Tech stocks stumble into 2026 as Nasdaq ends 2025 lower; Fed cuts and chip policy in focus
The Nasdaq closed down 0.76% at 23,241.99 in the final session of 2025, as tech and energy stocks led declines. Microsoft slipped 0.8% and semiconductor ETFs dropped over 1%. Trading volume fell well below average. Investors weighed Federal Reserve rate-cut expectations and chip supply headlines tied to China.