SYDNEY, AUSTRALIA - DECEMBER 20: A Kodiak bear receives a Christmas treat at Taronga Zoo on December 20, 2007 in Sydney, Australia.

(Lisa Maree Williams/Getty Images)

Stocks dip for third consecutive day as Santa Claus rally stalls

Traders digested the minutes from the Fed’s December meeting.

12/30/25 4:08PM

The S&P 500 and Nasdaq 100 posted small declines on Tuesday while the Russell 2000 lagged with a drop of 0.8%. Minutes from the Fed’s December meeting showed that most of the Fed’s policymakers anticipate further rate cuts in 2026. Energy was once again the best-performing sector.

Notable movers:

Meta moved higher on news that it will acquire AI startup Manus for more than $2 billion.
Nio climbed as China announced an extension of its trade-in subsidy to boost EV buying.
Molina Healthcare rose after “The Big Short” investor Michael Burry called it a “generational buy.”

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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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