BUZZ-US stocks: Closing the books on a volatile 2025

Wall Street has closed the books on 2025, a year marked by large market swings, a tariff tantrum, both AI excitement and anxiety, more rate cuts, and spectacular gains in precious metals S&P 500 index (.SPX) finished the month of Dec with a fractional loss, the fourth quarter with a 2.4% rise, and the year with a 16.4% jump This after rallying about 5% into its then Feb record intraday high, collapsing more than 21% into its Apr intraday low, and then surging nearly 44% into its Dec 26 record intraday high Dow (.DJI) up eight straight months, longest monthly winning streak since a 10-month stretch of gains that ended in Jan 2018 Additionally, it was a solid year for S&P 500 record closing highs. The benchmark index scored 39 record closes in 2025, Nasdaq notched 36, while the Dow posted 19 S&P 500 now up three years in a row; 78.3% rise over 2023-2025 period, biggest rolling three-year gain since 90.1% advance in 2018-2020 Dow Industrials (.DJI) rose 13% in 2025, while the Nasdaq (.IXIC) advanced around 20%. The S&P 400 mid-cap index (.IDX) gained ~6%, and the small-cap Russell 2000 (.RUT) advanced ~11.3% For 2025, nearly all SPX sectors rose: Communication Services and Tech led the way higher, while Real Estate (.SPLRCR) was the sole loser, giving up just 0.3% Communication Services (.SPLRCL) up 32.4%. Alphabet (GOOGL.O) powered higher by about 65%, is top Magnificent Seven (MAGS.K) stock for the year on AI boom boost Tech (.SPLRCT) up 23.3%. Chip stocks (.SOX) advanced ~42% for the year as AI rally persists despite bubble fears. Micron Technology (MU.O) led chip group with a 239% advance Nvidia (NVDA.O) hit $5 trillion market value in late Oct after deal with U.S. government Though Oracle (ORCL.N) shares had worst quarter since 2001 as AI spending spooks Industrials (.SPLRCI) rallied 17.7%. Comfort Systems (FIX.N) led sector with 120% advance amid enthusiasm over data-center cooling needs. Boeing (BA.N) ends higher in 2025 as it emerges from crises U.S. transport stocks (.DJT) recorded mixed 2025 as railroads outperform trucking Financials (.SPSY) up 13.3%. A ‘new era’ ahead? Top U.S. banks rode a blockbuster year into 2026. S&P 500 Banks Index up 30.4%, while the KBW Regional Banking index (.KRX) lagged, with only a ~3.3% rise. Berkshire Hathaway (BRKb) up 11% on the year, up for a 10th straight year, though Warren Buffett stepped down as CEO at year end. BRKb off >6% since Buffett announced his departure in May Utilities (.SPLRCU) rise 12.7%. Group surged in 2025 driven by higher power demand, AI boom Healthcare (.SPXHC) higher by 12.5%. Hospital operators showed strength in 2025 Biotech comes to life with strong H2 run. Nasdaq Biotech Index (.NBI) rallied around 32% for the year, its biggest yearly gain since 2014 Materials (.SPLRCM) up 8.4%. Gold (XAU=) advanced ~64% to record highs, posted its biggest yearly gain since 1979, while silver (XAG=) surges 147%, also hits record highs, and scored its biggest yearly rise ever using LSEG data back to 1983. Indeed, plunging gold/silver ratio has precious metals miners going parabolic Gold/Silver stock index (.XAU) up about 150% in 2025 for its biggest yearly jump ever Copper miners soared in 2025 as the red metal rallies Consumer Discretionary (.SPLRCD) up 5.3%. U.S. auto stocks gain in 2025 while reducing EV production targets U.S. home improvement chains fell in 2025 on stalled housing market, tariff costs Energy (.SPNY) up 5%. Oil producers mixed in 2025 as Brent heads for longest stretch of annual losses. U.S. refiners outperform S&P 500 energy sector as margins rebound Consumer Staples (.SPLRCS) up 1.3%. Weak consumer spending hammers P&G (PG.N) , other packaged goods stocks. Though Walmart (WMT.O) and dollar stores attract budget shoppers; Target (TGT.N) continues to face heat in 2025 In terms of individual SPX stocks for the full year, Western Digital (WDC.O) , Micron and Seagate (STX.O) were top performers surging 282%, 239% and 219% Though Sandisk (SNDK.O) , which joined SPX in late Nov after being spun out of WDC, up nearly 600% since its first close in mid Feb On the flip side, Alexandria (ARE.N) , Fiserv (FISV.O) and The Trade Desk (TTD.O) were the biggest losers, down 50%, 67% and 68% In a photo-finish, Growth (SPYG.P) edged out Momentum (MTUM.Z) to claim the top spot on the investing style factors tote board for 2025 U.S. 10-Year Treasury yield (US10YT=RR) ends four-year stretch of gains, falls to 4.16% area from 4.577% year-end 2024 U.S. Dollar index (=USD) retreated 9.4% for the year, its biggest yearly decline since 9.8% loss in 2017 Bitcoin (BTC=) hits record highs, but then reverses after largest crypto liquidation in history, now down more than 6% on the year The IPO market staged a strong comeback, capped by medical supplies behemoth Medline’s (MDLN.O) $6-bln-plus offering, the largest since 2021, along with design software firm Figma (FIG.N) , which notched a 250% debut-day gain (the biggest such pop for a bln-dollar IPO ever, according to Renaissance Capital), and highly-anticipated names including fintech Klarna (KLAR.N) and StubHub (STUB.N) SPX performance for 2025: Comm Svcs 32.4% Tech 23.3% Industrials 17.7% SPX 16.4% Financials 13.3% Utils 12.7% Healthcare 12.5% Materials 8.4% Discretionary 5.3% Energy 5.0% Staples 1.3% Real Estate -0.3% (Lance Tupper and Terence Gabriel are Reuters market analysts. The views expressed are their own)