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Stock market today: S&P 500 notches latest 2025 record as Wall Street's winning streak reaches 4
Karen Friar,
Jake Conleyand
Ines FerréTue, December 23, 2025 at 4:03 PM EST
2 min read
In this article:
US stocks tipped higher on Tuesday, with the S&P 500 clinching a fresh record, as Wall Street shrugged off fresh data that showed surprisingly strong growth in the US economy over the summer that led investors to trim bets on near-term interest-rate cuts.
The S&P 500 (^GSPC) edged up 0.5% to notch a record close of 6,909.79. The tech-heavy Nasdaq Composite (^IXIC) rose 0.6%. The blue-chip benchmark Dow Jones Industrial Average (^DJI) gained around 0.2%. The major averages extended gains for a fourth straight session.
Gold (GC=F) and silver (SI=F) continued to pick up steam, adding to a stunning rally that has the precious metals on pace for their best year in more than four decades. At the same time, copper (HG=F) crested a fresh record above $12,000 per ton.
Tuesday brought a last gasp of data ahead of the Christmas holiday. Wall Street got a first look at third quarter GDP, which showed the US economy grew at a 4.3% annualized rate in the quarter. That was much higher than the 3.3% expected, a potential sign of continued economic resilience. The shutdown-delayed report also found that consumer spending remained strong over the summer.
After the release, traders pared bets on a rate cut in January. Markets now price in over 85% odds of the Federal Reserve standing pat, up from 80% a day ago and 75% last week. That said, a plurality of wagers remain on two cuts by the end of next year.
But Tuesday morning's read on December consumer confidence from the Conference Board showed the measure declining for a fifth consecutive month, as consumers' poor economic vibes persist.
Wall Street stocks have rallied back in recent days, after last week's data — including a surprise drop in inflation and lukewarm look at labor market — left bets on 2026 interest-rate cuts mostly intact.
On the corporate front, Novo Nordisk's (NVO) US-listed stock jumped after the Danish drugmaker got official US approval to market its Wegovy weight-loss pill.
Looking ahead, US stock markets will wrap up trading early on Wednesday and be closed all day Thursday for the Christmas holiday.
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18 updates
- 6 mins ago
S&P 500 notches record close as Santa delivers stock gains ahead of Christmas eve
The S&P 500 (^GSPC) posted new all-time highs a day before Christmas Eve, raising hopes of a Santa Claus rally heading into the New Year. The tech-heavy Nasdaq Composite (^IXIC) rose 0.4%, while the bDow Jones Industrial Average (^DJI) gained around 0.2%
Megacap tech players led the gains despite a hotter-than-expected print on measuring economic growth in the US, raising concerns that the Federal Reserve may not want to lower interest rates next year.
AI chip heavyweight Nvidia (NVDA) led semiconductors higher, while tech giant Alphabet (GOOG) (GOOGL) jumped 1%.
Commodities continued to rise with gold (GC=F) and silver (SI=F) futures reaching new all-time highs. Meanwhile, natural gas (NG=F) prices rose as much as 10% amid expectations of a cold winter on the East Coast.
37 mins ago Ines Ferré
S&P 500 on pace for a record close as stocks inch higher for fourth straight session
The S&P 500 (^GSPC) inched up 0.4% on Tuesday, on pace for a record close.
The tech-heavy Nasdaq Composite (^IXIC) rose 0.4% while the Dow Jones Industrial Average (^DJI) gained around 0.2%.
Energy, Utilities and Communications services led the gains. Stocks have been steadily grinding higher as they head toward a fourth straight session of wins.
Elon Musk's DOGE tally: The federal workforce is down while government spending is up
Yahoo Finance's Ben Werschkul reports:
Read more here.
- Today at 7:00 PM UTC Grace O'Donnell
Divisions at the Fed that defined 2025 are expected to carry into 2026
Yahoo Finance's Jennifer Schonberger reports:
Today at 6:20 PM UTC Brett LoGiurato
Gold, silver continue to set new highs: 'Investors are just getting smarter'
Gold (GC=F) and silver (SI=F) continued their torrid rise on Tuesday, as the precious metal trade keeps with the theme of the year.
Gold futures briefly broke above $4,500, while silver futures rose above $70.
Yahoo Finance's Ines Ferre has more context:
Today at 5:29 PM UTC Jake Conley
Bessent: 'Is it much smarter to have a range' on the US inflation target?
US Treasury Secretary Scott Bessent said on Monday that he sees room to revise the Federal Reserve's 2% inflation target and move to a range-based system instead.
Speaking on the "All-In Podcast" on Monday, Bessent said, “Once we are back to [2%] — which I think will be in sight — then we can have a discussion: Is it much smarter to have a range?”
The US inflation target, set in 2012 at 2%, constitutes one-half of the Fed's dual mandate of maximum employment and price stability, driven by maintaining a long-term stable inflation mark.
10-year Treasurys (^TNX) ticked up by roughly 0.2% through the first half of Tuesday, while the Intercontinental Exchange's US Dollar index (DX-Y.NYB) moved down by the same amount.
Bessent's comments come after a delayed release of the November Consumer Price Index showed that prices increased by 2.7% over the year prior, compared to consensus estimates of 3.1%. So-called core" CPI — which strips out the more volatile food and energy categories — rose by 2.6% against economist estimates of 3%.
Mining stocks rally as copper breaches record
Shares in US mining companies with copper (HG=F) operations are rising after the metal crested $12,000 per ton for the first time ever on Tuesday morning, setting an all-time high as President Trump's tariff policies and a string of mine accidents have roiled supply chains.
Freeport-McMoRan (FCX), whose Grasberg copper mine in Indonesia was taken nearly completely offline earlier in the year after a deadly mudslide that left several workers dead, traded up by 1.4% in the first minutes after the opening bell. Fellow mining giants BHP Group (BHP) and Teck Resources (TECK) gained 0.4% and 2.5%, respectively.
Shares in Southern Copper (SCCO), one of the US's major copper operators, moved in the opposite direction, falling by roughly 0.4%.
The year has been strong for metals across the board. Prices on copper itself are up more than 37% year to date, while hot-rolled coil steel (HRC=F) and aluminum (ALI=F) have climbed by 32% and 17%, respectively, according to data from Trading Economics.
While geopolitics have played a role, Trump's tariff regime has also sent copper and other metals prices soaring, dragging mining stocks along with it.
When Trump announced plans in July to impose tariffs on copper, traders rushed to move physical copper stores out of warehouses overseas and back into the US to avoid these duties, which sent prices soaring. When the administration clarified that these tariffs would not apply to raw copper ore, prices came back down.
Under current policy, semi-finished products and copper-intensive goods, such as wiring or tubes, are covered under an identical 50% tariff, although raw copper ores are excluded. Imports of both steel and aluminum are currently subject to a 50% tariff.
- Today at 3:54 PM UTC Grace O'Donnell
Consumer confidence weakens further in December
US consumers remained pessimistic about the current state of the economy at the start of December, according to data from the Conference Board.
The Conference Board's consumer confidence reading dropped 3.8 points to 89.1 in December from November's upwardly revised reading of 92.9, marking the fifth month in a row that consumer confidence weakened.
Consumers' views on current business conditions were negative for the first time since September 2024, the report said. Survey respondents cited ongoing concerns, such as inflation, tariffs, and politics, although other topics, including immigration, war, and personal finance, also became more salient.
At the same time, consumers' expectations for inflation 12 months from now retreated after increasing in November. Consumers also had the most positive view of where stock prices are headed a year from now since January.
Overall, households reported feeling mildly negative about their family's current financial situation, but turned slightly more optimistic about future conditions. Many reported putting off big-ticket purchases, as Americans reported spending more on necessities and cheap thrills than on expensive discretionary items.
Read more: Why consumer confidence matters
Cloud software maker ServiceNow is set to acquire cybersecurity startup Armis in a $7.75 billion deal
Cloud software maker ServiceNow (NOW) has reached an agreement to acquire the cybersecurity company Armis in a $7.75 billion deal, the company announced Tuesday morning.
The transaction, an all-cash deal that ServiceNow said it will finance with both cash on hand and debt, will be ServiceNow's largest acquisition to date, according to Bloomberg. Shares in ServiceNow fell by roughly 2.6% after the announcement.
The acquisition is intended to broaden ServiceNow's cybersecurity offerings in its cloud products, the company said in its press release. Armis' security offerings will allow enterprise customers in industries with "cyber-physical" assets, such as healthcare and manufacturing, to get a more real-time assessment of potential threats, ServiceNow said.
"In the agentic AI era, intelligent trust and governance that span any cloud, any asset, any AI system, and any device are non-negotiable if companies want to scale AI for the long-term," ServiceNow president, COO, and chief product officer Amit Zavery said.
"Together with Armis, we will deliver an industry-defining strategic cybersecurity shield for real-time, end-to-end proactive protection across all technology estates."
US stocks open Tuesday on mixed footing after GDP data shows stronger-than-expected growth
US stocks opened Tuesday's trading on unstable footing after GDP data showed stronger-than-expected growth in the US economy through the summer, leading investors to pull back from bets on near-term cuts from the Federal Reserve.
The blue chip-heavy Dow Jones Industrial Average (^DJI) fell by roughly 0.2% in the most volatile move of the morning, while the S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) ticked up by less than 0.1% each following the third win in a row for US stocks to start the week.
Copper (HG=F) set a fresh record on Tuesday morning, crossing $12,000 per ton for the first time, while gold (GC=F) and silver (SI=F) continued to pick up steam, adding onto a stunning rally that has the precious metals on pace for their best year in more than four decades.
Before the opening bell on Tuesday, investors got a reading on third quarter GDP, which showed the US economy grew at a 4.3% annualized rate in the quarter, above the expected 3.3% growth. Predictions of a rate cut at the January Federal Reserve meeting fell in the aftermath, with traders pricing in only a 13% chance.
- Today at 1:46 PM UTC Grace O'Donnell
US GDP unexpectedly accelerates in Q3, showing consumer resilience
US gross domestic product (GDP) unexpectedly accelerated in the third quarter, coming in at an annualized pace of 4.3%, the Bureau of Economic Analysis reported on Tuesday.
Economists had expected the initial reading of annualized growth to slow to a 3% pace from last quarter's 3.8% reading, according to S&P Global Market Intelligence.
The reading showed resilience in consumer spending and exports, though investments decreased, the BEA said. Imports, which are subtracted from the calculation of GDP, also declined.
Economists have noted that the economy has looked increasingly K-shaped, with higher-income households propping up spending while lower-income households become more financially stressed.
The advance GDP reading was originally scheduled to be released on Oct. 30, with a second estimate scheduled for Nov. 26, but the data was delayed due to the government shutdown.
Read more: What is GDP, and why does it matter?
- Today at 1:25 PM UTC Grace O'Donnell
Why Oura CEO doesn't think OpenAI's device will kill the iPhone
Tom Hale, the CEO of Oura, which makes the popular health tracking ring, doesn't think a new hardware device from OpenAI (OPAI.PVT) will make the Apple (AAPL) iPhone obsolete, he told Yahoo Finance's Brian Sozzi. Hale said it would have a long way to go to drive mass appeal.
"We've all had [Amazon] Alexa devices in our lives, and they're fascinating, ... but it's also kind of latent in the sort of bandwidth for information," Hale said in a new episode of Yahoo Finance's Opening Bid Unfiltered podcast. "I'm fascinated by conversations that you have with OpenAI or any of the models like Gemini. ... At the same time, it's not the perfect user interface for every kind of computing activity you might consult."
Hale added that he doesn't think the iPhone will go away, just as the iPhone didn't fully replace laptops or desktops.
"It's just another form factor for computing," he said. "I think that's where the device goes, and I think that we'll have a cloud of wearables that'll be tuned to whatever your use case is."
Today at 12:48 PM UTC Jenny McCall
Good morning. Here's what's happening today.
Economic data: ADP Weekly employment change; GDP (third quarter); Personal consumption (third quarter); Core PCE index (third quarter); Durable goods orders (October preliminary reading); Industrial production (November); Richmond Fed manufacturing index (December); Conference Board consumer confidence (December)
Earnings calendar: No notable earnings.
Here are some of the biggest stories you may have missed overnight and early this morning:
What Trump promised — and delivered — with 'Liberation Day'
Copper hits $12,000 for first time as tariffs upend market
Gold, silver hit highs as stunning rally continues
Oil edges up amid US pressure on Venezuela exports
Trump unveils warship named after himself in shipbuilding push
Novo's Wegovy pill to put demand from cash buyers to the test
Dollar's worst slide since 2017 has further to go, options show
Oil edges up amid US pressure on Venezuela exports
Tariff-hit US firms are selling refund rights for pennies on the dollar
Dollar's worst slide since 2017 has further to go, options show
The US dollar is on track to hit its weakest annual performance since 2017, according to the Bloomberg Dollar Index.
Bloomberg News reports:
- Today at 12:06 PM UTC Karen Friar
Copper hits $12,000 for first time as tariff trade upends market
Bloomberg reports:
Premarket trending tickers: AST SpaceMobile, CACI, and Carnival Corp.
AST SpaceMobile (ASTS) stock fell 3% before the bell on Tuesday, following a surge on Monday. The Starlink rival's stock closed 14% up on Monday. AST's gains follow President Trump's signing of an executive order last week to secure America's "space superiority."
CACI (CACI) stock edged higher on Tuesday, rising 1% during premarket trading, following the announcement on Monday that the US defense contractor will acquire space technology provider ARKA Group from funds managed by Blackstone Tactical Opportunities for $2.6 billion.
Carnival Corporation (CCL) stock rose 1% before the bell on Tuesday, following the cruise liner posting positive Q4 earnings results on Friday, beating Wall Street expectations and resuming dividend payments.
Huntington stock rises as company wins US Navy contract
Military shipbuilder Huntington Ingalls Industries (HII) saw its stock rise 4% during premarket trading on Tuesday and closed 5% up in the prior day's trading after the US Navy announced it had selected Huntington to design and build a new class of warship.
“We look forward to supporting the Navy on this critical program,” said Chris Kastner, HII president and CEO.
President Trump also said on Monday that he had approved a plan for the US Navy to construct new "Trump-class" warships to serve as flagships for the nation's naval fleet.
Rivals to Huntington saw their stock close higher yesterday, such as General Dynamics (GD), which saw its shares rise almost 2% on Monday, and Australian company Austal (ASB.AX), which has a major presence in the US, saw its shares close 6% higher on Tuesday.
- Today at 8:24 AM UTC Karen Friar
Novo Nordisk wins US approval for weight-loss pill, plans to offer it to cash-paying buyers from day one
Shares of Novo Nordisk jumped before the bell on Tuesday after the FDA approved its weight-loss pill on Monday.
The green light for oral Wegovy gives the Danish drugmaker a boost as looks to claw back ground lost to US rival Eli Lilly (LLY). Novo has seen a rocky 2025 of sliding shares, profit warnings, and slowing sales of its injectable Wegovy amid intensifying competition, including from compounded versions.
Reuters reports:
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