US stock market crashes today: Why Dow Jones, S&P 500, and Nasdaq all down today — gold and silver prices also plunge

Market Overview - U.S. stocks began the final week of 2025 on a weaker note, with major indexes slipping due to selling pressure on megacap technology stocks and a sharp pullback in precious metals from record highs [1][6][10] - Despite the daily decline, the broader market remains on track for a strong annual performance, with the S&P 500 up over 17% year-to-date and the Nasdaq surging 22% [1][7][25] Commodities - Silver prices plunged nearly 7% after briefly trading above $80 an ounce, while gold futures dropped more than 3%, ending a recent surge to all-time highs [2][10] - The volatility in precious metals was attributed to profit-taking and comments from industry figures, including Elon Musk, regarding the impact of high silver prices on industrial processes [10][11] Federal Reserve Insights - Investors are closely monitoring internal divisions within the Federal Reserve as the new year approaches, with an 80% probability that rates will remain unchanged during the January meeting [3][22] - The outlook for March remains uncertain, reflecting ongoing debates within the central bank [3][22] Housing Market - The U.S. housing market showed signs of optimism, with pending home sales for November surging 3.3%, the most significant increase since early 2023, driven by stabilizing mortgage rates and cooling price growth [5][19] - This growth suggests a potential rebound in housing activity heading into 2026, which could support consumer confidence and related sectors [19][20] Energy Market - Energy markets experienced a 2% spike in crude prices, with Brent crude climbing above $61.50 per barrel due to geopolitical risks and a 6% production drop in Kazakhstan's Tengiz field [8][25] - U.S. sanctions on Russian oil are expected to remain firm, impacting supply forecasts and contributing to the oil market's struggle to break a five-month losing streak [9][25]