Early Look
Wednesday, December 24, 2025
|
Futures |
Up/Down |
% |
Last |
|
Dow |
-38.00 |
0.08% |
48,724 |
|
S&P 500 |
-4.25 |
0.06% |
6,956 |
|
Nasdaq |
-21.50 |
0.08% |
25,790 |
U.S. stock futures are down slightly after the S&P 500 (SPX) rose for a fourth consecutive session on Tuesday and notched a new high after fresh data showed the U.S. economy (GDP) grew faster than expected in the third quarter. The GDP report showed that the economy grew at a 4.3% annual pace in the three months through September, the fastest clip in two years and considerably above the 3.3% rate economists had expected. The S&P 500 rose 0.5% and hit its first record since Dec. 11. The Dow Jones Industrial Average added 0.2%, while the Nasdaq composite was 0.6% higher. Reminder the official “Santa Claus” rally, which is defined as the last 5 trading days of the year (which would start today) plus the first two of next, and per the Stock Almanac the S&P is up 76% of the time over that stretch with an average gain of 1.3%. Meanwhile, the U.S. stock market is closing the books on a third straight year of double-digit percentage gains propelled by AI optimism, interest rate cuts and the economy continuing to grow despite fears of a recession. In Asian markets, The Nikkei Index fell -68 points to 50,344, the Shanghai Index rose 20 points to 3,940, and the Hang Seng Index edged higher 44 points to 25,818. In Europe, the German DAX is closed while the FTSE 100 slips -7 points to 9,882. Reminder that today the NYSE closes at 1:00 pm et for Christmas Eve and is closed all day tomorrow, so expect light volumes today and Friday.
Market Closing Prices Yesterday
- The S&P 500 Index climbed 31.30 points, or 0.46%, to 6,909.79
- The Dow Jones Industrial Average rose 79.73 points, or 0.16%, to 48,442.41
- The Nasdaq Composite gained 133.02 points, or 0.57%, to 23,561.84
- The Russell 2000 Index declined -17.66 points, or 0.69% to 2,541.12
Economic Calendar for Today
- 7:00 AM ET MBA Mortgage Applications Data
- 8:30 AM ET Initial Jobless Claims…est. 224K
- 8:30 AM ET Continuing Claims…est. 1.90M
- 10:30 AM ET Weekly DOE Inventory Data
- 12:00 PM ET EIA Natural Gas weekly inventory data
- 1:00 PM ET US Treasury to sell $44B for 7-year notes
|
Macro |
Up/Down |
Last |
|
Nymex |
0.31 |
58.69 |
|
Brent |
0.11 |
62.49 |
|
Gold |
9.30 |
4,515.00 |
|
EUR/USD |
0.0001 |
1.1796 |
|
JPY/USD |
-0.32 |
155.91 |
|
10-Year Note |
-0.01 |
4.159% |
World News
- Barron’s noted that spending on AI categories—software, data centers, R&D, etc. accounted for 14% of Q3 GDP, and 37% of real GDP growth through the first nine months of 2025. GDP has climbed 2.1% through the first three quarters of the year, but without all that AI spending, it would have only risen 1.5%. Pantheon Macroeconomics analyst Oliver Allen pointed to the GDP reading and highlighted how real private fixed investments—spending by businesses, nonprofits, and households on fixed assets—would have been negative if not for all the AI-related spending.
Sector News Breakdown
Consumer
- In Airlines (AAL, DAL, UAL, JBLU, LUV): the International Air Transport Association (IATA)’s latest financial outlook showed global airline passenger traffic is forecast to grow by 4.9% in 2026 compared to 2025. This growth reflects resilient demand despite ongoing supply constraints. Passenger load factors projected to hit a new high of 83.8%, driven by strong demand and limited new aircraft availability. Total industry revenues forecasted at $1.053 trillion (up 4.5%), with passenger ticket revenues at $751 billion (up 4.8%).
- Good Times Restaurants Inc. (GTIM) said total Revenues decreased 0.5% to $141.6 million y/y; Total Restaurant Sales for Good Times restaurants were $39.2 million for the year and for Bad Daddy’s restaurants were $101.4 million for the year. Same Store Sales1 for Good Times restaurants decreased 6.6% for the Q4 y/y and decreased 5.0% y/y.
- Limoneira (LMNR) Q4 revs $42.8M vs. est. $36M; Q4 net loss widened due to $6.7M in strategic transformation costs; the company said it plans to double avocado production capacity over next 3-4 years; Limoneira projects $10 mln in savings and enhanced operational efficiencies in fiscal 2026.
- Nike (NKE) shares edge higher after reports that Apple CEO Tim Cook bought nearly $3 million shares of depressed Nike stock following the company’s disappointing earnings report last week. Cook, who is the lead independent director of Nike and a board member since 2005, bought 50,000 shares of Nike stock on Monday at an average price of $58.97, according to a form 4 filing with the Securities and Exchange Commission late Tuesday.
Healthcare
- Sanofi (SNY) agreed to buy vaccine specialist Dynavax Technologies (DVAX) in a $2.2 billion cash deal. The company announced the acquisition after it said the U.S. FDA declined to approve its tolebrutinib drug candidate for the treatment of multiple sclerosis. The deal adds a marketed adult hepatitis B vaccine and phase 1/2 shingles candidate to the pipeline Under the terms of the merger agreement, Sanofi will pay $15.50 per share in cash for DVAX.
- Agios Pharmaceuticals, Inc. (AGIO) said the FDA has approved AQVESME(TM) (mitapivat), an oral pyruvate kinase (PK) activator, for the treatment of anemia in adults with alpha- or beta-thalassemia. With this approved indication, AQVESME becomes the only FDA-approved medicine for anemia in both non-transfusion-dependent and transfusion-dependent alpha- or beta-thalassemia.
Technology, Media & Telecom
- Accenture (ACN) has entered into an agreement with the Fibonacci Group to acquire Cabel Industry, an Italian technology company that provides specialized core banking and IT managed services to mid-size financial institutions.
- Intel (INTC) shares slip after Reuters reported Nvidia (NVDA) recently tested Intel’s 18A but stopped moving forward, sources said.
- Netflix (NFLX) urges shareholders to reject TRC’s mini-tender offer which offered to buy 1.25m Netflix shares at $91.
- UiPath Inc. (PATH) will replace Synovus Financial Corp. (SNV) in the S&P MidCap 400 effective prior to the opening of trading on Friday, January 2.
- Versant Media Group Inc. (VSNT) will replace Brandywine Realty Trust (BDN) in the S&P SmallCap 600 effective prior to the opening of trading on Tuesday, January 6.
Market commentary provided by Hammerstone Markets, Inc, a firm separate from and not affiliated with Regal Securities. Regal Securities has not participated in the creation of the content, and does not explicitly or implicitly endorse the content.