The S&P/ASX 200 was little changed at around 8,703 in the final trading session of the year on Wednesday, tracking a subdued overnight performance on Wall Street. US equities were muted as investors weighed expectations of continued economic resilience and eventual Federal Reserve rate cuts against growing concerns that valuations in AI-related stocks may be stretched. In Australia, Reserve Bank Governor Michele Bullock said in her post-meeting press conference that while the board did not explicitly consider a rate hike, it did discuss the circumstances under which interest rates might need to rise in 2026. Heavyweight banking stocks led the declines, with Commonwealth Bank down 0.6%, Westpac falling 0.8%, NAB declining 0.7%, and ANZ down 0.5%. In contrast, gold miners outperformed on firmer bullion prices, with Northern Star Resources up 1.3% and Evolution Mining gaining 1.1%. The benchmark index is on track to post strong gains for the year.