December 24, 2025

Markets:

Stock futures were relatively unchanged on Wednesday after the broad market S&P 500 notched a record close.

Major U.S. indexes climbed for a fourth straight session on Tuesday, led by tech names including Google parent Alphabet, Nvidia, Broadcom
and Amazon.

Earlier Tuesday, the Commerce Department issued its a third-quarter reading of the U.S. gross domestic product that came in at 4.3%, surpassing the Dow Jones consensus estimate of 3.2%.The report, which had been delayed by the government shutdown, initially led traders to lower their expectations of interest rate cuts early next year. However, fed funds futures trading still indicates two rate cuts by the end of 2026, according to the CME FedWatch Tool.

Investors continue to hope for the coveted Santa Claus rally, a year-end stock market surge that occurs between the last five trading days of the year and the first two of the new year — in this case from the opening bell on Dec. 24 until Jan. 5.

On the economic front Wednesday morning, traders will keep an eye out for weekly jobless claims.

The New York Stock Exchange will close early on Wednesday at 1 p.m. ET on Christmas Eve and will be closed Thursday for Christmas Day.

Portfolio:

Strong week so far, and we head into today holding positions in PATH, ONDS, and TSLL.

The queue continues to light up, and we’re seeing more and more opportunities setting up cleanly. Many names that tested their 200-day and 100-day moving averages roughly two weeks ago have now built solid bases and are pushing higher. The transition from basing to expansion is underway—and in several areas, the chase is officially on.

From a technical standpoint, the broader market remains in an excellent position. SPY holding and building above 685 is outright bullish, and 700 remains very much in play before year-end. QQQ above 620 is constructive, but a push and hold above 633 would add another gear to this move.

Worth noting—last week we highlighted unusual options activity with a large SPY put sale and aggressive QQQ call buying. So far, that positioning has been spot on. We’ve seen similar institutional-style flows recently in TSLA, NVDA, and PLTR as well.

Volume is expected to dry up today and Friday—and that’s perfectly fine. Holiday markets are not about forcing action. Boredom is not a setup. Let the trades work, give your winners room to breathe, and avoid unnecessary button-clicking. This is an ideal environment for controlled expansion.

Most importantly, enjoy the time away from the screens.

We wish each and every one of you a fantastic holiday season. Merry Christmas to all.