Stocks closed slightly lower on Friday as trading resumed after the Christmas holiday. The S&P 500, Dow Jones, and Nasdaq all saw small declines. Institutional investors are mostly out of the market for the year, leading to light trading volume.

The S&P 500 has risen nearly 18% this year, boosted by deregulatory policies and optimism about artificial intelligence. Gold and silver prices continued to climb, with silver rising 8% to $77.20 an ounce. Miners like Freeport-McMoRan saw gains as well.

Investor concerns during the U.S. government shutdown and expectations of further interest rate cuts by the Federal Reserve have driven buying of gold. Silver prices have also risen due to supply constraints. Target’s shares rose 3.1% after news of an activist investor taking a stake.

U.S. crude oil fell 2.8% and Brent crude fell 2.6% on Friday. Treasury yields held steady, with the 10-year note at 4.13%. Markets in Hong Kong, Australia, New Zealand, and Indonesia were closed, along with most European markets.

Read more at Yahoo Finance: Stocks close slightly lower in quiet post-Christmas trading