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CHICAGO, ILLINOIS - DECEMBER 21: Chicago Bulls mascot Benny the Bull is dressed for Christmas as the Bulls take on the Orlando Magic at the United Center on December 21, 2018 in Chicago, Illinois.
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The S&P 500 closes at a record high for the 39th time in 2025

Tasha Matsumoto

In today’s shortened trading session, the S&P 500 closed at a record high for the 39th time in 2025, the benchmark index’s first Christmas Eve closing high since 2013. While volumes were thin, the rally was broad-based, with all sector ETFs rising except for energy. The Nasdaq 100 and Russell 2000 also climbed higher.

Stocks that moved higher:

  • Nike rose as Apple CEO (and Nike board member) Tim Cook bought $2.95 million of the sneaker company’s stock.

  • Micron jumped after South Korean media reported that its biggest competitors are raising selling prices for a line of high-bandwidth memory chips, even though these will soon no longer be the most cutting-edge offerings available.

  • Dynavax, a publicly traded vaccines company with a hepatitis B vaccine, soared after entering into an agreement to be acquired by Sanofi for $2.2 billion in cash.

Stocks that moved lower:

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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