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

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.