U.S. stocks head into Tuesday, December 23, with the S&P 500 within striking distance of its recent record after Wall Street kicked off the holiday-shortened week with broad gains powered by a renewed tech rebound. The market’s tone is upbeat—but the calendar is doing its usual late-December trick: thin liquidity, compressed hours, and a cluster of economic reports that can still jolt prices even when many desks are half-staffed. [1]
On Monday’s close (reported early Tuesday), the Dow Jones Industrial Average rose 227.79 points (0.47%) to 48,362.68, the S&P 500 added 43.99 points (0.64%) to 6,878.49, and the Nasdaq Composite gained 121.21 points (0.52%) to 23,428.83—keeping the benchmark indexes close to record territory set earlier this month. [2]
US stock market recap: What drove Monday’s gains into Christmas week
The rally was broad-based, with advances across nearly all 11 S&P 500 sectors—a notable shift after the market’s earlier December wobble. Tech’s bounce, which began late last week, continued to stabilize sentiment, while cyclical groups linked to commodities also caught a tailwind. [3]
Several themes dominated the tape:
- Tech and semis regained leadership. Nvidia delivered the single biggest lift to the S&P 500, while Micron climbed 4% and the Philadelphia Semiconductor Index rose 1.1%. [4]
- Financials hit a milestone. The financial sector gained 1.3% and closed at a record, reflecting investors’ renewed comfort with growth holding up and rate expectations settling—at least for now. [5]
- Commodities helped materials and energy outperform. Materials led with a 1.4% gain, and energy rose 1.1% as commodity prices jumped. [6]
The calmer tone showed up in volatility, too. The CBOE Volatility Index (VIX)—often called Wall Street’s “fear gauge”—closed at 14.08, its lowest finish since mid-December 2024. [7]
US stock futures today: A cautious pause before key data
Early Tuesday coverage pointed to U.S. stock futures holding near steady levels, a familiar pattern going into major data releases during a holiday week when liquidity is thinner and price moves can be exaggerated. [8]
The market’s posture makes sense: investors are balancing a year-end “risk-on” mood with the reality that several delayed and scheduled reports are due, offering a last major check on the economy before year-end positioning really intensifies. [9]
The big catalysts for Dec. 23: GDP, durable goods, consumer confidence
Tuesday’s agenda is less about earnings and more about macro reality checks—especially because some data releases were pushed back earlier in the quarter.
Q3 GDP: Expected to confirm solid growth, but with a “cooling” story underneath
Economists expect the U.S. economy to have grown at a 3.3% annualized rate in the third quarter, down from 3.8% previously, supported by consumer spending and business investment. Reuters reporting also flagged unusual supports such as electric-vehicle purchases ahead of tax credit changes, while noting that momentum appears to fade heading into Q4 amid inflation pressures and the lingering effects of the recent 43-day government shutdown. [10]
Consumer confidence: A late-year pulse on spending mood
With consumer spending still the gravitational center of U.S. growth, fresh consumer confidence data can shape expectations for retail demand and 2026 momentum—especially with inflation still part of the story and policy uncertainty lingering. [11]
Durable goods and industrial production: “Old” data that can still move markets
Even backward-looking reports can matter when investors are trying to confirm whether the economy is merely cooling or actually rolling over—particularly for industrials, machinery, and parts of the technology supply chain. [12]
Top stock and sector stories moving US markets today
Even in a macro-driven week, single-stock headlines can swing leadership—especially in tech-heavy indexes.
Nvidia, Micron and the AI trade regain momentum
Nvidia’s gains were fueled by expectations that demand for AI hardware remains resilient. Reuters reported Nvidia told Chinese customers it aims to begin shipping its second-most powerful AI chips into China before the Lunar New Year holiday in mid-February—an update investors watched closely given the complex U.S.-China technology landscape. [13]
Micron extended its post-forecast momentum, continuing to act as a sentiment barometer for the semiconductor cycle and AI-adjacent capital spending. [14]
Tesla rises after pay package news
Tesla gained 1.6% after its CEO Elon Musk’s 2018 pay package was restored by the Delaware Supreme Court, according to Reuters. For investors, governance and compensation headlines can translate into real volatility—especially for mega-cap names that influence index direction. [15]
M&A watch: Paramount–Warner Bros. Discovery drama escalates
Warner Bros. Discovery rose after Oracle co-founder Larry Ellison agreed to personally guarantee $40.4 billion of equity financing tied to Paramount Skydance’s offer to acquire the company; Paramount also climbed. The market treated the headline as another reminder that dealmaking can reawaken quickly when financing confidence improves. [16]
Clearwater Analytics jumps on go-private deal
Clearwater Analytics rallied after a private-equity group led by Permira and Warburg Pincus agreed to acquire the firm for about $8.4 billion including debt—another late-year corporate action that can boost sentiment in pockets of software and fintech. [17]
Commodities and currencies: Gold steals the spotlight, oil steadies
One of the most striking cross-asset headlines on December 23 is the surge in precious metals. Gold and silver have been printing fresh records in recent coverage, supported by a cocktail of safe-haven demand, central-bank buying narratives, and a late-year scramble for assets perceived as resilient into 2026. [18]
Meanwhile, oil prices steadied after a sharp prior-day rise, as traders weighed geopolitical risks (including Venezuela-related supply uncertainty and Russia-Ukraine dynamics in the Black Sea) against a broadly well-supplied market outlook into early 2026. [19]
Currency markets also mattered more than usual for a “quiet” week: Reuters reporting highlighted intervention watch in Japan as the yen strengthened amid thin holiday trading, while the broader U.S. dollar remained under pressure. For U.S. equities, dollar moves can quickly translate into earnings expectation shifts for multinationals—especially in tech and industrials. [20]
Holiday trading hours: What investors need to know this week
This is not a normal week for market microstructure, and that matters for price action:
- U.S. stock markets close early Wednesday, Dec. 24, 2025, at 1:00 p.m. ET (with certain eligible options trading slightly later). [21]
- Markets are closed Thursday, Dec. 25, 2025, for Christmas Day. [22]
- In fixed income, industry guidance also points to an early close for the bond market on Dec. 24 (2:00 p.m. ET). [23]
The practical takeaway: volume can dry up fast, bid-ask spreads can widen, and “small” headlines can produce “big” candles.
Santa Claus rally watch: Seasonality meets real catalysts
Seasonal optimism is back in the conversation as the market approaches the so-called “Santa Claus rally” window—typically defined as the last five trading days of the year and the first two of January. Reuters cited Stock Trader’s Almanac data showing the S&P 500 has historically averaged a gain over that stretch, and noted this year’s period begins Wednesday and runs through January 5. [24]
But seasonality isn’t a spell; it’s more like a statistical tailwind. In 2025, investors are still navigating a mix of forces that can override calendar effects quickly: inflation persistence, trade policy uncertainty, and the market’s ongoing debate about how much rate-cutting (if any) arrives in 2026. [25]
What to watch next in the US stock market
With Tuesday’s key data on deck and Christmas trading hours compressing the week, the near-term setup is straightforward:
- Does GDP reinforce the “resilient but cooling” narrative—or challenge it?
- Does consumer confidence signal steady spending power or fresh strain?
- Can tech leadership hold without pulling the rest of the market into a narrow rally?
- Will gold’s record run and commodity swings keep influencing sector leadership (materials/energy) into year-end? [26]
For now, the market’s message is optimistic—but alert: stocks are near records, volatility is subdued, and the next real shock is often the one that arrives when everyone is already mentally checked out for the holidays. [27]
References
1. www.reuters.com, 2. www.reuters.com, 3. www.reuters.com, 4. www.reuters.com, 5. www.reuters.com, 6. www.reuters.com, 7. www.reuters.com, 8. apnews.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.investing.com, 13. www.reuters.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.reuters.com, 18. apnews.com, 19. www.reuters.com, 20. www.reuters.com, 21. www.nyse.com, 22. www.nyse.com, 23. www.sifma.org, 24. www.reuters.com, 25. www.reuters.com, 26. www.reuters.com, 27. www.reuters.com
