The 2025 closing week officially kicks off, with Nasdaq futures opening down 0.35%.

The last week of 2025 has officially begun, and the US stock market, after a strong two-digit increase throughout the year, is consolidating around historical highs. Nasdaq futures fell 0.35% in early trading, maintaining a high-level consolidation pattern overall.

The current market's core trading logic is anchored to the Federal Reserve's expected interest rate cuts next year. Coupled with the support of the year's impressive stock index gains, market sentiment remains cautious but does not change the medium- to long-term optimistic tone. The US dollar index continues to hover near a three-month low, further reinforcing expectations of easing.

The volatility in the precious metals sector has significantly amplified and become a focal point. Silver prices, after hitting a record high, have pulled back from high levels, with short-term profit-taking driving increased volatility. Gold remains volatile at high levels based on expectations of rate cuts, highlighting the rotation rhythm between commodities and equity markets.