Stocks waver as 2025 winds down while gold and silver rise

NEW YORK (AP) - Stocks fell slightly on Wall Street as trading for 2025 nudges closer to the finish line. The S&P 500 slipped 0.1% Tuesday while the Dow Jones Industrial Average and Nasdaq dipped 0.2%. Even with three straight days of small losses, the S&P 500 is on track for an annual gain of more than 17%. The more notable action was again in the commodities markets. Gold, silver and copper all resumed their ascent after steep declines a day earlier. The price of gold rose 1% and copper gained nearly 4%. Silver posted the sharpest increase with a jump of 10.6%.

THIS IS A BREAKING NEWS UPDATE. AP's earlier story follows below.

NEW YORK (AP) - Stocks wavered in afternoon trading on Wall Street Tuesday as 2025 nudges closer to the finish line.

The S&P 500 was mostly unchanged. The benchmark index is still on track for a gain of more than 17% for the year.

The Dow Jones Industrial Average fell 78 points, or 0.2%, as of 2:55 p.m. Eastern. The Nasdaq composite fell 0.1%.

The biggest weights on the market remained technology companies, especially those focused on advancements for artificial intelligence.

Nvidia and Apple wobbled between small losses and breaking even. Both companies have outsized values that have a greater overall impact on the market's broader direction.

On the winning side, Facebook parent Meta Platforms rose 1.3%. The company is buying artificial intelligence startup Manus as it continues an aggressive push to amp up AI offerings across its platforms.

Markets were mixed in Asia and higher in Europe.

With just two trading days left before the year ends, most big investors have closed out their positions and volume has been thin. U.S. markets will be closed on Thursday for New Year’s day.

The more notable action was again in the commodities markets. Gold, silver and copper all resumed their ascent after steep declines a day earlier.

The price of gold rose 0.7% and silver prices gained 9.2% after slumping Monday when the Chicago Mercantile Exchange, one of the largest trading floors for commodities, asked traders to put up more cash to make bets on precious metals. Prices for both metals have surged in 2025 on a mix of economic worries and supply deficits.

Copper rose 3.6% and is up more 40% for the year on strong demand. The base metal is critical to global energy infrastructure, and demand is expected to keep growing as the development of artificial intelligence technology puts more of a strain on data centers and the energy grid.

Crude oil prices were relatively steady. The price of U.S. crude oil fell 0.1%. The price of Brent crude, the international standard, rose 0.1%.

Treasury yields mostly rose in the bond market. The yield on the 10-year Treasury rose to 4.13% from 4.11% late Monday. The yield on the two-year Treasury, which moves more closely with expectations for what the Federal Reserve will do, held steady at 3.45% from late Monday.

Overall, Treasury yields have fallen significantly through the year, partly because of the market’s expectations for a shift in interest rate policy at the Fed. The central bank cut interest rates three times late in 2025, most recently at its meeting earlier in December.

The central bank has been dealing with a more complex economic picture. Consumer confidence has been weakening throughout the year as inflation squeezes consumers and businesses. The continued impact of a wide-ranging U.S.-led trade war threatens to add more fuel to inflation.

Inflation remains stubbornly high while the jobs market slows down. The Fed can cut interest rates to help the economy weather a slower jobs market. But, that could add more fuel to inflation that is still solidly above the Fed’s 2% target. Hotter inflation could stunt economic growth.

The Fed has signaled more caution moving forward. Minutes from its December meeting reflect the divisions within the central bank as it deals with uncertainty about the threats facing the economy.

Wall Street is betting that the Fed will hold interest rates steady at its next meeting in January.