美股全线下挫，白银暴跌

Core Viewpoint - The article discusses the recent performance of the US stock market, highlighting a decline in major indices due to weakness in the technology sector, while also noting the potential for a year-end rally known as the "Santa Claus rally" [3][4]. Market Performance - On the last trading day of 2025, the Dow Jones fell by 249.04 points (0.51%) to 48,461.93, the Nasdaq dropped by 0.50% to 23,474.35, and the S&P 500 decreased by 0.35% to 6,905.74 [3]. - Tesla's stock declined by 3.2%, with ARK Invest reducing its holdings by $30 million [3]. - The Nasdaq China Golden Dragon Index fell by 0.67%, with Alibaba down 2.4% and Baidu up 1.6% [3]. Economic Indicators - The article notes that the November existing home sales index surged by 3.3% month-over-month, reaching a three-year high, following a revised 2.4% increase in October [6]. - US Treasury yields have decreased, with the 2-year Treasury yield falling by 1.7 basis points to 3.464% and the 10-year Treasury yield down by 1.8 basis points to 4.115% [6]. Market Outlook - Despite concerns over high valuations and volatility in tech stocks, the ongoing bull market, supported by AI trends, interest rate cuts, and economic resilience, is expected to continue [4]. - Analysts predict that the US stock market will rise in 2026, with Goldman Sachs indicating a low likelihood of a significant market correction or bear market if the global economy continues to expand and the Federal Reserve eases monetary policy further [4].