Overview
- The S&P 500 logged intraday and closing all-time highs in Wednesday’s abbreviated Christmas Eve session, finishing about 1% below the 7,000 milestone.
- U.S. stock futures were little changed early Friday as trading resumed after the holiday, with major averages on pace for weekly gains.
- The S&P 500 is up nearly 18% for 2025 and the Nasdaq Composite is up 22%, with the benchmark on track for an eighth straight monthly gain.
- The Fed’s policy rate stands at 3.50%–3.75% after 75 basis points of cuts across the last three meetings, and investors expect next week’s minutes to clarify the path for easing.
- Market leadership has broadened as technology weakened in recent weeks, with financials, transports, healthcare and small caps outperforming, and investors also await a nominee to replace Jerome Powell.