NEW YORK — Stock market today remained largely unchanged Friday as US investors returned from the Christmas holiday for a brief session, with the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite trading near their recent levels amid light holiday volumes.
Major indexes have been on a steady upward trajectory, extending gains from earlier in the week during the so called Santa Claus rally a period encompassing the last five trading days of the year and the first two of the following year.
Both the Dow and S&P 500 recently closed at record highs, while the Nasdaq has recovered strongly despite market volatility earlier this year.
The US stock market saw minimal movement Friday as traders approached the weekend cautiously. The Dow hovered close to its prior session’s close, the S&P 500 remained near its all time highs, and the tech heavy Nasdaq traded in a narrow range. Volume was below typical levels as many investors were still on holiday.
Precious metals continued their upward trend. Gold and silver futures reached new highs, supported by ongoing geopolitical uncertainties and a weaker US dollar.
Gold approached multi year peaks, while silver briefly surpassed $75 per ounce, drawing attention from both institutional and retail investors.
The Santa Claus rally is a seasonal phenomenon observed historically in the US markets, where stocks often rise at the end of December and into early January.
While the trend has been consistent in recent decades, analysts caution that past performance is not a guarantee of future gains.
Market experts said the session’s modest movement reflects both the holiday schedule and careful positioning ahead of the new year.
“Markets are consolidating after strong gains earlier this month,” said Marina Li, senior strategist at Western Bridge Capital. Investors are monitoring expectations for interest rates, but with limited data this week, activity remains light.
Chris Zaccarelli, chief investment officer at Northlight Asset Management, noted that the narrow trading ranges are typical for the holiday season.
“The underlying momentum in US stocks remains positive, and the Santa Claus rally historically supports modest gains at this time of year,” he said.
The S&P 500 is on track for significant weekly gains and is poised to finish the year with an 18 percent increase, marking its sixth year in seven with double digit returns.
The Nasdaq Composite has gained over 20 percent this year, despite a brief bear market earlier when trade tariffs affected technology companies.
Precious metals continue to attract investor interest, with both gold and silver showing strong upward momentum.
Silver has seen one of the steepest climbs among traditional assets this year, reflecting both investment demand and industrial usage.
Gold’s advance highlights ongoing safe haven demand amid currency and geopolitical concerns.
Historically, stock market today sessions after Christmas have shown positive results, although analysts advise caution given market uncertainties and lighter trading volumes.
Traders on Wall Street described Friday’s session as typical for a post-holiday market.
“It’s a quiet day because many participants are away,” said Ethan Morales, a senior trader at Ridgeway Securities.
“Indices remain strong, but most investors are just watching the market rather than making big moves.”
Retail investors expressed mixed feelings. “I’m optimistic, but I don’t expect major shifts until January,” said Linda Pearson, a private investor in New Jersey.
Tim Cho, a financial adviser in Texas, added: “The gains this year have been impressive. Even a quiet session is reassuring, though thin trading can exaggerate small price moves.”
Looking ahead, experts said that early 2026 trading will largely depend on Federal Reserve decisions, economic indicators, and investor sentiment.
Traders currently assign less than a 15 percent chance of a rate cut at the Fed’s next meeting, though expectations for the first quarter remain split.
Key economic releases, including employment and inflation data, could influence market direction in the opening weeks of the year.
“Investors are balancing optimism with caution,” said Li. “The Santa Claus rally may extend slightly, but clarity will likely come in January once trading volumes return to normal.”
Stock market today reflected a steady and cautious return to trading after the Christmas break, with major indexes holding near record levels and precious metals extending gains.
While the Santa Claus rally continues, investors remain attentive to potential economic and policy developments as the year ends and the new one begins.
