York, while the NASDAQ 100 dropped 0.5%. The Dow Jones Industrial Average also eased 0.4% as traders reduced exposure to crowded growth trades.

Tesla and NVIDIA paced the pullback, and heavy volume followed Palantir. NVIDIA slipped as much as 2.4%, while Palantir dropped as much as 2.2%. Energy, utilities, and real estate held up better, while tech and materials lagged.

The S&P 500 has gained about 17% in 2025, yet it has not clearly led global peers. Earlier expectations favored a strong dollar and clear US outperformance. Tariff headlines in April shook confidence and narrowed the advantage. Even so, many strategists project the rally extends into 2026, with average targets near 9%.

Outside the US, global benchmarks moved less. Europe’s Stoxx 600 traded near flat as Ukraine peace talks produced no breakthrough. The MSCI World Index fell 0.3%, showing broad but modest risk aversion.

Metals Volatility Rises as Silver Reverses from Records

Precious metals swung sharply as silver reversed after a record run. Silver fell more than 10% to around $71 an ounce after briefly trading above $80. Spot gold dropped 4.5% to $4,329.55 an ounce as traders took profits.

Mining shares tracked the metal slide, adding pressure to the materials group. Coeur Mining dropped 4.2%, and Newmont fell 5.8% as investors adjusted to the price swing. Many traders tied the earlier surge to supply fears and leveraged positioning.

Precious metals still draw interest after steady central-bank buying and stronger ETF demand. Lower borrowing costs also support non-yielding assets. Frictions involving the US and Venezuela have added a safe-haven bid. Monday’s reversal showed that positioning can shift quickly.

Market focus also stayed on industrial demand signals. Elon Musk wrote that silver supports many industrial processes, citing Chinese export limits. The comment kept attention on supply chains even as prices cooled.

Oil Gains Lift Energy Stocks as Yields Stay Steady

Energy shares outperformed as crude prices advanced and bond yields held in a range. West Texas Intermediate rose 2.6% to $58.21 a barrel, while Brent still tracked a weak month. Oil moved higher after US-led Ukraine talks failed to deliver progress, while China signaled support for 2026 growth.

The day’s move supported Devon Energy, up 0.81%, and Exxon Mobil, up 0.4%. Government bonds traded calmly despite cross-asset volatility. The 10-year US Treasury yield held near 4.12%. Germany’s 10-year yield fell four basis points to 2.83%, and Britain’s 10-year yield slipped two basis points to 4.49%.

Currency markets stayed contained, with the Bloomberg Dollar Spot Index steady. The euro rose 0.1% to $1.1784, sterling held near $1.3509, and the yen strengthened 0.4% to 156.02 per dollar. Bitcoin rose 0.1% to $87,643.73, while Ether traded near $2,935.71.

Corporate updates drove sharp single-stock moves. SoftBank agreed to buy DigitalBridge in a deal worth about $4 billion, including debt, lifting the shares in premarket trading. Lululemon advanced as its founder pushed for board changes. Airbus increased late-year output as it worked toward delivery targets.

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