US stock market Santa Claus rally – Wall Street eyes new record as Dow, S&P 500, Nasdaq on the move; gold and silver extended a blistering run

US stock market opened with measured movements on Friday as investors returned from the Christmas holiday, seeking to extend a historic year-end surge. Major indices, including the S&P 500 and the Dow Jones Industrial Average, hovered near the flatline in thin post-holiday trading following record-breaking performances earlier in the week. The market is currently navigating the "Santa Claus rally" period—a seasonal phenomenon encompassing the final five trading sessions of December and the first two of January. This period historically brings upward momentum, and 2025 appears to be no exception despite a year marked by geopolitical shifts and trade policy changes.

Wall Street’s resilience remains the central theme of the session. The S&P 500 is currently on pace for its sixth year of gains exceeding 15% out of the last seven, a remarkable streak of consistency. While the Nasdaq Composite saw volatility earlier this year due to sweeping tariff implementations in April, it has since rebounded to lead the major averages with a year-to-date gain of over 20%.

While stocks paused near record levels, precious metals continued to surge. Gold and silver futures pushed to fresh all-time highs, extending a powerful year-end rally. Gold is now up roughly 70% in 2025, while silver has gained more than 150%, marking their strongest annual performances in decades.


Despite the strong market performance, expectations for near-term interest rate cuts have faded. Traders now see less than a 15% chance of a rate cut at the next policy meeting, according to futures pricing. Attention remains on the Federal Reserve, with investors debating whether easing could resume later in 2026.

US stock market today: Dow, S&P 500, Nasdaq steady

The Dow Jones Industrial Average and the S&P 500 entered Friday's session coming off fresh record highs established during the Christmas Eve shortened session. At the opening bell, the Dow saw a slight dip of approximately 37 points, or 0.08%, settling near 48,693.

Meanwhile, the S&P 500 and the Nasdaq Composite showed marginal gains of roughly 0.09%. This muted activity is typical for the day after Christmas, as many institutional traders remain away, leading to lower-than-average trading volumes. However, the lack of selling pressure suggests that investors are comfortable holding positions as they look toward 2026.

Market leadership throughout 2025 has been driven by technology and industrial sectors, even as interest rate expectations shifted. Earlier in the year, the "Trump trade" and tariff concerns briefly pushed the Nasdaq into bear market territory, but corporate earnings and AI-driven growth eventually reclaimed the narrative.

Currently, the S&P 500 sits at 6,937, reflecting an 18% annual rise. Investors are now focused on whether the momentum can carry through the final sessions of the year to lock in these double-digit gains.

Top stocks today

Individual stock stories provided the primary sparks in an otherwise quiet session. Coupang (CPNG) shares jumped over 8% after the South Korean e-commerce giant addressed a massive data breach involving 33 million customers. The company confirmed that a former employee was responsible for the leak and that the data has since been deleted. This resolution provided much-needed relief to shareholders, helping the stock recover from a 17% monthly decline. Similarly, Nike (NKE) saw a boost following a notable insider purchase. Apple CEO Tim Cook, a long-time Nike board member, doubled his stake by purchasing $3 million in shares. This move was interpreted by the market as a significant vote of confidence in CEO Elliott Hill’s ongoing turnaround strategy.

In the high-growth sector, NVIDIA (NVDA) continued its steady climb, rising 1.7% to $191.83. Tesla (TSLA) also edged higher, approaching the $490 mark. Not all stocks shared in the gains, however. Companies like Ondas Holdings and Plug Power saw modest declines as investors rotated out of smaller-cap speculative plays. The active trading in these names highlights a market that is still searching for value and growth drivers even as the broader indices remain stationary.

Precious Metals and Energy Prices Surge

While stocks remained calm, the commodities market experienced significant volatility. Gold and silver futures reached fresh all-time highs on Friday, driven by a weakening US dollar and escalating geopolitical tensions. Gold rose over 1% to surpass $4,550 per ounce, while silver continued a rally that has seen the metal gain 150% in 2025. This "debasement trade" is largely fueled by concerns over rising global debt and recent military strikes in Nigeria. Additionally, central bank purchases have provided a solid floor for precious metals, making 2025 the best year for gold and silver since 1979.

The energy sector is also seeing a sharp upward trend. Crude oil is on track for its largest weekly gain since October, with Brent trading above $62 per barrel. The price hike is linked to a partial US blockade of crude shipments from Venezuela and increased friction in the Middle East and Africa. As the Trump administration applies more pressure on sanctioned tankers, supply concerns are keeping prices elevated. These rising commodity costs represent a potential headwind for the economy in the coming year, though they have yet to derail the current stock market rally.