NEW YORK, December 29, 2025, 08:06 ET
- U.S. stock index futures edged lower ahead of a holiday-shortened week after record highs last week
- Big tech and AI-linked names dipped in premarket trade, while some miners fell as gold and silver retreated
- Investors are watching Fed minutes and jobless claims later this week for clues on the 2026 rate path
U.S. stock index futures slipped on Monday, opening the final holiday-shortened week of the year on a cautious note after the S&P 500 and Dow ended last week at record highs. S&P 500 E-mini futures — contracts that track the index and trade nearly around the clock — were down 0.22%, while Nasdaq 100 E-minis fell 0.40% and Dow E-minis were little changed at 05:40 a.m. ET, according to market data. Reuters
The late-December rally has left investors focused on whether the market can hold onto year-end gains in thin holiday trading. With just three sessions left in 2025, small moves can look larger than usual as trading desks run lightly staffed and many institutions close out the year. AP News+1
A key marker is the so-called “Santa Claus rally,” a seasonal pattern tracked by market watchers. It refers to gains in the last five trading days of the year and the first two sessions of January, according to Stock Trader’s Almanac. Reuters
Wall Street’s main indexes finished flat on Friday, but remained on track for December gains, supported by a rebound in technology shares. Reuters cited an upbeat forecast earlier this month from Micron Technology as one driver of the tech-led push higher. Reuters+1
In premarket trading on Monday, several large-cap tech and AI-linked names eased. Nvidia was down 1.1%, Oracle slipped 1.6%, and Tesla fell 1.4% after hitting a record high last week, Reuters reported. Reuters
U.S.-listed precious metals miners also moved lower as gold and silver pulled back after back-to-back record highs last week. Newmont fell 2.1%, Hecla Mining dropped 3.5% and Barrick Mining slid 2%, according to Reuters. Reuters
Spot prices also softened, with gold down 1.3% at about $4,494 per troy ounce and silver off 2.3% near $75.40, the Associated Press reported. “Scarcity is no longer theoretical,” Stephen Innes of SPI Asset Management wrote, pointing to supply concerns and shifting China export rules for refined silver that take effect on Jan. 1. AP News
Among single-stock movers, DigitalBridge surged 34% after Bloomberg News reported Japan’s SoftBank was in advanced talks to acquire the digital infrastructure firm, Reuters said. Reuters
On the macro calendar, investors will watch minutes from the Federal Reserve’s last meeting and weekly jobless claims later this week, in an otherwise light run of U.S. data. Reuters said recent inflation and employment reports have helped keep expectations alive for further rate cuts in 2026, with investors also anticipating a more dovish Fed — meaning more inclined to cut rates — under a new chair. Reuters
The market enters the final stretch of the year with strong gains already on the board. The S&P 500 is up about 17% so far in 2025 and has outperformed Europe’s STOXX 600, Reuters reported, as the AI-driven rally helped U.S. stocks regain leadership after earlier periods of diversification away from Wall Street. Reuters
Geopolitics is also on traders’ radar after U.S. President Donald Trump said on Sunday he and Ukrainian President Volodymyr Zelenskiy were getting closer to an agreement to end the war, Reuters reported. Markets have been sensitive to Russia-Ukraine headlines, particularly through energy prices and risk appetite. Reuters
Trading is expected to remain subdued into year-end, with many investors away from their desks and U.S. markets closed on Thursday for New Year’s Day. That leaves the next few sessions to decide whether the year-end rally extends into early January — or runs out of steam before the calendar turns. Investing.com+1
