Bonds & Stocks
Stocks struggled to find momentum amid a lack of catalysts in the final trading days of the year. Silver and gold regained their footing after a plunge from all-time highs. The S&P 500 was set to open little changed after back-to-back losses. European stocks outperformed as rising metal prices boosted miners, while a gauge of Asian shares nudged lower. Treasuries fell across the curve, with the 10-year yield rising 2 basis points to 4.13%.
Economy
While tariffs and shaky consumer confidence continue to create headwinds for corporate America, they’re set to lift earnings growth for US materials stocks to the highest in five years. Materials stocks — a group of companies ranging from steelmaker Nucor Corp. and paint maker Sherwin-Williams Co. to packaging manufacturers including Smurfit WestRock Plc and Ball Corp. — are set to see earnings rise 20% in 2026, Bloomberg Intelligence data shows. Only tech earnings are expected to grow faster.
World
European leaders held a call to discuss Ukraine after Russian President Vladimir Putin said he would revise his country’s negotiating position, claiming Ukrainian drones targeted a residence of his. “Our work to ensure robust security guarantees continues unabated,” Dutch Prime Minister Dick Schoof said Tuesday on the X platform. He said that Kyiv’s allies in the so-called Coalition of the Willing would convene next week. Kremlin spokesman Dmitry Peskov on Tuesday confirmed Russia would “toughen” its negotiating stance following an alleged attack against a presidential residence in the Novgorod region, more than 400 kilometers (249 miles) northwest of Moscow, but wouldn’t publicly disclose how, according to the Interfax news agency.