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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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U.S. Move to Dismiss Asylum Cases Raises Alarms Nationwide

US Border Patrol agents gather and sort migrants who overnight gathered between the primary and secondary border walls that separate Mexico and the United States, in San Diego, California.

The U.S. government has begun a sweeping effort to dismiss thousands of asylum cases, a shift that could significantly alter the country’s immigration system and leave many migrants uncertain about their future. Federal attorneys have reportedly instructed immigration judges to close cases outright, arguing that many applicants can be removed to third countries rather than their home nations.

This approach represents a major escalation in the administration’s broader immigration strategy. Instead of allowing asylum seekers to present their claims in court, government lawyers are pushing for dismissals without hearings, potentially sending individuals to countries with which they have no direct ties.

The effort appears to be unfolding across major immigration hubs, including New York, Miami, Los Angeles, San Francisco, Atlanta, and several Texas cities. With more than two million asylum cases pending nationwide, the policy could dramatically reshape the backlog — and the lives of those waiting for decisions.

Immigrant advocates warn that mass dismissals could undermine due process and place vulnerable people at risk. Meanwhile, federal agencies have not publicly commented on the reported strategy, leaving many questions unanswered.

As the administration signals a tougher immigration posture, thousands of asylum seekers now face an uncertain path forward.


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