U.S. stocks steady near records in post‑Christmas trade
Major U.S. stock indexes were little changed in thin post‑Christmas trading Friday, with the S&P 500 slipping 0.1% to 6,923 but remaining near record highs after gaining nearly 18% in 2025 amid Trump‑era deregulation and enthusiasm over artificial intelligence. Gold and silver extended strong yearly gains on safe‑haven demand and Fed rate‑cut expectations, with silver jumping more than 4.5% to $74.88 an ounce, while Target shares rose about 2% on a report that an activist investor is building a stake.
📌 Key Facts
- As of noon EST Friday, the S&P 500 was down 0.1% at 6,923, the Dow fell 0.2%, and the Nasdaq dipped less than 0.1%.
- The S&P 500 is up nearly 18% year-to-date in 2025, supported by Trump administration deregulatory policies and optimism about artificial intelligence boosting profits.
- Silver rose more than 4.5% to $74.88 an ounce and gold climbed 1.1%, aided by safe‑haven flows, shutdown worries earlier in the year, and expectations of further Fed rate cuts weakening the dollar.
- Target’s stock gained 2% after the Financial Times reported that an activist investor is taking a stake in the retailer.
- The session falls within the historical 'Santa Claus Rally' window (Dec. 24–Jan. 5), during which the S&P 500 has averaged a 1.3% return since 1950 with positive performance 78% of the time, according to LPL Financial.
📊 Relevant Data
In 2025, the Trump administration implemented significant regulatory resets for private capital markets, including easing restrictions on banking and financial services, which contributed to market optimism despite mixed impacts from tariffs.
Breaking down the Trump administration's 2025 moves to reshape financial regulations — PitchBook
Earnings among S&P 500 companies rose 13% in 2025, driven in part by AI adoption, with projections for over 15% growth in 2026.
AI spending, strong corporate profits, Fed rate cuts seen as key to 2026 stock market gains — Reuters
Global silver supply is projected to face a structural deficit exceeding 200 million ounces in 2025, driven by flat mined production at 813 million ounces and surging industrial demand.
Surging Industrial Demand Tightens Silver Supply, Triggering Strategic Repricing in 2025 — Crux Investor
The Federal Reserve is expected to cut interest rates by one quarter-percentage-point in 2026, according to median policymaker projections, following cuts in 2025 that brought the rate to 3.5%-3.75%.
Fed sees only one rate cut in 2026; no hike ahead, says Powell — Reuters
Activist investor Toms Capital Investment Management has built a significant stake in Target amid a sales slump that wiped out nearly a third of its share value.
Pressure grows on Target as activist investor builds stake — Financial Times