Stock Market Today: Dow, S&P 500 Score Records Amid Santa Claus Rally Hopes; AI Stock Jumps (Live Coverage)

The stock market ended on a high note Wednesday, with the shortened trading session setting up a potential Santa Claus rally. The Dow Jones Industrial Average and the benchmark S&P 500 ended at record closing highs. Nvidia (NVDA) was in focus on the stock market today after bullish action, while fellow blue-chip Nike (NKE) pushed higher. A few other stocks moved on news of their inclusion in widely watched indexes.

The Dow Jones Industrial Average closed up 0.6%, gaining 289 points. The S&P 500 climbed 0.3% to its second consecutive closing high. The Nasdaq composite tacked on 0.2%. The small-cap Russell 2000 index rose 0.3%. The stock market closed early at 1 p.m. ET and will remain closed on Thursday for the Christmas Day holiday. Investors are watching to see whether a Santa Claus rally emerges and extends into the first two trading sessions of 2026.

Volume on the New York Stock Exchange and the Nasdaq was lower than at the same time on Tuesday. Advancers dominated the action, leading decliners by more than 2-to-1 on the NYSE, and by less than 7-to-4 on the Nasdaq.

The 10-year Treasury yield fell four basis points to 4.13%. Oil prices were steady at $58.38 a barrel. Bitcoin eased to around $87,300.

In other economic news, the Mortgage Bankers Association’s MBA Mortgage Applications index fell more than expected in the week of Dec. 19. The index fell 5% vs. an estimated decline of 3.8%.

12:56 p.m. ET

UiPath Jumps On Index Inclusion

Software name and artificial intelligence play UiPath (PATH) jumped more than 7% on Wednesday. The stock will join the S&P MidCap 400 on Jan. 2, S&P Dow Jones Indices said late Tuesday.

UiPath is taking the place of Synovus Financial (SNV), which is being acquired by Pinnacle Financial Partners (PNFP). Shares of UiPath rebounded from their 50-day moving average and approached a buy point of 19.84 in a high handle to a cup base. Synovus remained below a buy point of 53.67 in a cup-with-handle base.

The S&P SmallCap 600 will welcome Versant Media (VSNT) upon the completion of its spinoff from Comcast (CMCSA) on Jan. 5. Versant Media owns CNBC and the Golf Channel. It will replace Brandywine Realty Trust (BDN) on the midcap index Jan. 6. Comcast will remain a component in the S&P 500.

12:14 p.m. ET

FDA Approval Boosts Drug Stock

Agios Pharmaceuticals (AGIO) vaulted more than 15% after the company said late Tuesday the FDA approved expanding the use of its Aqvesme drug to treat anemia in adults with alpha- or beta-thalassemia. Thalassemia is a rare blood disorder that affects the body’s ability to produce adequate hemoglobin.

11:07 a.m. ET

Nike Soars; BP Trims Castrol Stake

In the Dow, Nike (NKE) soared after regulatory filings showed Apple CEO Tim Cook has purchased about $3 million worth of Nike stock. Shares of the footwear maker jumped more than 4% Wednesday. They’ve been in a downtrend since September. Cook is Nike’s lead independent director and chair of the board’s compensation committee.

Elsewhere, U.K.-based oil giant BP (BP) is planning to sell a hefty stake in Castrol lubricants to investment firm Stonepeak for $10 billion. The oil giant will use the proceeds to reduce its debt. Shares slid but remained within a flat base, with a buy point of 37.64.

But BP’s downward-sloping relative strength line shows the stock has kept up with the benchmark S&P 500, even as it has built its base.

10:18 a.m. ET

Biotech Stock Soars On Deal News

In the biotech space, Dynavax Technologies (DVAX) soared more than 30% from its converged 50-day and 200-day moving averages following news it’s being acquired by Sanofi (SNY). Sanofi will pay $2.2 billion in cash, or $15.50 per Dynavax share. Dynavax has vaccines for hepatitis B and a vaccine candidate for shingles.

9:49 a.m. ET

Nasdaq-100 Winners, Losers: Costco, Intel

Among the Nasdaq-100 index stocks, Monolithic Power Systems (MPWR) and Costco Wholesale (COST) rallied around 1% apiece, placing them among the best performers just after the market open.

Meanwhile, Intel (INTC) and Datadog (DDOG) sold off 3.6% and 2.6%, respectively.

8:58 a.m. ET

Dow Jones Movers: Nike, Apple

Inside the blue chip index, Nike (NKE) and Amazon (AMZN) traded up 2.7% and 0.4%, respectively. Shares of Nike jumped after Apple Chief Executive Tim Cook bought $2.9 million of Nike stock.

On the downside, Apple (AAPL) edged lower, still fighting for support at the 50-day moving average amid the ongoing pullback.

8:39 a.m. ET

Stock Market Today: Jobless Claims Drop

Early Wednesday, the Labor Department said that first-time weekly unemployment claims unexpectedly dropped to 214,000 vs. 224,000 in the previous week.

They were expected to rise to 225,000.

7:58 a.m. ET

Nvidia Stock Retakes Key Level

Nvidia stock eased Wednesday morning, holding steady after Tuesday’s 3% rally. During that session, shares of the AI giant bullishly regained their 50-day moving average, a resistance level going back to mid-November.

In addition, Nvidia stock cleared an early entry at 188. Meanwhile, shares are building the right side of a potential cup base, but they remain nearly 11% off their all-time high, which was set on Oct. 29.

Stock Market Today: Jobless Claims

The Labor Department’s initial weekly jobless claims are due out at 8:30 a.m. ET

Claims are expected to rise to 225,000 vs. 224,000 in the previous week, per Econoday estimates.

Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jone s Industrial Average and the stock market today.

Please follow VRamakrishnan on X/Twitter for more news on the stock market today.

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