Stocks Edge Higher After Opening Bell as Gold Extends Surge and Volatility Ticks Up

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U.S. stocks traded narrowly mixed shortly after the opening bell on Friday, December 26, as investors navigated thin holiday liquidity, firm commodity prices, and elevated cross-asset signals heading into the final trading days of the year.

The Dow Jones Industrial Average slipped 34.12 points, or 0.07%, to 48,697.00. The Nasdaq Composite edged higher by 12.83 points, or 0.05%, to 23,626.10, while the S&P 500 rose 3.14 points, or 0.05%, to 6,935.19. Small-cap stocks underperformed, with the Russell 2000 down 0.76 points, or 0.30%, at 251.95.

Market moves were muted in the early session, consistent with historically light volumes during the holiday period. Futures markets showed limited follow-through as investors balanced year-end positioning against sharply diverging signals from commodities, crypto assets, and volatility gauges.

The Cboe Volatility Index (VIX) rose to 14.09, up 0.62 points, or 4.60%, from the previous close of 13.47, indicating a modest pickup in demand for near-term equity protection despite stable index levels. The move suggested some hedging activity ahead of the turn into 2026 rather than broad risk-off positioning.

In commodities, gold futures extended their rally, with February contracts trading at $4,553.30 an ounce, up $50.50, or 1.12%, shortly after the open. According to Bloomberg, gold’s advance has been supported by escalating geopolitical tensions, U.S. dollar weakness, elevated central-bank purchases, and inflows into exchange-traded funds. Spot gold has gained roughly 70% this year, marking one of the strongest annual performances on record for the metal.

Crude oil prices were steadier. February West Texas Intermediate crude traded at $58.35 a barrel, unchanged on the session. Prices held near the lower end of the day’s $58.23–$58.88 range, reflecting a balance between geopolitical risk premiums and concerns about global demand growth.

Cryptocurrency markets showed modest gains but continued to lag other risk assets. Bitcoin rose $1,348.99, or 1.54%, to $88,925.29, remaining below the psychologically important $90,000 threshold. Research notes from AInvest highlighted an unusual decoupling between equities and digital assets, with Bitcoin consolidating despite record highs in major stock benchmarks. The analysis noted that prolonged consolidation often precedes a sharp directional move, potentially setting the stage for heightened volatility in early 2026.

Equity investors appeared to be largely marking time as the year draws to a close. AInvest’s year-end outlook noted that the S&P 500 recently cleared a long-standing triple-top formation, suggesting underlying technical strength, even as participation remains thin during the holiday period. The divergence between large-cap benchmarks and small-cap stocks underscored lingering caution beneath the surface.

Attention is expected to shift back toward fundamentals and policy expectations in the coming weeks, including the trajectory of interest rates, fiscal policy under President Donald Trump, and corporate earnings guidance for 2026. For now, markets remain range-bound, with gold and volatility providing the clearest signals of investor unease beneath otherwise calm equity indices.