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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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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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