Capital.com Research Team

The S&P 500 increased by about 25 basis points on 2 December.

Gold and silver prices have surged in 2025, but several divergences have emerged more recently, with notable non-confirmations between gold and silver, as well as across other precious metals such as platinum and palladium, and industrial metals like copper.

The trading range in the stock market widened on 24 November, with the S&P 500 rising by around 1.5%.

It will be a holiday-shortened trading week, with the US market closed on Thursday, 27 November, and operating a half-day on Friday, 28 November.

It was a harsh day for risk assets, with markets opening higher only to give back all those gains, finishing sharply lower.

Since mid-October, the S&P has fallen around 4%, while the Nasdaq has declined about 5%. There are many reasons for this, and various paths that have led us here over the past month.

It will be a busy week in the US with the return of economic data and NVIDIA’s earnings results.

Liquidity in the market has been tightening in recent months as the Federal Reserve’s reserve balances have fallen sharply.

The S&P 500 rose by roughly 20 basis points on 11 November; however, the move was much more subdued than that on 10 November.

Since reporting results, the AI names have been battered amid fears of out-of-control capital expenditure and the damage this is likely to inflict on free cash flow.