CHICAGO, IL - DECEMBER 21: Chicago Bulls mascot "Benny" dunks a ball dressed as Santa Claus during a break in a game between the Bulls and the Philadelphia 76ers at the United Center on December 21, 2010 in Chicago, Illinois

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The S&P 500 closes at a new record high on below-average volume

Shares of Big Tech climbed higher, lifting the S&P 500 and the Nasdaq 100.

12/23/25 4:01PM

The S&P 500 rose for the fourth consecutive session, closing at a new all-time high. The Nasdaq 100 also rose as Big Tech gained, but the Russell 2000 dropped.

The delayed Q3 GDP report blew past analysts’ expectations, showing that the US economy grew at the fastest pace since Q3 2023. Stocks initially faltered on fears that strong economic growth could impact the Fed’s easing path in 2026 as odds of a January rate cut dipped*, but the benchmark index quickly bounced back.

Today’s big mover was Novo Nordisk, whose stock surged after the FDA approved its GLP-1 obesity pill.

*Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.

Claire Yubin Oh3h

Globalstar surges after FT reports that Amazon is in talks to buy the satellite group

Globalstar is up 11% in premarket trading on Thursday on reports that Amazon is in talks to buy the satellite company, in a push to take on Elon Musk's SpaceX. The two companies are currently negotiating the details of a potential deal after lengthy talks, the Financial Times reported, citing people familiar with the matter.

Amazon has ambitions to compete with Elon Musk's SpaceX to provide satellite-based internet access anywhere on the planet — a market which is dominated by Starlink at the moment and is a key pillar of the eye-watering $1 trillion valuation that SpaceX is seeking in its IPO, which it has just confidentially filed for.

Indeed, Amazon has been signing deals with airlines and doubling down on investing on its internet constellation lately, with plans to increase its ~200 satellites in orbit to about 700 by the middle of 2026 — still a fraction compared to SpaceX’s mega constellation with has some 10,000 active satellites.

But Amazon’s not the only big tech giant with an interest in Globalstar. Back in 2024, Apple invested $1.5 billion for a 20% stake in the company, necessitating a negotiation between Apple and Amazon for the latest deal talks to proceed, per the FT. SpaceX also reportedly had early talks with Globalstar, per Bloomberg last October.

Globalstar's stock has been up ~230% in the past year, pushing its value to some $8.8 billion as of yesterday’s close.

Amazon in talks to buy $9bn satellite group Globalstar in bid to rival Elon Musk’s Starlink

Globalstar's stock has been up ~230% in the past year, pushing its value to some $8.8 billion as of yesterday’s close.

J. Edward Moreno3h

FDA clarifies stricter stance on GLP-1 compounding: Reuters

The Food and Drug Administration reiterated its increasingly strict stance on compounded versions of GLP-1s, Reuters reported Wednesday.

The FDA said that, outside of drug shortages, “routine production” of copycat drugs is not allowed. Producing the compounded versions could now “prompt enforcement action,” Reuters reported.

Hims & Hers, which has historically been one of the largest sellers of copycat GLP-1s, fell more than 4% on Wednesday and slipped further in premarket trading on Thursday.

Hims attracted FDA scrutiny in February when it launched a copy of Novo Nordisk’s new GLP-1 pill. At the time, the FDA said it would take “decisive steps” to restrict GLP-1 compounding in a statement that specifically called out Hims.

After a bitter spat with Novo, which makes Ozempic and Wegovy, Hims entered a pact with the drugmaker in which it agreed not to market compounded GLP-1s.

US FDA clarifies policies on compounding of GLP-1 medicines

Hims & Hers, which has historically been one of the largest sellers of copycat GLP-1s, fell more than 4% on Wednesday and slipped further in premarket trading on Thursday.

After a bitter spat with Novo, which makes Ozempic and Wegovy, Hims entered a pact with the drugmaker in which it agreed not to market compounded GLP-1s.

Luke Kawa

11h

Oil spikes, equity stocks slump as President Trump commits to hitting Iran “extremely hard” over the next 2 to 3 weeks

The ongoing war threatens to bring about an even more pronounced disruption to energy supplies, with negative ramifications for economic activity and financial markets.