Stocks Struggle for Direction as Silver Rebounds: Markets Wrap

(Bloomberg) — Stocks struggled to find momentum amid a lack of catalysts in the final trading days of the year. Silver and gold regained their footing after a plunge from all-time highs.

S&P 500 futures were little changed after the US benchmark posted back-to-back losses. European stocks outperformed as rising metal prices boosted miners. A gauge for Asian shares nudged lower.

In a notable development in currency markets, China’s onshore yuan strengthened past the key 7-per-dollar level for the first time since 2023. The greenback lost ground against all major peers.

Tuesday marks the last trading session of the year for many equity markets, including Germany, Japan and South Korea. Investors will also look toward the release of minutes from the Federal Reserve’s December meeting, where officials delivered a third straight interest-rate cut and maintained its outlook for only one reduction in 2026.

Despite the lackluster moves, global equities remain on track for a third straight annual gain. Up 21% in 2025, MSCI Inc.’s world gauge is set for its best performance since 2019.

“The pullback looks like healthy consolidation rather than a change in trend,” said Mohit Mirpuri, a senior partner at SGMC Capital in Singapore.

Investors have reason to be optimistic heading into the new year. The MSCI gauge has climbed an average 1.4% in January over the last 10 years and advanced in six of those instances, data compiled by Bloomberg show.

Silver, Gold

Precious metals continued to be in focus after trading turned volatile in the last few days. Silver rebounded 2.4% after tumbling 9% in the previous session. Gold was up 1.1% after losing more than 4%.

Among other metals, copper headed for the longest winning streak since 2017 in a rally boosted by the prospect of more stress in the supply chain. Nickel hit the highest since March after top producer Indonesia flagged plans to cut supply.

Meanwhile, President Donald Trump said that he has a preferred candidate to be the next chair of the Federal Reserve, but is in no hurry to make an announcement. He also mused that he might fire Jerome Powell.

Elsewhere in markets, oil held a gain as traders weighed geopolitical tensions from Venezuela to Russia and Iran against concerns about a global glut. US Treasuries were little changed, with the 10-year yield at 4.12%.

Corporate Highlights:

Shares of biotech startup Insilico Medicine Cayman TopCo, which uses AI to improve drug discovery, surged as much as 48% in their trading debut in Hong Kong on Tuesday. Meta Platforms Inc. has agreed to buy Manus, a popular Singapore-based artificial intelligence agent with Chinese roots, in its effort to build a business around its massive AI investment. Pop Mart International Group Ltd. shares slid the most in three weeks after media reports of waning reseller demand for its Labubu toys dented investor sentiment. Citigroup Inc. said it expects to post a roughly $1.1 billion after-tax loss on the sale of its remaining business in Russia to Renaissance Capital. Stocks

The Stoxx Europe 600 rose 0.4% as of 10:12 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 was little changed The MSCI Emerging Markets Index was little changed Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1777 The Japanese yen rose 0.1% to 155.84 per dollar The offshore yuan rose 0.2% to 6.9843 per dollar The British pound was little changed at $1.3519 Cryptocurrencies

Bitcoin rose 0.8% to $87,881.12 Ether rose 1.6% to $2,979.65 Bonds

The yield on 10-year Treasuries was little changed at 4.12% Germany’s 10-year yield advanced two basis points to 2.85% Britain’s 10-year yield was little changed at 4.48% Commodities

Brent crude rose 0.5% to $62.26 a barrel Spot gold rose 0.9% to $4,372.51 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Abhishek Vishnoi and Nicholas Reynolds.

©2025 Bloomberg L.P.