Stocks waver as 2025 winds down while gold and silver rise

NEW YORK (AP) — Stocks wavered in afternoon trading on Wall Street Tuesday as 2025 nudges closer to the finish line.

The S&P 500 was mostly unchanged. The benchmark index is still on track for a gain of more than 17% for the year.

The Dow Jones Industrial Average fell 78 points, or 0.2%, as of 2:55 p.m. Eastern. The Nasdaq composite fell 0.1%.

The biggest weights on the market remained technology companies, especially those focused on advancements for artificial intelligence.

Nvidia and Apple wobbled between small losses and breaking even. Both companies have outsized values that have a greater overall impact on the market’s broader direction.

On the winning side, Facebook parent Meta Platforms rose 1.3%. The company is buying artificial intelligence startup Manus as it continues an aggressive push to amp up AI offerings across its platforms.

Markets were mixed in Asia and higher in Europe.

With just two trading days left before the year ends, most big investors have closed out their positions and volume has been thin. U.S. markets will be closed on Thursday for New Year's day.

The more notable action was again in the commodities markets. Gold, silver and copper all resumed their ascent after steep declines a day earlier.

The price of gold rose 0.7% and silver prices gained 9.2% after slumping Monday when the Chicago Mercantile Exchange, one of the largest trading floors for commodities, asked traders to put up more cash to make bets on precious metals. Prices for both metals have surged in 2025 on a mix of economic worries and supply deficits.

Copper rose 3.6% and is up more 40% for the year on strong demand. The base metal is critical to global energy infrastructure, and demand is expected to keep growing as the development of artificial intelligence technology puts more of a strain on data centers and the energy grid.

Crude oil prices were relatively steady. The price of U.S. crude oil fell 0.1%. The price of Brent crude, the international standard, rose 0.1%.

Treasury yields mostly rose in the bond market. The yield on the 10-year Treasury rose to 4.13% from 4.11% late Monday. The yield on the two-year Treasury, which moves more closely with expectations for what the Federal Reserve will do, held steady at 3.45% from late Monday.

Overall, Treasury yields have fallen significantly through the year, partly because of the market's expectations for a shift in interest rate policy at the Fed. The central bank cut interest rates three times late in 2025, most recently at its meeting earlier in December.

The central bank has been dealing with a more complex economic picture. Consumer confidence has been weakening throughout the year as inflation squeezes consumers and businesses. The continued impact of a wide-ranging U.S.-led trade war threatens to add more fuel to inflation.

Inflation remains stubbornly high while the jobs market slows down. The Fed can cut interest rates to help the economy weather a slower jobs market. But, that could add more fuel to inflation that is still solidly above the Fed's 2% target. Hotter inflation could stunt economic growth.

The Fed has signaled more caution moving forward. Minutes from its December meeting reflect the divisions within the central bank as it deals with uncertainty about the threats facing the economy.

Wall Street is betting that the Fed will hold interest rates steady at its next meeting in January.

Elaine Kurtenbach contributed to this report.

Participants perform a traditional hand clap at the end of a ceremony to conclude the year's trading at the Tokyo Stock Exchange Tuesday, Dec. 30, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

Japan's Prime Minister Sanae Takaichi, right, delivers a speech as Hajime Moriyasu, left, the head coach of Japanese national soccer team, bows during a ceremony to mark the last trading day of the year on the Tokyo Stock ExchangeTuesday, Dec. 30, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

Hajime Moriyasu, the head coach of Japanese national soccer team, rings the bell during a ceremony to mark the last trading day of the year on the Tokyo Stock Exchange Tuesday, Dec. 30, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

Participants perform a traditional hand clap at the end of a ceremony to conclude the year's trading at the Tokyo Stock Exchange Tuesday, Dec. 30, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

Japan's Prime Minister Sanae Takaichi poses before ringing the bell during a ceremony to mark the last trading day of the year on the Tokyo Stock Exchange Tuesday, Dec. 30, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

A person stands in front of an electronic stock board showing Japan's Nikkei index at a securities firm, Monday, Dec. 29, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)

A dealer watches computer monitors near the screen showing the foreign exchange rate between U.S. dollar and South Korean won at a dealing room of Hana Bank in Seoul, South Korea, Tuesday, Dec. 30, 2025. (AP Photo/Lee Jin-man)

The screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won are seen at a dealing room of Hana Bank in Seoul, South Korea, Tuesday, Dec. 30, 2025. (AP Photo/Lee Jin-man)

The screens show the Korea Composite Stock Price Index (KOSPI), left, the foreign exchange rate between U.S. dollar and South Korean won and the Korean Securities Dealers Automated Quotations (KOSDAQ) at a dealing room of Hana Bank in Seoul, South Korea, Tuesday, Dec. 30, 2025. (AP Photo/Lee Jin-man)

A dealer watches computer monitors at a dealing room of Hana Bank in Seoul, South Korea, Tuesday, Dec. 30, 2025. (AP Photo/Lee Jin-man)

NASHVILLE, Tenn. (AP) — A newly unsealed order in the criminal case against Kilmar Abrego Garcia reveals that high-level Justice Department officials pushed for his indictment, calling it a “top priority,” only after he was mistakenly deported and then ordered returned to the U.S.

Abrego Garcia has pleaded not guilty in federal court in Tennessee to charges of human smuggling. He is seeking to have the case dismissed on the grounds that the prosecution is vindictive — a way for President Donald Trump's administration to punish him for the embarrassment of his mistaken deportation.

To support that argument, he has asked the government to turn over documents that reveal how the decision was made to prosecute him in 2025 for an incident that had occurred nearly three years earlier. On Dec. 3, U.S. District Judge Waverly Crenshaw filed an order under seal that compelled the government to provide some documents to Abrego Garcia and his attorneys. That order was unsealed on Tuesday and sheds new light on the case.

Earlier, Crenshaw found that there was “some evidence” that the prosecution of Abrego Garcia could be vindictive. He specifically cited a statement by Deputy Attorney General Todd Blanche on a Fox News program that seemed to suggest that the Department of Justice charged Abrego Garcia because he had won his wrongful deportation case.

Rob McGuire, who was the Acting U.S. Attorney for the Middle District of Tennessee until late December, argued that those statements were irrelevant because he alone made the decision to prosecute, and he has no animus against Abrego Garcia.

In the newly unsealed order, Crenshaw writes, “Some of the documents suggest not only that McGuire was not a solitary decision-maker, but he in fact reported to others in DOJ and the decision to prosecute Abrego may have been a joint decision.”

The human smuggling charges stem from a 2022 traffic stop in Tennessee where Abrego Garcia was pulled over for speeding. There were nine passengers in the car, and state troopers discussed the possibility of human smuggling among themselves. However, he was ultimately allowed to leave with only a warning. The case was turned over to Homeland Security Investigations, but there is no record of any effort to charge him until April 2025, according to court records.

The order does not give a lot of detail on what is in the documents that were turned over to Abrego Garcia, but it shows that Aakash Singh, who works under Blanche in the Office of the Deputy Attorney General, contacted McGuire about Abrego Garcia's case on April 27, the same day that McGuire received a file on the case from Homeland Security Investigations. That was several days after the U.S. Supreme Court ruled in Abrego Garcia's favor on April 10.

On April 30, Singh said in an email to McGuire that the prosecution was a “top priority” for the Deputy Attorney General's Office, according to the order.

Kilmar Abrego Garcia and his wife Jennifer Vasquez Sura leave the United States District Court District of Maryland, Monday, Dec. 22, 2025, in Greenbelt, Md. (AP Photo/Stephanie Scarbrough)