The U.S. stock market is closed today, Thursday, December 25, 2025, in observance of the Christmas Day holiday. This brings a pause to what has been a remarkable week for Wall Street, with major indices closing at or near all-time highs in a holiday-shortened session on Christmas Eve. Normal trading operations on the New York Stock Exchange (NYSE) and Nasdaq will resume on Friday, December 26, 2025.
Premarket Activity and Futures Movements
While the main equity markets are shut, investors are reflecting on the slight movements observed in futures markets ahead of the Christmas break. On Wednesday, December 24th, futures contracts tied to the Dow Jones Industrial Average (.DJIA), S&P 500 (.INX), and Nasdaq 100 (.NDX) were marginally lower in early morning trading, down approximately 0.1% across the board. This cautious sentiment followed a robust five-day winning streak for the major indices. Despite the official market closure, some pricing activity, such as in Contracts for Difference (CFDs), indicated that the US500 index saw a slight gain of 0.09% on December 25th, reaching 6938 points. This suggests that underlying market sentiment remains positive even during the holiday.
Major Market Indexes: A Look Back at Christmas Eve
The U.S. stock market concluded its Christmas Eve session on a high note, with all three major indices extending their gains and reaching new records. The S&P 500 (.INX) rose 0.3% (22.26 points) to close at 6,932.05, marking a new all-time closing high. This achievement capped off a year where the benchmark index has surged over 17% year-to-date. The Dow Jones Industrial Average (.DJIA) climbed 0.6% (288.75 points) to finish at 48,731.16, also hitting a new record. The tech-heavy Nasdaq Composite (.IXIC) edged up 0.2% (51.46 points) to 23,613.31, contributing to its impressive 21.6% year-to-date advance. The smaller-cap Russell 2000 (.RUT) also saw gains, rising 0.3% to 2,548.08. This widespread rally, often dubbed the "Santa Claus Rally," has been fueled by optimism surrounding the artificial intelligence (AI) supercycle and the Federal Reserve's recent policy decisions.
Upcoming Market Events and Economic Outlook
With markets set to reopen on Friday, December 26th, investors will turn their attention to a few key economic indicators and the ongoing narrative around the Federal Reserve's monetary policy. While no major macroeconomic figures are scheduled for release between Christmas and New Year's Day, the Federal Reserve Bank of New York is expected to release its Staff Nowcast on December 26th, followed by Advance International Trade in Goods, NAR Pending Home Sales Index, and the Dallas Fed Manufacturing Survey on December 29th.
The broader focus remains on the U.S. economy's trajectory and the Federal Reserve's interest rate policy. Earlier in December, the Fed trimmed its benchmark interest rate to a range of 3.5%-3.75%. However, mixed economic data, including strong Q3 GDP growth of 4.3% and persistent core PCE inflation at 2.8%, have led analysts to anticipate the Fed will likely hold rates steady at its January meeting. The central bank's officials reportedly remain divided on the direction of monetary policy for 2026. Key economic reports in early 2026, such as the December Non-Farm Payrolls (NFP) on January 9th and the December U.S. Consumer Price Index (CPI) on January 13th, will be crucial in shaping future rate cut expectations.
Major Stock News and Corporate Highlights
Even with the holiday, several corporate developments and stock movements from the past 24-48 hours are noteworthy:
- Dynavax Technologies (DVAX) saw its shares surge by 38.2% after French pharmaceutical giant Sanofi (SNY) announced its intention to acquire the vaccine maker in a deal valued at $2.2 billion. This acquisition is set to bolster Sanofi's vaccine portfolio.
- Nike (NKE) was a standout performer on Wednesday, with its stock rising 4.6%. This gain followed a regulatory filing revealing that Apple (AAPL) CEO Tim Cook had purchased nearly $3 million worth of Nike shares earlier in the week.
- Nvidia (NVDA) shares experienced a slight dip of 0.3% on Christmas Eve. This came after reports indicated that the AI chip giant had paused testing on an Intel (INTC) production process for advanced semiconductors. Despite this minor setback, Nvidia has been a dominant force in 2025, briefly surpassing a $5 trillion market capitalization in October and boasting a 30.2% year-to-date return, solidifying its position as a leader in the AI era.
- Microsoft (MSFT) continued its strong performance in 2025, leveraging its partnership with OpenAI to achieve a 15.6% gain, with shares trading near $485.
- ServiceNow (NOW) confirmed a significant $7.75 billion deal to acquire cybersecurity firm Armis. However, the company's stock also experienced an 11.5% pullback in the final weeks of the year as investors rotated out of some software trades.
- Caterpillar Inc. (CAT) has seen remarkable growth this year, with its stock surging over 60%. This performance is largely attributed to its Energy & Transportation segment, which has become a primary supplier of backup power and turbines for the burgeoning AI data centers across the country.
- Goldman Sachs Group Inc. (GS) shares were up 61% in 2025, reclaiming its crown in the financial sector. Looking ahead to 2026, Goldman Sachs has identified several "fallen angels" in the tech space as potential buying opportunities, including Roblox (RBLX), Visa (V), Mastercard (MA), and DoorDash (DASH).
- In the pharmaceutical sector, Eli Lilly (LLY) shares have climbed 40% this year, while Novo Nordisk (NVO) shares are down nearly 40% due to increased competition in the weight-loss medication market.
- Marvell Technology Inc. (MRVL) was a notable gainer on the Nasdaq on December 24th, rising 3.4%.
- The cryptocurrency market saw some turbulence, with Bitcoin (BTC) declining nearly 6% year-to-date after an earlier surge. This impacted crypto-related stocks, with Sol Strategies (HODL) falling 88%, Gemini (GEMI) down 67%, and MicroStrategy (MSTR) dropping 47% amid delisting concerns.
- Commodity markets also made headlines, with gold and silver futures setting new all-time highs for the third consecutive day on Wednesday, reaching $4,555 and $72.75 an ounce, respectively. West Texas Intermediate (WTI) crude oil futures remained relatively stable, trading near $58.40 per barrel.
As investors enjoy the Christmas holiday, the market's strong performance leading into the break, coupled with the ongoing enthusiasm for AI-driven growth and a watchful eye on the Federal Reserve's future moves, sets the stage for an interesting close to 2025 and the beginning of 2026.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.