US stock futures steadied overnight after the benchmark S&P 500 (^GSPC) hit its latest record, setting up Wall Street to ride into the Christmas holiday on a high note.
Futures tied to the Dow Jones Industrial Average futures (YM=F), the S&P 500 (ES=F), and the tech-heavy Nasdaq (NQ=F) all hovered below the flatline.
Markets close early on Wednesday for Christmas Eve and are off Thursday for the holiday. Wall Street’s bid for a “Santa Claus” rally is looking hopeful after a fourth day of gains left the S&P 500 at its latest record high, above 6,900.
The tech-led advance came despite new economic data that only served to dampen bets for rate cuts from the Federal Reserve in the near term. US GDP growth stood at 4.3% in the third quarter, according to a first estimate from the government, much higher than forecast, as consumer spending held up over the summer.
Economists warn that kind of growth likely won’t continue into the shutdown-filled fourth quarter. Indeed, more recent data found that consumers continue to feel particularly sour on the state of the US economy, with consumer confidence dipping to its lowest level since President Trump’s tariffs rolled out in April.
The GDP data led investors to trim bets on a January rate cut from the Fed — just more than 13% now expect that outcome. Most traders, however, still expect two rate cuts by the end of next year, as the divisions that defined the central bank this year are likely to persist even with a new chair set to replace Jerome Powell by mid-year.
Trump took issue with the market’s read on the Fed, saying Tuesday he expects the new chair he nominates to lower rates even when Wall Street is doing well.
“I want to have a Market the likes of which we haven’t had in many decades,” he wrote on social media, “a Market that goes up on good news, and down on bad news, the way it should be, and the way it was.”
The lone potential piece of market-moving data on Wednesday comes with the government’s update on weekly jobless claims, though that release has come with significant volatility as of late.
Coming soon
Stock market coverage for Wednesday, December 24, 2025.