On the closing day of 2025, U.S. stock index futures fell collectively, technology stocks were under pressure, gold and silver both declined, with spot silver dropping nearly 6%, while crude oil rose slightly

On the last trading day of 2025, U.S. stock index futures collectively fell, with technology stocks under pressure in pre-market trading. Gold and silver declined, with silver plummeting nearly 6%.

On December 31, market trading was light due to holiday factors, with European stock indices mixed. U.S. Treasury yields and the dollar remained basically flat, while gold, silver, and oil collectively fell, and cryptocurrencies rose. Major global exchanges shortened trading hours on the last trading day of 2025, with markets in Japan, South Korea, and Germany closed, and France and the UK closing early.

The anticipated "Santa Claus rally" did not materialize as expected. Brendan Fagan, a macro strategist at Markets Live, analyzed that as the year-end approaches, market dynamics are influenced by divergences rather than direction, which has somewhat suppressed risk appetite, although potential resilience still provides broad support for the U.S. stock market.

Core market movements are as follows:

Dow futures fell 0.15%, S&P 500 futures fell 0.26%, and Nasdaq futures fell nearly 0.4%.

The UK FTSE 100 index opened up 0.1%, the French CAC 40 index rose 0.4%, and the Spanish IBEX index fell 0.3%.

The yield on the 10-year U.S. Treasury bond decreased by 1 basis point to 4.11%.

The dollar remained basically flat, the euro fell 0.1% against the dollar to 1.1731, the yen fell 0.1% against the dollar to 156.58, the offshore renminbi remained basically flat against the dollar at 6.9858, and the pound fell 0.2% to 1.3436.

Spot silver fell over 5.4% to $72 per ounce; spot gold fell 0.2% to $4,329 per ounce, and WTI crude oil rose 0.3% to $58.1 per barrel.

Bitcoin rose 0.3% to $88,476.81, and Ethereum rose 0.2% to $2,971.16.

U.S. stock index futures collectively fell. Roberto Scholtes, head of strategy at Singular Bank, stated:

Against the backdrop of excellent returns in the stock market throughout the year and overall market positions nearing a phase high at the end of November, portfolio and fund managers may have begun to take profits and adjust positions to align their portfolios more closely with benchmark indices.

Spot silver fell over 5.4% to $72 per ounce, briefly dropping nearly 7% to below $71 per ounce during the day. Previously, silver prices had experienced fluctuations of 5% or more for the fourth consecutive trading day. Risk Warning and Disclaimer

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