U.S. stocks slipped on year-end tech selling after record levels last week, with traders leaning on thin holiday liquidity. The S&P 500 closed at 6,905.74 (down 0.35%), the Nasdaq at 23,474.35 (down 0.50%), and the Dow at 48,461.93 (down 0.51%).
The catalyst was simple. Profit-taking concentrated in AI-adjacent megacaps as investors looked to lock in 2025 gains ahead of a light data week and Tuesday’s Fed minutes. Tech weakness mattered more than usual because it’s been doing the heavy lifting. The S&P 500 tech sector is up 24.5% in 2025, and Nvidia is up 39%, even after a 1%+ dip Monday, per CNBC’s market recap.
Meanwhile, the most crowded momentum trade of the month snapped back. Silver briefly touched $80/oz before sliding to roughly $70–$75/oz intraday, while gold fell more than 4%, according to precious-metals moves. Investors were also tracking China’s plan to replace silver export quotas with licensing starting Jan. 1, a supply-side shift cited in an AP update.
Positioning risk is back in focus into the last sessions of the year. If tech stabilizes, broader indexes can still grind higher. If Fed minutes read hawkish or liquidity stays thin, the same leadership concentration that powered 2025 can amplify downside.
