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Stocks Slip as Bull Run’s Third Year Nears Close
Posted
December 31, 2025
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December 31, 2025
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4:32Now PlayingPatrick Fruzzetti, Partner and Managing Director at Rose Advisors, discusses positioning portfolios for volatility as political risks rise.
Stocks are ending a third year of double-digit gains in subdued fashion as an expected seasonal rally fails to gain traction. Silver’s volatile ride extended to another session.
S&P 500 futures were little changed after a stretch of post-Christmas losses pared the benchmark’s advance for 2025 to 17%. Nasdaq 100 contracts were down 0.1%. Silver plunged as a run of price moves of 5% or more entered a fourth day.
Investors have reaped strong returns this year in a market that has been powered by optimism about the vast economic potential of artificial intelligence. It hasn’t been a smooth ride, though, with traders weathering swings triggered by US trade policies, geopolitical tension and concern over lofty valuations.
The year’s momentum has faded in the final days of December, with the so-called Santa Claus rally so far failing to take off as traders delay big decisions until after the holiday period, having already banked strong returns.
“After an excellent year in equity markets, and with positioning close to highs in late November, portfolio and fund managers may have been closing their bets and realigning them to benchmark,” said Roberto Scholtes, head of strategy at Singular Bank. “Our base case is for the bull run to continue, albeit with more volatility and resulting in mid-single digit returns.”
Gold and silver stumbled Wednesday in an otherwise banner year for precious metals. After an almost unstoppable rise, the two metals have recorded a series of swings in December and erased some gains as investors booked profits. Both commodities remain on track for their best year since 1979.
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