US stock market slips again today: Why Dow, S&P 500 and Nasdaq are down for a second straight day as gold and silver prices surge

US stock market today: As the final trading days of 2025 unfold, the U.S. stock market is navigating a period of consolidation following a year of historic breakthroughs. On Tuesday, the Dow Jones Industrial Average slipped 83.80 points to 48,378.13, while the S&P 500 and Nasdaq Composite remained nearly flat.

Wall Street is currently fixated on the Federal Reserve’s December meeting minutes, scheduled for a 2:00 p.m. release. This document is expected to reveal deep divisions within the FOMC, which recently approved its third consecutive interest rate cut. With a 9-3 vote—the highest number of dissents in six years—the minutes will provide a critical roadmap for 2026. While markets expect the Fed to pause until April, the internal debate over persistent inflation versus a cooling labor market will dictate the pace of borrowing costs in the coming year.

The "picks-and-shovels" phase of the AI boom, dominated by semiconductor giants, is beginning to evolve. Nvidia (NVDA) has seen its stock rise 39% this year, while Palantir (PLTR) and AMD have surged 143% and 78%, respectively. Although these tech leaders faced a minor pullback on Tuesday, analysts at U.S. Bank Asset Management suggest the next wave of gains will come from companies that successfully apply AI to boost corporate earnings. As infrastructure buildouts mature, the focus is shifting toward software and enterprise applications that can deliver tangible productivity spikes in 2026.


The pharmaceutical sector has produced some of the year's biggest winners, with Eli Lilly (LLY) reaching a historic $1 trillion market cap. Lilly’s 40% gain in 2025 was fueled by the success of Zepbound, and the company is now eyeing a Q2 2026 launch for orforglipron, its highly anticipated weight-loss pill. Meanwhile, Johnson & Johnson (JNJ) has matched those gains, not through weight-loss drugs, but via a robust medtech turnaround. J&J is preparing to submit its Ottava surgical robot for FDA approval in early 2026, aiming to disrupt the robotic surgery market currently dominated by Intuitive Surgical.

While large-cap tech and pharma have led the charge, a rotation may be on the horizon. Merck (MRK) is emerging as a top pick for 2026, with BMO Capital Markets upgrading the stock to "outperform" due to its strengthening pipeline ahead of the 2028 Keytruda patent cliff.

Dow, S&P 500 and Nasdaq extend losses today:

The Dow Index closed at 48,378.13, down 83.80 points or 0.17%. S&P 500 settled at 6,902.11, off 3.63 points or 0.05%. NASDAQ ended at 23,460.62, slipping 13.73 points or 0.06%.

Top Stock Gainers Today

The session is being dominated by a massive breakout in the bionics and robotics sector.

• Ekso Bionics (EKSO): +102.08% The day's standout performer, soaring to $11.03. The stock more than doubled in value following news that Applied Digital plans to spin out its cloud business, which investors believe could unlock significant value for its affiliates, including Ekso.
• Cemtrex, Inc. (CETX): +22.99% Trading at $2.60, Cemtrex surged after reporting a return to operating profitability for fiscal year 2025. The company posted $76.5 million in revenue, a 14% year-over-year increase.
• Society Pass, Inc. (SOPA): +9.69% The stock rose to $3.21 amid a broader rally in small-cap tech and fintech names as investors look for undervalued plays heading into 2026.
• Ondas Holdings (ONDS): +8.16% Gaining to $9.15, Ondas continues to benefit from increased momentum in the industrial drone and private wireless network sectors.

Top Stock Losers

While many small caps are surging, some high-flying tech names are seeing year-end profit-taking.

• NVIDIA Corporation (NVDA): -0.16% Nvidia dipped slightly to $187.92. Despite the minor daily loss, it remains one of the best performers of 2025, though it faced pressure today as the tech sector broadly cooled.
• Sidus Space (SIDU): +5.06% (Pullback from Highs) While technically "up" for the day at $2.70, Sidus Space has seen high volatility. It recently closed a $16.2 million public offering at $1.50 per share, leading to massive dilution concerns despite the intraday bounce.
• D-Wave Quantum (QBTS): +2.69% (Moderate Gain) Trading at $26.85, D-Wave is underperforming compared to the triple-digit surges seen in the bionics sector, though it remains in positive territory.

Silver prices surged sharply in early U.S. trading, with spot silver jumping to $77.3285 per ounce, up $5.1885, or 7.19%, on the day. The strong move reflects rising safe-haven demand and increased speculative interest as investors reassess risk in equity markets and look ahead to shifting monetary policy expectations.

Gold prices also moved higher, though at a steadier pace. Spot gold climbed to $4,366.76 per ounce, gaining $34.78, or 0.80%. The advance highlights continued investor demand for stability amid stock market volatility, easing growth expectations, and uncertainty surrounding the Federal Reserve’s next policy steps.