1:00pm: Happy holidays!
Wall Street closed out a strong session on Tuesday as stocks extended their holiday rally, with the Dow leading the charge.
The index climbed 289 points, or 0.6%, to a fresh record of 48,732, while the S&P 500 added 22 points, or 0.3%, to 6,932, building on its ongoing record run.
The Nasdaq rose 51 points, or 0.2%, to 23,613, and the Russell 2000 gained 7 points, or 0.3%, to 2,548, as investors remained optimistic ahead of the holiday break.
Trading will be abbreviated on Wednesday for Christmas Eve, with markets closed on Thursday for the holiday, giving investors a brief pause amid a festive stretch of gains.
The upbeat mood reflects strong investor sentiment as 2025 winds down, with major indexes hitting fresh highs and optimism carrying into the holiday week.
10:00am: Calm before Christmas
Stocks kicked off Wednesday trading with a mixed tone as Wall Street heads into the holiday week.
The Dow Jones Industrial Average edged up 118 points, or 0.2%, to 48,561, while the S&P 500 added a modest six points, or 0.1%, to 6,915.
The tech-heavy Nasdaq slipped slightly, down nine points, leaving it at 23,552, and the Russell 2000 dipped 0.1% to 2,538.
Tech shares saw some turbulence, with Intel slipping 2.2% after a report said Nvidia halted a test using Intel’s advanced 18A chip production process.
Precious metals continued their rally, with gold climbing to a record above $4,500 an ounce amid rising tensions in Venezuela and expectations for additional US interest rate cuts. Silver and platinum also hit new highs, while oil prices steadied after a recent run-up.
In economic news, initial jobless claims for the week ending December 20 came in at 214,000, slightly below forecasts of 224,000, suggesting a steady labor market as the year wraps up.
8:15am: Markets wind down
US stock futures were treading water early Wednesday, with contracts tied to the Dow, S&P 500 and Nasdaq all hovering just below the flatline as Wall Street eases into a holiday-shortened session.
That quiet start comes after a strong run. The S&P 500 is sitting at a fresh record above 6,900 following four straight days of gains, keeping hopes for a classic “Santa Claus rally” very much alive. Markets close early today and will be shut on Thursday for the holiday.
While stocks are pausing, precious metals are anything but. Gold surged to a new all-time high above $4,500 an ounce, fueled by rising geopolitical tensions in Venezuela and expectations for additional rate cuts ahead. Silver and platinum joined the party, both pushing to record levels as well.
There’s also a bit of corporate buzz to chew on this morning. An SEC filing shows Apple CEO Tim Cook bought 50,000 shares of Nike on December 22 at an average price just under $59, a roughly $3 million purchase that brings his direct stake to more than 105,000 shares. UiPath is also in focus after confirmation it’s set to join the S&P MidCap 400.
Across the Atlantic, BP is making headlines after the Wall Street Journal reported the energy giant is selling a 65% stake in Castrol to Stonepeak. The deal values Castrol at about $8 billion and would generate roughly $6 billion in proceeds for BP, marking its biggest divestment yet as the company pushes ahead with plans to sell $20 billion of assets by 2027 and refocus on oil and gas while cutting debt.
On the data front, it’s a light but not empty calendar. Investors will get MBA mortgage application data at 7 a.m. ET, followed by weekly jobless claims at 8:30 a.m. A 7-year Treasury auction rounds out the schedule late morning, before the early market close at 1 p.m. ET.
With volumes likely to thin out as the day goes on, the question now is whether the rally has just enough holiday cheer left to carry Wall Street into Christmas on a high note.