Overview
- S&P 500 funds returned more than 18% through Dec. 11, setting a record high and capping a strong year for U.S. equities.
- Gold jumped nearly 70% for its best year since 1979 as the U.S. dollar fell about 10% against major peers.
- Trump’s April tariff announcement triggered back-to-back S&P drops of roughly 5% and 6% before a pause and later negotiated easing, while three Federal Reserve rate cuts supported the rebound.
- The U.S. 30-year Treasury yield surged past 5.1% in May, then eased to about 4.8% late in the year, reviving concerns about rising term premia.
- Bitcoin hit an all-time high above $125,000 in October before sliding to around $89,000, with investors now watching a forthcoming Fed leadership pick and 2026 policy risks.