United States stock futures were down slightly on Tuesday evening (Wednesday AEDT) after the S&P 500 closed at a record high, with U.S. gross domestic product data also stronger than expected.
S&P 500 futures were down 0.1% to 6,956.50 by 10:45 am AEDT (11:45 pm GMT), with Dow Jones futures shedding 0.1% to 48,730.0 and Nasdaq futures roughly flat at 25,807.0.
The S&P 500 closed 0.5% higher at a record 6,909.79. Its intraday all-time high is 6,920.34.
The Dow Jones Industrial Average gained 0.2% to 48,442.41, and the Nasdaq Composite was up 0.6% to 23,561.84.
The day’s gains were driven by technology stocks, with the S&P 500’s tech index up 1%. Nvidia shares rose 3%, while Alphabet shares were up 1.4% and Amazon shares added 1.6%.
The S&P 500’s performance could signal a rally in the year’s final trading days. “The technical backdrop remains supportive of a year-end rally, raising the possibility that the S&P 500 could avoid an unprecedented third consecutive year of negative Santa Claus Rally returns,” wrote LPL Financial chief technical strategist Adam Turnquist.
The U.S.’ gross domestic product (GDP) grew at an annual rate of 4.3% last quarter, the Bureau of Economic Analysis said today. This is its highest increase since 2023’s third quarter, and above Reuters-polled economists’ forecast of 3.3%.
This was largely due to accelerating consumer spending, the agency said. Combined consumer spending and gross private fixed investment rose 3%, up from 2.9% in the previous quarter.
Real gross domestic income flagged, however, with its 2.4% growth lagging the prior quarter’s 2.6%. Corporate profits were up $166.1 billion, surging from $6.8 billion.
The New York Stock Exchange will close at 1 pm (ET) on Christmas Eve, with no trading on Christmas Day.
