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This article will be updated throughout the day, so check back often for more daily updates.
The Vanguard S&P 500 ETF (NYSEMKT: VOO) closed the day up 0.5% yesterday, approaching its all-time high of 633.71 set earlier in the month. The ETF remains tinged ever so slightly green premarket Wednesday, up less than 0.1%. (The actual S&P 500 index that the ETF attempts to mimic did set a new all-time high yesterday — 6,909.79.)
Yesterday if you recall, the Commerce Department reported 4.3% GDP growth for the third quarter of 2025, 3.5% consumer spending growth, and a 2.8% increase in the Personal Consumption Expenditures price index — three numbers that all add up to probably an economy stronger than expected, and inflation faster than the Fed would like (so negatives for the stock market).
Despite this news, CNBC polling of economists suggests investors are still betting on the Fed cutting interest rates twice in 2026 (so a positive for the stock market). This would explain the positive movement of the S&P 500 index and the ETF, both.
Next up on the data front with be a jobs report for last week, expected later today. Then the stock market will close early for Christmas at 1 p.m. Eastern.
Analyst calls
Wall Street saw just enough time between now and then to sneak in a couple of upgrades/downgrades.
Northcoast Research analyst Chuck Cerankosky upgraded S&P 500 component company Costco Wholesale (Nasdaq: COST) to buy today, with a $1,100 price target.
Alliance Global Partners analyst Brian Kinstlinger downgraded satellite company Spire Global (NYSE: SPIR) to neutral with a $9 price target — cut nearly in half.