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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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Federal Government Delays Capital Gains Tax Increase to 2026

 

The federal government has announced a delay in the implementation of the capital gains tax increase, pushing the effective date from June 25, 2024, to January 1, 2026. Finance Minister Dominic LeBlanc stated that this decision aims to provide certainty to Canadians and businesses as the tax season approaches.

The proposed changes would increase the capital gains inclusion rate from one-half to two-thirds for individuals with capital gains earnings above $250,000 and for corporations. However, the delay means that the new government formed after the upcoming election will likely be responsible for legislating these changes.

In addition to the delay, the government has promised to maintain or enhance existing capital gains exemptions, including the Principal Residence Exemption and a new $250,000 annual threshold for modest capital gains. The Lifetime Capital Gains Exemption will also be increased to $1.25 million, and a new Canadian Entrepreneurs’ Incentive will be introduced to encourage entrepreneurship.

This move has been welcomed by many Canadians and businesses who were seeking clarity on the tax changes. However, some critics argue that the government should admit the policy was a mistake and reverse course entirely.



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