The S&P 500 (^GSPC 1.18%) slipped 0.35% to 6,905.74 today, Dec. 29 as the year-end rally showed fatigue near record highs. The Nasdaq Composite (^IXIC 1.46%) fell 0.50% to 23,474.35, and the Dow Jones Industrial Average (DJINDEX: ^DJI) lost 0.51% to 48,461.93.
Market movers
Tech and AI leaders stumbled, including Nvidia (NVDA 1.21%) and Palantir Technologies (PLTR +1.58%), as investors trimmed 2025 winners. Gold miner Newmont (NEM 1.76%) tumbled over 5% after a sharp post-record correction in precious metals prices.
What this means for investors
The Santa Claus rally in U.S. stocks lost steam today. However, the S&P 500 is still up 17.4% year-to-date, while the Nasdaq has gained 21.6%. Even if end-of-year profit taking dampens performance in the next few days, all three indexes will likely finish a year in which they've set multiple record highs with outsized gains.
For investors looking to 2026, Wharton's Jeremy Siegel told CNBC that the growth from the Magnificent Seven may slow. This could mean more modest gains for the S&P 500 overall. Other strategists, including analysts at Goldman Sachs, argue that continued economic growth as well as easing from the Federal Reserve will lead to further gains in the coming year.
Meanwhile gold prices dipped after setting new records last week. Spot gold fell 4.4% today to $4,349.30, per Apmex. The correction hit gold stocks, including gold ETFs and miners like Newmont and Freeport-McMoRan (FCX 3.55%) .
