Stocks Hold Near Highs as Metals Power Ahead: Markets Wrap

(Bloomberg) — US stocks are hovering near all-time highs ahead of the Christmas break as a seasonally strong period for equities begins. Gold and silver set fresh records.

Futures on the S&P 500 were little changed after strength in technology shares pushed the index to a record in the previous session. Traders remain confident the year can end on a positive note as the Santa Claus Rally stretch officially gets underway, potentially adding to the US benchmark’s nearly 17% gain so far this year.

Investors are drawing optimism from a US economy that continues to outperform expectations, supporting earnings prospects for the year ahead. Meanwhile, money markets still see scope for at least two Federal Reserve rate cuts in 2026, a backdrop that could lift a broader range of stocks even as valuation concerns linger around pace-setting technology shares.

“Recent sessions suggest Santa may still arrive,” wrote Ipek Ozkardeskaya, analyst at Swissquote. After that “reality may bite. Parts of the technology market probably look bubbly, and next year’s earnings season will be less about shiny numbers and more about where revenues actually come from.”

Gold climbed above $4,500 an ounce before paring some gains as escalating tensions in Venezuela boosted the metal’s haven appeal. Expectations for rate cuts also provided a tailwind for the non-yielding asset. Platinum likewise touched a record before retreating.

The dollar fell for a third day, extending losses for the year to 8.4%. US Treasuries were little changed, with the 10-year rate at 4.16%.

Corporate Highlights:

BP Plc agreed to sell a majority stake in its Castrol division to US investment firm Stonepeak Partners in a deal valuing the business at $10.1 billion including debt. Sanofi agreed to buy Dynavax Technologies Corp. for about $2.2 billion, in a bid to expand its vaccines business currently anchored by a flu shot franchise. KKR & Co. and PAG agreed to buy the real estate holdings of beermaker Sapporo Holdings Ltd. in one of Japan’s largest property deals this year. Some of the main moves in markets:

Stocks

The Stoxx Europe 600 was little changed as of 8:36 a.m. London time S&P 500 futures were little changed Nasdaq 100 futures were little changed Futures on the Dow Jones Industrial Average were little changed The MSCI Asia Pacific Index rose 0.2% The MSCI Emerging Markets Index rose 0.4% Currencies

The Bloomberg Dollar Spot Index fell 0.2% The euro was little changed at $1.1791 The Japanese yen rose 0.2% to 155.86 per dollar The offshore yuan rose 0.2% to 7.0034 per dollar The British pound was little changed at $1.3511 Cryptocurrencies

Bitcoin fell 1% to $86,782.46 Ether fell 1.6% to $2,924.44 Bonds

The yield on 10-year Treasuries was little changed at 4.16% Germany’s 10-year yield declined four basis points to 2.86% Britain’s 10-year yield advanced one basis point to 4.52% Commodities

Brent crude rose 0.5% to $62.67 a barrel Spot gold was little changed This story was produced with the assistance of Bloomberg Automation.

©2025 Bloomberg L.P.