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CHICAGO, IL - DECEMBER 21: Chicago Bulls mascot "Benny" dunks a ball dressed as Santa Claus during a break in a game between the Bulls and the Philadelphia 76ers at the United Center on December 21, 2010 in Chicago, Illinois
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The S&P 500 closes at a new record high on below-average volume

Shares of Big Tech climbed higher, lifting the S&P 500 and the Nasdaq 100.

Tasha Matsumoto

The S&P 500 rose for the fourth consecutive session, closing at a new all-time high. The Nasdaq 100 also rose as Big Tech gained, but the Russell 2000 dropped.

The delayed Q3 GDP report blew past analysts’ expectations, showing that the US economy grew at the fastest pace since Q3 2023. Stocks initially faltered on fears that strong economic growth could impact the Fed’s easing path in 2026 as odds of a January rate cut dipped*, but the benchmark index quickly bounced back.

Today’s big mover was Novo Nordisk, whose stock surged after the FDA approved its GLP-1 obesity pill.

*Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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