S&P 500 rises to a record close, lifted by tech shares: Live updates

The S&P 500 closed Tuesday's session at a new record.

The broad-based index rose 0.46% to 6,909.79, while the Nasdaq Composite gained 0.57% to finish at 23,561.84. The Dow Jones Industrial Average climbed 79.73 points, or 0.16%, to 48,442.41.

— Sean Conlon

National Economic Council Director Kevin Hassett said Tuesday that the Federal Reserve is not cutting interest rates quickly enough, even though the U.S. economy grew at a much faster-than-expected pace in the third quarter.

Hassett, a leading contender to succeed Federal Reserve Chair Jerome Powell when his term ends in May, said the artificial intelligence boom is boosting economic growth while simultaneously putting downward pressure on inflation.

"If you look at central banks around the world, the U.S. is way behind the curve in terms of lowering rates," the top White House economic advisor told CNBC in a "Money Movers" interview. Read more.

— Spencer Kimball

Artificial intelligence might not be driving economic growth as much as you think.

AI-related spending accounted for 15% of growth over the last two quarters, according to Bespoke Investment Group. However, the firm found it accounts for less than 5% of overall gross domestic product.

Bespoke said unique first-quarter data created a "vastly over-stated" perception of AI's impact on the economy.

Bespoke's analysis comes amid rising concern that U.S. economic growth is increasingly reliant on spending connected to AI. The Commerce Department said Tuesday that U.S. GDP increased by 4.3% in the third quarter, blowing past the forecast of a 3.2% gain from economists polled by Dow Jones.

— Alex Harring

Nvidia traded more than 2% higher, making it one of the best-performing stocks in the S&P 500 for the day.

However, that move comes in light trading. FactSet data shows more than 116 million shares have exchanged hands as of 2:16 p.m. ET. That's well below the 30-day average volume of 201.45 million.

— Fred Imbert

The S&P 500 was nearing all-time highs during midday trading, slightly topping 6,900 in the 12 o'clock hour. Here are the levels to watch:

• All-time intraday - 6920.34
• All-time closing high - 6901.00

— Tom Rotunno, Sarah Min

Small-cap stocks sat out of Tuesday's uptrend on the back of strong economic data.

The Russell 2000 fell 0.6% in midday trading. By comparison, the broad S&P 500 added 0.3%.

— Alex Harring

Citadel plans to return about $5 billion in profits earned in 2025 back to investors at the beginning of next year, according to a person familiar with the matter.  

The firm's flagship-multistrategy fund, known as Wellington, gained 9.3% in the year through last week, the person said, who asked not to be named discussing performance details. 

Read more here.

— Leslie Picker

The Consumer Confidence Index shed 3.8 points in December, compared to the prior month, reflecting growing concerns about the U.S.' economic health, according to new data from The Conference Board.

The data, released Tuesday, shows consumer sentiment fell to 89.1 in December from 92.9 in November, with four of the five components of the Consumer Confidence Index edging lower over the period. That puts the index well below its level at the start of 2025.

"Despite an upward revision in November related to the end of the shutdown, consumer confidence fell again in December and remained well below this year's January peak," The Conference Board Chief Economist Dana M Peterson said Tuesday in a statement. "Four of five components of the overall index fell, while one was at a level signaling notable weakness."

The latest data reflects an upward revision to November's reading — a figure that was affected by the U.S. government shutdown from October 1 to November 12. Responses collected prior to the shutdown were more positive than those given during the impasse, according to The Conference Board's statement.

— Liz Napolitano

ServiceNow said it will bolster its cybersecurity offerings by acquiring startup Armis for $7.75 billion.

ServiceNow anticipates the deal will more than triple its market opportunity for security and risk products.

Last month, Armis raised $435 million at a $6.1 billion valuation and CEO Yevgeny Dibrov told CNBC that the company was planning for an eventual IPO.

Shares of ServiceNow fell around 2% in morning trading in the wake of the deal's announcement.

— Christina Cheddar Berk, Samantha Subin

The three major averages began Tuesday's session in the red.

The Dow Jones Industrial Average fell 53 points, or 0.1%, just after the opening bell. The S&P 500 and Nasdaq Composite also traded just below the flatline.

— Sean Conlon

Check out the companies making headlines before the bell.

• ZIM Integrated Shipping Services — The shipping services firm jumped 10% after its executives said a board is evaluating multiple competitive acquisition proposals.
• Novo Nordisk — The drugmaker jumped 7% in the premarket after the company's GLP-1 pill received approval from the Food and Drug Administration. "As the first oral GLP-1 treatment for people living with overweight or obesity, the Wegovy pill provides patients with a new, convenient treatment option that can help patients start or continue their weight loss journey," Novo Nordisk CEO Mike Doustdar said in a statement.
• Huntington Ingalls Industries — Shares of the defense provider rose 5% after Bloomberg reported U.S. President Donald Trump plans to meet with several defense industry executives next week to urge them to spend more on weapons and research and development.

Read the full list here.

— Liz Napolitano

The U.S. economy grew at a much greater-than-expected pace in the third quarter, boosted by strong consumer spending, a delayed report released Tuesday showed.

U.S. GDP, a sum of all goods and services produced in the sprawling U.S. economy, expanded by 4.3% in the July-September period, the Commerce Department said in its initial reading of third-quarter growth. Economists polled by Dow Jones expect a gain of 3.2%.

Consumer spending expanded by 3.5% in the third quarter after rising 2.5% in the second quarter. Read more.

— Fred Imbert

Gold and silver prices soared to new heights on Tuesday, marking another day of fresh records for the two metals.

Gold futures hit a new intraday all-time high of $4,530.80 per ounce, pacing for their 53rd record close year to date.

Silver futures scored a new intraday all-time high of $70.635 per ounce, crossing $70 for the first time ever on a nominal basis and on track for their 16th record close this year.

— Gina Francolla, Sean Conlon

Evercore ISI said accelerating growth and durable demand for live events should be two main drivers for Live Nation Entertainment heading into the new year.

The investment firm singled out the entertainment stock as its top pick in media for 2026. As catalysts for a bull case, analyst Kutgun Maral cited his outlook for accelerating consolidated adjusted operating income growth, increasing visibility into Live Nation's earnings power and durable demand for live events.

Maral reiterated his outperform rating on the stock and raised his price target to $188 from $168, which implies upside of about 33%.

CNBC Pro subscribers can read more here.

— Lisa Kailai Han

Canaccord Genuity is ready to look past Tesla's near-term demand weakness.

The investment firm reiterated its buy rating on the electric vehicle maker and hiked its price target to $551 from $482, signaling a 13% gain ahead.

Despite this price hike, analyst George Gianarikas reduced his deliveries outlook for the fourth quarter to reflect a sharper-than-anticipated deterioration in demand. But he added that this seems to be a blip on the radar for Tesla.

"There are constructive developments beneath the surface that support our BUY rating and justify a higher price target, even with the 4Q25 earnings cut," Gianarikas wrote. "With Tesla's recent share-price strength, the market seems to be looking through the quarter, and we intend to do the same."

CNBC Pro subscribers can read more here.

— Lisa Kailai Han

Novo Nordisk jumped 7% in the premarket after the company's GLP-1 pill received approval from the Food and Drug Administration.

"As the first oral GLP-1 treatment for people living with overweight or obesity, the Wegovy pill provides patients with a new, convenient treatment option that can help patients start or continue their weight loss journey," Novo Nordisk CEO Mike Doustdar said in a statement.

— Fred Imbert

Investors should celebrate this year's winnings, but should also gear up for 2026, according to UBS' Chief Investment Office, Global Wealth Management team.

"We believe the end of the year is an opportune time to prepare portfolios for the ups, downs, and opportunities markets will offer in the year to come," the bank said in a note last week.

Cash is key for investors who want to keep some liquidity and avoid having to sell in a down market, but allocations should not be too large, UBS's CIO team wrote. For starters, yields on cash won't outpace inflation. Read more in CNBC Pro here.

— Darla Mercado

The U.S. Food and Drug Administration greenlit the first GLP-1 bill for obesity, an offering from Novo Nordisk.

Shares of Novo, the manufacturer of injectable weight loss medication Wegovy, jumped as much as 10% in extended trading.

The FDA's approval gives Novo a leg-up over its rival Eli Lilly. Both companies already offer injectable treatments to target obesity, and the development of a pill could open up the market even more.

Click here for more details on Novo's GLP-1 pill from CNBC's Annika Kim Constantino.

—Darla Mercado

Shortly after 6 p.m. ET on Monday, futures tied to the S&P 500 and Nasdaq-100 futures each added less than 0.1%. Futures tied to the Dow Jones Industrial Average edged 6 points lower, hovering just below the flatline.

— Pia Singh