S&P500: Benchmark Hits Record Today as Tech Stocks Lift US Indices on Rate-Cut Forecast

S&P 500 Tags Another Intraday Record as Traders Lean Into Rate-Cut Hopes

The S&P 500 pushed to a fresh intraday record in Wednesday’s holiday-shortened session, helped by buyers rotating back into big AI and mega-cap names. The index was up about 0.35% an hour before the close, holding above Tuesday’s record finish and stretching toward the 6,920 zone as rate-cut optimism kept the tape firm. Traders didn’t chase aggressively, but they didn’t fade it either — a steady bid held up through the morning.

Are Broad Indexes Finally Finding Year-End Momentum

The tone stayed constructive across the majors. The Nasdaq added roughly 0.22%, while the Dow outperformed with a 0.60% gain thanks to a handful of strong blue-chip moves.

The market initially wobbled after Tuesday’s updated Q3 GDP print showed growth at 4.3% versus expectations for 3.2%. A hotter number typically cools rate-cut enthusiasm, and you could see that in futures pricing early Tuesday, but traders didn’t stick with the reaction for long.

By this morning, the focus had already shifted back to next year’s expected easing path. Fed funds futures still point to two cuts by the end of 2026 — not a dramatic move, but enough to keep buyers leaning in. And with the Santa Claus period underway, there’s at least some appetite to let the uptrend carry through the final days of the year.

Which Sectors Are Providing the Intraday Lift

Sector breadth leaned positive even with lighter holiday volume. Financials and consumer staples outperformed, both up roughly 0.7%, while real estate, health care and industrials posted steady half-percent-type gains.

Utilities were firm as well. Tech rose about 0.27%, enough to keep the index tilted higher though not the leadership burst seen earlier in the week. Energy was the lone soft spot, essentially flat to slightly red.

Bottom line: nothing broad-based enough to spark a runaway move, but enough stability across the board to support a record print.

What Names Are Actually Moving the Needle

Nike led the early strength, up nearly 5% after Apple CEO Tim Cook disclosed he bought shares — a headline traders were happy to lean into.

Micron popped more than 3% as buyers kept rotating into semis after Tuesday’s momentum in Nvidia, Broadcom and Amazon.

On the downside, Datadog slipped more than 2%, and a handful of energy and semiconductor names — including ON Semiconductor and Intel — gave back some recent strength. Nothing disorderly, just typical year-end trimming in spots where profits have stacked up.

What’s the Market Watching Into the Final Stretch of the Year

Volume should stay thin into the early close, and the next week probably trades the same way. Still, sentiment has a slight upward tilt, and managers who are under-positioned may look for any weakness to add exposure.

Absent a major headline, the market probably grinds — with the S&P 500 eyeing the 7,000 level Thomas Martin highlighted as a reasonable stretch target if buyers stay patient.

The real catalysts return in early January with fresh data and earnings, but for now the tape just wants to stay firm enough to protect these record highs.

More Information in our Economic Calendar.