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Wall Street Holds Steady as S&P 500 Hits Record Ahead of Christmas Break

Market Snapshot – December 24, 2025 Dow Jones Futures: Flat at 48,735 points S&P 500 Futures: Near 6,957 points, little changed after Tuesday’s record close Nasdaq 100 Futures: Slight dip of 0.1% to 25,796.5 points S&P 500 Index: Closed Tuesday at 6,909, its latest all-time high Key Drivers Robust economic growth continues to fuel investor optimism. Seasonal “Santa Claus rally” has lifted stocks for four consecutive sessions. Markets will close early today at 1 p.m. EST and remain shut tomorrow for Christmas Day. Traders remain cautious about inflation and potential Federal Reserve rate cuts in 2026. Quick Take Wall Street enters the holiday season on a high note, with the S&P 500 near the 7,000 mark and futures showing little movement. The shortened trading session means liquidity will be thin, amplifying small moves. Still, the overall tone remains upbeat, with investors betting that the year-end rally will carry into the final days of 2025.
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Canadian tech stocks expected to deliver healthy returns in 2024, RBC says


The Canadian technology sector had a stellar performance in 2023, outperforming the broader market and delivering the highest returns since 2020. However, RBC Dominion Securities analysts Paul Treiber and Maxim Matushansky believe that the sector still has room to grow in 2024, albeit at a more moderate pace.

In a report released on Thursday, the analysts said that they expect healthy returns to be more widespread across Canadian tech stocks in 2024 than 2023, driven by three main factors: 1) valuation multiples for many Canadian tech stocks may rise in 2024; 2) organic growth and profitability may improve through 2024; and 3) the Consolidators, such as Constellation Software, CGI Group and Open Text, are likely to continue to create shareholder value through acquisitions.

The analysts noted that the valuation of the average stock in their coverage universe is below historical averages and peer group averages, and that a decline in interest rates could boost the discounted cash flow valuation of the sector. They also pointed out that most of the companies in their coverage are expected to be profitable in 2024, and that some of them may see growth stabilization or improvement as the pandemic-related headwinds ease.

The analysts also highlighted the potential of the Consolidators, which are disciplined allocators of capital that tend to find value in out of favour companies and have the capital to deploy in periods of financial or economic duress. They said that while Constellation and OpenText deployed record amounts of capital on acquisitions in 2023, they expect the other consolidators to deploy more capital on acquisitions in 2024 than 2023.

The analysts’ top five Canadian technology ideas for 2024 are: Constellation Software, Shopify, Kinaxis, Open Text and Calian Group.

The report also covered some of the other analyst actions on Thursday, such as target price adjustments for stocks in the software and services, mining and energy sectors. Some of the notable changes include: RBC’s upgrade of Alamos Gold to “outperform” from “sector perform”; CIBC’s upgrade of Aritzia to “outperformer” from “neutral”; and JP Morgan’s increase of its target price for Canadian Natural Resources to $102 from $101.

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