This article first appeared on GuruFocus.
U.S. stocks fell on Monday as technology shares gave back recent gains, following a strong run in late 2025.
The S&P 500 slid 0.5%, while the Nasdaq Composite lost 0.7%. The Dow Jones Industrial Average dropped 277 points, or 0.6%. Nvidia (NASDAQ:NVDA) led tech losses, falling nearly 2%, with Palantir Technologies (NASDAQ:PLTR) and Meta Platforms (META) also retreating. Oracle (ORCL) and Advanced Micro Devices (NASDAQ:AMD) saw declines.
Market observers noted that with a light economic calendar, internal momentum may guide the market this week. “Tech performance will be key to sustaining year-end gains,” said Chris Larkin, head of trading and investing at E-Trade from Morgan Stanley.
Silver reversed earlier gains after topping $80 an ounce for the first time, falling more than 7%. The precious metal surged nearly 150% in 2025, making it one of the year’s strongest performers.
Meanwhile, small-cap stocks lagged broader indexes. The Russell 2000 rose around 13% in 2025, underperforming the S&P 500’s 17% gain. Analysts also caution political polarization could weigh on equities as 2026 begins.