Overview
- Wall Street slipped on the final day of trading as investors took profits, with the Dow down 0.63%, the S&P 500 off 0.74%, and the Nasdaq lower by 0.76%.
- Full-year gains were broad: S&P 500 +16.39%, Nasdaq +20.36%, Dow +12.97%, and Stoxx Europe 600 +16.67%, with Asia’s surge led by Seoul at +75.63%.
- A Fed easing cycle and resilient corporate profits supported the advance, while the U.S. dollar recorded its weakest year in eight years.
- Precious metals soared, with gold up nearly 65% and silver almost 150% for their best year since 1979, as oil marked its worst year since 2020.
- AI remained a key engine as TSMC began mass production of 2nm chips, though strategists warned about stretched valuations and the risk of a 2026 correction.