Contrarian investors are betting that bonds will outperform both stocks and gold in coming months. That’s because bond market-timers are highly pessimistic right now, kicking bonds out of favor. In contrast, stock and gold market timers are quite optimistic — even to the point of irrational exuberance.

Returns have been fabulous but consider the potential for setbacks in this already hazardous year, our columnist says.

When do U.S. stock markets open again after the New Year's holiday? Here's what to know about the 2026 schedule.

Jumping from one holiday week to the next, bond markets will see an early close at 2 p.m. on Dec. 31. Here's what you need to know about the stock market on New Year's Eve, the last day of 2025. Yes, you can trade stocks on Dec. 31, as both of the United States' main stock exchanges will still be open on that day.

Spike in long-term interest rates, deflation of the AI bubble, economic reversals abroad, and unforeseen geopolitical events could hurt the US economy and the already overpriced stock market

US stock markets will be closed on New Year's Day but will operate on a normal schedule for New Year's Eve. The US bond market will close early at 2 p.m. ET New Year's Eve and remain closed on New Year's Day.