Stock Market Today: Dow, S&P 500, Nasdaq Futures Lower as Wall Street Sets Stage to Close Out Uncooked 2025

U.S. stock futures started the week slightly lower Monday as Wall Street prepares to complete the final three days of 2025, which has already proven to be a year of big gains.

Futures linked to the technology-heavy Nasdaq (NQ=F) saw the biggest drop, losing 0.4% as Nvidia (NVDA) and Tesla (TSLA) fell by more than 1%. The S&P 500 (ES=F) futures lost 0.2%, and the Dow futures (YM=F) inched closer to being unchanged.

Volatility was also seen in the precious metals market following a strong rally to record highs. Silver (SI=F) retreated from its strong rally above $80, while gold (GC=F) futures declined by over 1%.

Stocks ended the abbreviated Christmas week close to historical records. The S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) both reached new highs Wednesday, kicking off the “Santa Claus stock market rally,” the final five days of December and the first two days of the new year.

As the year draws to a close, it looks like all three major indexes are on pace to end 2025 with strong gains despite the market volatility. The S&P 500 is up 17%, the Dow is up over 14%, while the Nasdaq Composite Index (^IXIC), which briefly dipped into a bear market in April with President Trump’s drastic tariffs plan, leads the way with a 22% gain.

Investors can anticipate a quiet start to the week. Data on pending home sales is due on Monday, although the main focus will likely be Wednesday, where the release of the minutes of the Fed meeting held earlier this month is expected to be the highlight.

The minutes may provide new information regarding what actions the Fed may take in 2026, with the polarization seen in 2025 appearing to be ongoing. At this time, approximately 80% of market probabilities suggest that the Fed could maintain interest rates in January, but this remains more of a question in March. Wall Street enters the final stretch of 2025, closing the year amidst market turbulences, record-breaking gains, and sustained investor attention on economic and policy developments going forward.