US stock market today: S&P 500, Dow and Nasdaq on the move

US stocks were mostly steady on Wednesday as Wall Street paused after the S&P 500 closed at a fresh record high. Holiday trading volumes were thin, but investor sentiment stayed positive as markets moved into the Santa Claus rally window. The Dow Jones Industrial Average rose 125.75 points, or 0.26%, to 48,568.16. The S&P 500 added 0.08% to 6,915.23, hovering near its all-time peak. The Nasdaq Composite slipped 0.05% to 23,549.36 as tech stocks cooled.

Tuesday’s rally pushed the S&P 500 to a record close of 6,909.79, keeping momentum intact heading into year-end. Investors are balancing strong economic data with expectations for future interest-rate cuts. The U.S. Commerce Department reported third-quarter GDP growth of 4.3%, well above forecasts. The data briefly reduced hopes for early rate cuts, but futures markets still point to two cuts by the end of 2026, according to CME Group data.

Individual stocks also drove attention. Nike jumped more than 4% after Tim Cook disclosed a personal share purchase. With the New York Stock Exchange closing early on Christmas Eve, investors are watching closely to see if seasonal gains carry markets higher into the new year.

S&P 500 trades near record highs as holiday volumes thin

Early in Wednesday’s shortened session, the S&P 500 hovered just below flat shortly after the opening bell. The Dow rose about 0.2%, while the Nasdaq dipped roughly 0.1%. With many institutional desks lightly staffed ahead of Christmas, trading volumes were muted, amplifying small moves.

Despite the calm tape, the benchmark index has gained 1.1% so far this week and is up roughly 17.5% year to date. Investors remain reluctant to fade the rally as breadth slowly improves and cyclical sectors attract fresh interest.

Dow rises while Nasdaq slips as holiday trading stays muted

Trading activity was subdued from the opening bell, reflecting a shortened holiday session. The Dow Jones Industrial Average gained around 0.2%, while the Nasdaq Composite dipped about 0.1%. Investors avoided large bets, focusing instead on selective opportunities as liquidity remained thin.

So far this week, the S&P 500 is up about 1.1%, pushing its year-to-date gain near 17.5%. The steady climb has reinforced confidence that the market can hold elevated levels into year-end.

Nike jumps as Tim Cook disclosure lifts investor confidence

Nike was among the session’s top performers, jumping more than 4%. The move followed a disclosure that Tim Cook, chief executive of Apple, purchased shares of the footwear giant. The news helped revive sentiment around Nike after months of uneven performance.

Technology stocks that led Tuesday’s rally were mixed. Nvidia, Alphabet, Broadcom, and Amazon consolidated recent gains, contributing to the Nasdaq’s mild pullback.

Today’s top stock gainers and losers

Top gainers

• Dynavax Technologies (DVAX) jumped 38.54% to $15.42 on heavy volume, nearing its 52-week high.
  
  
• Dermata Therapeutics (DRMA) surged 23.01% to $2.51, extending a sharp momentum run.
  
  
• Repare Therapeutics (RPTX) gained 19.35% to $2.59, supported by strong trading activity.
  
  
• TNL Mediagene (TNMG) rose 14.19% to $3.14 amid elevated volume.
  
  
• UiPath (PATH) advanced 5.33% to $16.81, continuing a steady rebound.
  
  
• Nike (NKE) climbed 4.51% to $59.93, lifted by renewed investor confidence.
  
  

Top losers

• Tesla (TSLA) fell 0.72% to $482.06, retreating from recent highs.
  
  
• Nvidia (NVDA) slipped 0.47% to $188.32 as chip stocks cooled.
  
  
• Intel (INTC) declined 1.92% to $35.65 on modest selling pressure.
  
  

Markets remained selective, with biotech and select consumer names leading gains while mega-cap tech traded mixed.

GDP growth beats forecasts

Investor sentiment was also shaped by fresh economic data. The U.S. Commerce Department reported that third-quarter GDP grew at an annualized rate of 4.3%, well above the 3.2% estimate from economists surveyed by Dow Jones. The report, delayed by the government shutdown, highlighted stronger-than-expected economic momentum.

While the data briefly cooled expectations for early interest-rate cuts, futures markets still point to easing ahead. According to the CME Group FedWatch Tool, traders continue to price in two rate cuts by the end of 2026.

Santa Claus rally optimism builds heading into Christmas

Attention now turns to the Santa Claus rally period, which spans the final five trading days of December and the first two sessions of January. This year, it runs from December 24 through January 5.

According to LPL Financial strategist Adam Turnquist, the S&P 500 has historically delivered average gains of 1.3% during this window, with positive returns nearly 80% of the time.

The New York Stock Exchange will close early at 1 p.m. ET on Christmas Eve and remain closed on Christmas Day, setting the stage for a quiet but closely watched end to the trading year.