Overview
- S&P 500 closed at 6,932.05 (+0.3%) and the Dow at 48,731.16 (+0.6%), both at record highs, while the Nasdaq rose to 23,613.31 (+0.2%).
- NYSE volume was about 1.8 billion shares—roughly one-third of a typical day—as markets closed early for Christmas Eve and will be shut Thursday.
- BEA’s initial Q3 GDP estimate came in at a stronger-than-expected 4.3% annualized, and initial jobless claims fell to 214,000 for the week ending Dec. 20.
- Futures markets largely point to the Fed holding rates steady in January as the seven-session Santa Claus rally window begins, a period that has historically delivered modest gains.
- Stock-specific moves featured Sanofi’s $2.2 billion deal for Dynavax, FDA approval that sent Omeros surging, Nike’s jump after Tim Cook bought 50,000 shares, and pressure on Intel following reports Nvidia paused testing its 18A process.