Closing Bell: S&P 500 Hits All-Time High Ahead of the Holidays

Key Points

• Markets pushed higher in a thinning liquidity environment, with the S&P 500 (+0.46%) and Nasdaq-100 (+0.50%) advancing, while small caps lagged as Russell 2000 fell 0.69%.
• Huntington Ingalls (HII) edged higher after President Trump announced plans for a new class of U.S. battleships.
• Q3 2025 real GDP surged 4.3%, well above expectations and faster than Q2’s pace, while the GDP price index jumped to 3.7%.

Markets continued to move higher as a low-volume trading environment began to take hold. The S&P 500 (SPX) gained 0.46%, while the Nasdaq-100 (NDX) advanced 0.50%. Small caps lagged, with the Russell 2000 (RUT) closing lower by 0.69%. Communication Services, Information Technology, and Energy led the advance, while Consumer Staples and Health Care underperformed.

Huntington Ingalls Moves Higher

Huntington Ingalls (HII), which designs, builds, and maintains military ships for the United States, moved higher after President Trump announced plans for a new class of battleships to be constructed in the coming years. The initial proposal calls for two vessels, though the program could eventually expand to 20–25 ships, according to the president. Huntington Ingalls finished the session up 0.28%.

GDP Report Far Exceeds Market Expectations

U.S. real GDP grew at an annualized rate of 4.3% in Q3 2025, significantly exceeding consensus expectations of 3.2% and accelerating from the 3.8% growth reported in Q2. The GDP price index also came in well above expectations, rising 3.7% for the quarter versus forecasts of 2.7%. The report does not reflect the impact of the recent government shutdown, and several data points were estimated.

Key Market Events for Tomorrow

• 08:30 AM: Unemployment Claims

Notable Earnings for Tomorrow

• Premarket: N/A
• Postmarket: N/A

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