Traders work on the floor of the New York Stock Exchange on Dec. 11, 2025, in New York City.
Spencer Platt | Getty Images
Futures tied to Dow Jones Industrial Average and S&P 500 were higher Thursday night after strong gains in value areas of the market pushed both indexes to fresh records.
Dow futures added 112 points, or 0.2%. S&P futures rose nearly 0.1%, while Nasdaq 100 futures slipped less than 0.1%.
Chipmaker Broadcom fell nearly 5% in extended trading even after it beat fourth-quarter expectations and gave a strong forecast for the current quarter, saying AI chip sales look to double. Lululemon shares jumped 10% after the athletic apparel retailer announced that its CEO will step down at the end of January, following poor performance for the company over the past year.
Investors on Thursday poured into cyclical stocks that are considered more sensitive to the economy, while taking profits in growth-oriented names tied to the artificial intelligence trade. The move comes after the Federal Reserve on Wednesday cut interest rates for the third time this year.
The 30-stock Dow and S&P 500 closed at record levels in the previous session, while the Nasdaq Composite ended the day 0.3% lower as high-flying tech stocks such as Alphabet and Nvidia dropped. The Dow, which climbed 646 points, or 1.3%, was lifted by a 6% rise in Visa and solid gains in Nike and UnitedHealth Group.
“The Dow had a great day and, if the trend continues, it could be the beginning of the broadening-out trade,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management. “The key to the bull market continuing is the rest of the market (the so called 493) rising even without the help of the Magnificent 7 — and if the baton can be passed and the rally can broaden out then we wouldn’t be surprised to see a rally into year end and into the beginning of next year.”
This week, the S&P 500 is up 0.45% and the 30-stock Dow is up almost 1.6%. The Nasdaq is the laggard of the three major indexes with gains of less than 0.1%. Small-capitalization companies have outperformed their larger counterparts, meanwhile, with the Russell 2000 index up 2.7% this week after notching a fresh all-time high on Thursday.
