Nasdaq Index and S&P500: US Stocks Slip Today as Traders Eye Fed Minutes and 2025 Outlook

• The S&P 500 is up 17% for 2025, the Dow gained 14%, and the Nasdaq posted a 21% rally, with markets currently in a 'Santa Claus rally' period that historically averages 1% gains
• Tuesday's Fed minutes release will reveal dissenting views on the December rate cut and the central bank's stance on balancing inflation control against labor market support
• General Motors surged 55% to record highs outperforming all major automakers, while UnitedHealth is set to be the worst Dow performer with a 35% loss for 2025

US Stocks Pull Back as Markets Await Fed Minutes

US equity markets retreated modestly on Monday as traders locked in strong 2025 gains ahead of year-end, with light trading volumes expected until next week. At 16:47 GMT, the Dow Jones fell 267.18 points (-0.55%) to 43,443.79, the S&P 500 dropped 32.29 points (-0.47%) to 6,897.65, and the Nasdaq declined 154.063 points (-0.65%) to 23,439.034.

Despite Monday's pullback, all major indices posted impressive double-digit gains for 2025, with the Nasdaq leading at 21%, followed by the S&P 500 at 17% and the Dow at 14%. The S&P 500 remains in a "Santa Claus rally" period, which historically averages over 1% gains between the last five trading days of the year and first two days of the new year.

Market focus turns to Tuesday's Federal Reserve meeting minutes from early December, which will reveal dissenting views on the latest rate cut. Key debate centers on whether the Fed will tolerate higher inflation to support employment or prioritize inflation control.

Sector performance was mixed, with materials leading declines (-0.99%) while utilities performed best. Energy stocks dominated gainers, with TPL (+2.156%) and Expand Energy (+1.909%) rising. Newmont Corporation was the biggest S&P 500 loser, falling 4.96%.

Notable company developments included General Motors surging 55% year-to-date to record highs above $80, outperforming Tesla and Ford. Conversely, UnitedHealth Group is on track to be the worst Dow performer with a 35% loss for 2025.

Technical analysis suggests the S&P 500 faces near-term support at the 50% retracement level of 6,833.00 and the 50-day moving average at 6,795.50.