Happy Tuesday. The markets are limping across the line this afternoon, continuing a pattern of modest declines since the Christmas holiday. The S&P 500 (-0.03%), Nasdaq (-0.10%), and Dow (-0.14%) are off a few bips, while the Russell 2000 (-0.50%) is off half a percentage point.
Despite that, there's celebration in order. Barring some biblical collapse in the markets, the S&P 500 will notch its eighth consecutive months of gain after the close tomorrow, extending an impressive streak which has run since Trump stood in the Rose Garden and unveiled his controversial tariff policy. Those who bought the dip were ultimately rewarded as the index has soared past 6,900 -- and almost all analysts polled by TheStreet foresee even more gains in store for next year.
But the real story in the markets over the last few days has been metals. Amid worries that China will restrict exports of silver and commentary from the ever-present market force of Tesla CEO Elon Musk, silver has had a volatile last few days of trading. 'Supply crisis' jitters have sent continuous silver futures are up 7.67% today to $75.86, jumping on the heels of the commodity's worst day in over five years. Gold futures jumped 0.31% to $4,357.20.
Tuesday Reading:
Also, a small correction to yesterday's newsletter -- credit to those who noted and messaged. Yesterday, we said that Dec. 31 would be a half day of trading, while the markets would be closed on Jan. 1. The market will indeed be closed New Year's Day, but New Year's Eve? Not so much. It is a full day of trading, because as those who have worked on Wall Street know, there are books in need of closing -- Ryan Seacrest and the Ball Drop must wait.
Until then, happy trading.
-- Noah Weidner, markets reporter
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