2025收官日美国股债双杀

Market Overview - The U.S. stock market faced a setback at the end of 2025, with major indices unable to maintain upward momentum due to pressure from technology stocks, particularly the "Magnificent 7" [2][10] - Despite the challenges, the overall performance for the year remained positive, with the S&P 500, Dow Jones, and Nasdaq all achieving annual gains of over 10% [18][11][12][13] Economic Indicators - U.S. unemployment claims fell to 199,000, the lowest level since late November, indicating a resilient labor market and suggesting that the Federal Reserve may delay interest rate cuts [7][5] - The dollar index experienced a significant annual decline of over 9%, marking its largest yearly drop since 2017, influenced by expectations of future rate cuts by the Federal Reserve [40][42] Sector Performance - The technology sector, led by AI-related stocks, saw substantial gains in 2025, with the Nasdaq index rising over 20% for the year, although individual stocks like Nvidia underperformed compared to previous years [10][21] - Precious metals, including gold and silver, had a remarkable year, with gold rising over 60% and silver increasing by nearly 150%, marking their best annual performance since 1979 [47][48][53] Commodity Trends - Crude oil prices fell approximately 20% in 2025, attributed to the impact of tariffs and increased supply concerns, marking the largest annual decline in five years [55][54] - The performance of base metals was generally strong, with copper achieving a nearly 42% increase, the highest annual gain since 2009 [53] Cryptocurrency Market - Bitcoin experienced its largest annual decline in three years, while Ethereum also faced significant losses, reflecting a broader downturn in the cryptocurrency market [46][44]