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US stocks have kicked off the year on a record high, powered by a renewed surge in technology and AI names, as investors bet that geopolitics may ultimately ease -- not tighten -- financial conditions.

Wall Street’s rally gathered momentum after the US capture of Venezuelan president Nicolás Maduro was read by markets as reducing concerns around energy and geopolitics, reinforcing expectations that the Federal Reserve will have room to cut rates later this year. The S&amp;P 500 and Nasdaq have both hit fresh all-time highs, with gains overwhelmingly concentrated in mega-cap technology, AI infrastructure and semiconductor stocks, extending a rally that has now run for nearly three years.

That strength, however, is only accentuated a growing global divergence. And India sits firmly on the wrong side of it.

The divide is at multiple levels: between AI and non AI markets, and then, between markets with weakening and stronger currencies, as US President Donald Trump has reset trade terms, and the dollar has turned decisively weak.

This already played over the past year with India emerging as one of the weakest relative-return markets in the world.

While US equities have delivered high-teens returns over the last 12 months, Indian benchmarks have struggled to keep pace, with gains stuck in single digits for the frontline indices, and several broader indices ending up flat to negative on a relative basis.

India has also underperformed Japan and parts of emerging Asia, reversing the leadership position from earlier years when it was seen as a structural growth outlier.

What does all this mean? Jefferies’ Asia strategy describes India as the clearest example of the “reverse AI trade” — a market that has remained largely disconnected from the global AI capex boom while continuing to trade at a premium to peers. Unlike the US, where AI-linked capex has directly lifted earnings visibility and market concentration, India has seen little direct earnings spillover from the theme.

The result is an uncomfortable mix of elevated valuations, modest earnings growth, and declining foreign flows, just as global investors are once again being pulled back into US technology leaders.

Foreign portfolio investor activity reflects that shift. As US tech stocks regain momentum, India has struggled to attract sustained incremental flows, relying increasingly on domestic institutions to stabilise markets. This is a model that works in drawdowns, as Indian investors so far have had a steadfast ‘buy-on-dips’ approach, but offers limited upside during global risk-on phases.

This means that for Indian equities, the list of potential catalysts is narrow — and conditional.
According to several global analysts, the most important trigger would be a clear pivot toward monetary easing in the US. A dovish Fed would weaken the dollar, loosen global liquidity and reopen the relative-value case for emerging markets, including India. Without that shift, India will find it difficult to compete with the earnings momentum and thematic clarity driving US stocks.

The second lever is a visible improvement in earnings growth, led by domestic demand. A pickup in consumption, credit growth and private capex would help justify valuations that currently leave little margin for disappointment.

If those conditions fall into place, select pockets of the Indian market could respond quickly.
Rate-sensitive sectors such as banks, non-bank lenders, real estate and consumption-linked stocks would be the most immediate beneficiaries of a global and domestic easing cycle. Financials, in particular, will benefit from lower funding costs and improved loan growth, while discretionary consumption would benefit from easing inflation and stronger household demand.

Until then, India may remain caught in a global market structure dominated by US technology and AI, and waiting for rate cuts, stronger demand, or both, to reclaim its leadership in global portfolios.

Ownership, Material Conflicts of Interest and Disciplinary History

MCD is a wholly owned subsidiary of Network 18 Media & Investments Ltd ("Network18"), in which Independent Media Trust (IMT) holds 56.89% stake. Reliance Industries Limited ("RIL") is the sole beneficiary of IMT. Network18 and RIL and their subsidiaries, joint ventures and associates can be considered as associates of MCD.

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Third-Party Compensation

Employment History

Market-Making Activities

Use of Artificial Intelligence

Why Wall Street’s surge isn’t good news for India anymore

US stocks have kicked off the year on a record high, powered by a renewed surge in technology and AI names, as investors bet that geopolitics may ultimately ease -- not tighten -- financial conditions.

Wall Street’s rally gathered momentum after the US capture of Venezuelan president Nicolás Maduro was read by markets as reducing concerns around energy and geopolitics, reinforcing expectations that the Federal Reserve will have room to cut rates later this year. The S&amp;amp;P 500 and Nasdaq have both hit fresh all-time highs, with gains overwhelmingly concentrated in mega-cap technology, AI infrastructure and semiconductor stocks, extending a rally that has now run for nearly three years.

That strength, however, is only accentuated a growing global divergence. And India sits firmly on the wrong side of it.

The divide is at multiple levels: between AI and non AI markets, and then, between markets with weakening and stronger currencies, as US President Donald Trump has reset trade terms, and the dollar has turned decisively weak.

This already played over the past year with India emerging as one of the weakest relative-return markets in the world.

While US equities have delivered high-teens returns over the last 12 months, Indian benchmarks have struggled to keep pace, with gains stuck in single digits for the frontline indices, and several broader indices ending up flat to negative on a relative basis.

India has also underperformed Japan and parts of emerging Asia, reversing the leadership position from earlier years when it was seen as a structural growth outlier.

What does all this mean? Jefferies’ Asia strategy describes India as the clearest example of the “reverse AI trade” — a market that has remained largely disconnected from the global AI capex boom while continuing to trade at a premium to peers. Unlike the US, where AI-linked capex has directly lifted earnings visibility and market concentration, India has seen little direct earnings spillover from the theme.

The result is an uncomfortable mix of elevated valuations, modest earnings growth, and declining foreign flows, just as global investors are once again being pulled back into US technology leaders.

Foreign portfolio investor activity reflects that shift. As US tech stocks regain momentum, India has struggled to attract sustained incremental flows, relying increasingly on domestic institutions to stabilise markets. This is a model that works in drawdowns, as Indian investors so far have had a steadfast ‘buy-on-dips’ approach, but offers limited upside during global risk-on phases.

This means that for Indian equities, the list of potential catalysts is narrow — and conditional.
According to several global analysts, the most important trigger would be a clear pivot toward monetary easing in the US. A dovish Fed would weaken the dollar, loosen global liquidity and reopen the relative-value case for emerging markets, including India. Without that shift, India will find it difficult to compete with the earnings momentum and thematic clarity driving US stocks.

The second lever is a visible improvement in earnings growth, led by domestic demand. A pickup in consumption, credit growth and private capex would help justify valuations that currently leave little margin for disappointment.

If those conditions fall into place, select pockets of the Indian market could respond quickly.
Rate-sensitive sectors such as banks, non-bank lenders, real estate and consumption-linked stocks would be the most immediate beneficiaries of a global and domestic easing cycle. Financials, in particular, will benefit from lower funding costs and improved loan growth, while discretionary consumption would benefit from easing inflation and stronger household demand.

Until then, India may remain caught in a global market structure dominated by US technology and AI, and waiting for rate cuts, stronger demand, or both, to reclaim its leadership in global portfolios.

The Dow and S&amp;P 500 indexes ended higher on Friday, starting 2026 by snapping a four-day losing streak, helped by gains in chip makers Nvidia, Intel and Boeing.

In 2025, the Dow, the S&amp;P 500 and the Nasdaq all notched double-digit gains, their third straight year in the green, a run last seen during 2019-2021.

Chip stocks provided a boost on Friday, with the Philadelphia SE Semiconductor index up 4%. Industrials and utilities also gained. Caterpillar and Boeing rose 4.5% and 4.9%, boosting the Dow.

While chip stocks rallied, several market heavyweights such as Apple and Microsoft fell to keep gains in check on the S&amp;P 500 and Nasdaq.

The S&amp;P 500 and the Nasdaq were also pressured by losses in consumer discretionary stocks including Amazon. Tesla also slid 2.6% after annual sales fell for a second year.

The Dow Jones Industrial Average rose 319.10 points, or 0.66%, to 48,382.39, the S&amp;P 500 gained 12.97 points, or 0.19%, to 6,858.47 and the Nasdaq Composite lost 6.36 points, or 0.03%, to 23,235.63.

Joe Mazzola, head of trading &amp; derivatives strategist at Charles Schwab, told Reuters the market is seeing a "buy the dip, sell the rip," trading mentality - where investors profit from short-term market volatility by timing entry and exit points.

"But I do think that investors might be a little bit more conscious about some of the valuations that they're paying for some of the AI plays," he said.

"At the same time when they do get the opportunity to buy in (during) a pull back, they just continue to do that. I don't see that stopping anytime so."

Smaller stocks, which have struggled in recent days, also rallied and the Russell 2000 rose 1.1% to snap a four-day streak of declines."

Recent selling had dashed expectations for a "Santa Claus rally" in which markets tend to get a late boost over the last five trading days of December and the first two of January, according to the Stock Trader's Almanac.

The Federal Reserve's monetary policy trajectory will set the tone for global markets in 2026, after recent economic data and expectations of a new dovish Fed chair prompted investors to price in further reductions.

"The next Fed Chair is probably going to be much more dovish than Jerome Powell. So I would imagine that we actually see in the second half of this year that interest rates go down substantially," said Dennis Dick, chief market strategist at Stock Trader Network.

"And that's going to be good for all stocks, not just tech stocks."

A key highlight for January will be next week's labor market data, especially after Powell, at the central bank's December meeting, cautioned against further interest rate cuts until there was more clarity on jobs.

Wall Street had made a stellar comeback in 2025 from April's lows when Trump's 'Liberation Day' tariffs sparked a meltdown in global markets, sent investors away from U.S. stocks and threatened growth by clouding the interest rate outlook.

Possible tariff surprises from Trump will be on the radar, especially after the White House said he signed a proclamation to delay increases in tariffs for upholstered furniture, kitchen cabinets and vanities for another year.

Shares of furniture retailers Wayfair, Williams-Sonoma and RH ended 6%, 5% and almost 8% higher, respectively.

Advancing issues outnumbered decliners by a 2.01-to-1 ratio on the NYSE. There were 236 new highs and 95 new lows on the NYSE.

On the Nasdaq, 2,978 stocks rose and 1,818 fell as advancing issues outnumbered decliners by a 1.64-to-1 ratio.

The S&amp;P 500 posted 9 new 52-week highs and 9 new lows while the Nasdaq Composite recorded 54 new highs and 79 new lows.

Volume on U.S. exchanges was 15.92 billion shares, compared with the 15.87 billion average for the full session over the last 20 trading days.

Dow closes higher on first day of 2026, still no Santa Claus rally

The Dow and S&amp;amp;P 500 indexes ended higher on Friday, starting 2026 by snapping a four-day losing streak, helped by gains in chip makers Nvidia, Intel and Boeing.

In 2025, the Dow, the S&amp;amp;P 500 and the Nasdaq all notched double-digit gains, their third straight year in the green, a run last seen during 2019-2021.

Chip stocks provided a boost on Friday, with the Philadelphia SE Semiconductor index up 4%. Industrials and utilities also gained. Caterpillar and Boeing rose 4.5% and 4.9%, boosting the Dow.

While chip stocks rallied, several market heavyweights such as Apple and Microsoft fell to keep gains in check on the S&amp;amp;P 500 and Nasdaq.

The S&amp;amp;P 500 and the Nasdaq were also pressured by losses in consumer discretionary stocks including Amazon. Tesla also slid 2.6% after annual sales fell for a second year.

The Dow Jones Industrial Average rose 319.10 points, or 0.66%, to 48,382.39, the S&amp;amp;P 500 gained 12.97 points, or 0.19%, to 6,858.47 and the Nasdaq Composite lost 6.36 points, or 0.03%, to 23,235.63.

Joe Mazzola, head of trading &amp;amp; derivatives strategist at Charles Schwab, told Reuters the market is seeing a &quot;buy the dip, sell the rip,&quot; trading mentality - where investors profit from short-term market volatility by timing entry and exit points.

&quot;But I do think that investors might be a little bit more conscious about some of the valuations that they're paying for some of the AI plays,&quot; he said.

&quot;At the same time when they do get the opportunity to buy in (during) a pull back, they just continue to do that. I don't see that stopping anytime so.&quot;

Smaller stocks, which have struggled in recent days, also rallied and the Russell 2000 rose 1.1% to snap a four-day streak of declines.&quot;

Recent selling had dashed expectations for a &quot;Santa Claus rally&quot; in which markets tend to get a late boost over the last five trading days of December and the first two of January, according to the Stock Trader's Almanac.

The Federal Reserve's monetary policy trajectory will set the tone for global markets in 2026, after recent economic data and expectations of a new dovish Fed chair prompted investors to price in further reductions.

&quot;The next Fed Chair is probably going to be much more dovish than Jerome Powell. So I would imagine that we actually see in the second half of this year that interest rates go down substantially,&quot; said Dennis Dick, chief market strategist at Stock Trader Network.

&quot;And that's going to be good for all stocks, not just tech stocks.&quot;

A key highlight for January will be next week's labor market data, especially after Powell, at the central bank's December meeting, cautioned against further interest rate cuts until there was more clarity on jobs.

Wall Street had made a stellar comeback in 2025 from April's lows when Trump's 'Liberation Day' tariffs sparked a meltdown in global markets, sent investors away from U.S. stocks and threatened growth by clouding the interest rate outlook.

Possible tariff surprises from Trump will be on the radar, especially after the White House said he signed a proclamation to delay increases in tariffs for upholstered furniture, kitchen cabinets and vanities for another year.

Shares of furniture retailers Wayfair, Williams-Sonoma and RH ended 6%, 5% and almost 8% higher, respectively.

Advancing issues outnumbered decliners by a 2.01-to-1 ratio on the NYSE. There were 236 new highs and 95 new lows on the NYSE.

On the Nasdaq, 2,978 stocks rose and 1,818 fell as advancing issues outnumbered decliners by a 1.64-to-1 ratio.

The S&amp;amp;P 500 posted 9 new 52-week highs and 9 new lows while the Nasdaq Composite recorded 54 new highs and 79 new lows.

Volume on U.S. exchanges was 15.92 billion shares, compared with the 15.87 billion average for the full session over the last 20 trading days.

Wall Street ended a light-volume post-Christmas session nearly unchanged on Friday, with few catalysts to fuel much conviction one way or the other.

All three major U.S. stock indexes closed nominally lower, snapping a five-session rally, but logged weekly gains.

"We had a very strong five-day rally, so in a way we're just simply catching our breath today after the holiday," said Ryan Detrick, chief market strategist at Carson Group in Omaha. "This is only day two of the official Santa Claus rally period, so we still have some time, and we think there's going to be a little more upward bias going forward."

Market participants watched for signs that a seasonal phenomenon called the "Santa Claus rally," in which the S&amp;P 500 advances through the last five trading days of the current year and the first two in the new one, a period that began on Wednesday and will run through January 5. Such a rally would bode well for stock performance in 2026.

Just three trading days remain in a turbulent year in which tariff jitters, simmering geopolitical tensions, and the rapid growth of artificial intelligence-related momentum stocks took investors on a bumpy ride, but one in which the three major indexes, led by the tech-laden Nasdaq, are all on track to register double-digit percentage gains.

"It's a good reminder for investors that volatility is the toll we pay to get the solid gains we've seen in the last three years," Detrick added. "Odds are, 2026 is not going to be the first year in history with no volatility and no bad headlines. So you prepare yourself."

The Dow Jones Industrial Average fell 20.19 points, or 0.04%, to 48,710.97, the S&amp;P 500 lost 2.11 points, or 0.03%, to 6,929.94 and the Nasdaq Composite lost 20.21 points, or 0.09%, to 23,593.10.

Of the 11 major sectors of the S&amp;P 500, materials enjoyed the largest percentage gain, while consumer discretionary was the biggest laggard.

Year-to-date, communication services, technology and industrials have outperformed the broader market. Real estate seems to be the only sector that will have lost ground in 2025.

YTD sector performance

Nvidia climbed 1.0% after the AI chipmaker agreed to license chip technology from startup Groq and hire its CEO.

Target rose 3.1% after the Financial Times reported the retailer is facing activism from hedge fund Toms Capital Investment Management, which has made a significant investment in the company.

U.S.-listed shares of precious metal miners such as First Majestic , Coeur Mining and Endeavour Silver rose between 1.2% and 3.0%, as silver and gold prices touched fresh record highs.

Advancing issues outnumbered decliners by a 1.13-to-1 ratio on the NYSE. There were 342 new highs and 66 new lows on the NYSE.

On the Nasdaq, 1,968 stocks rose and 2,605 fell as declining issues outnumbered advancers by a 1.32-to-1 ratio.

The S&amp;P 500 posted 20 new 52-week highs and no new lows while the Nasdaq Composite recorded 46 new highs and 166 new lows. Volume on U.S. exchanges was 10.22 billion shares, compared with the 15.98 billion average for the full session over the last 20 trading days.

Wall Street ends close to all-time highs in light, post-holiday session

Wall Street ended a light-volume post-Christmas session nearly unchanged on Friday, with few catalysts to fuel much conviction one way or the other.

All three major U.S. stock indexes closed nominally lower, snapping a five-session rally, but logged weekly gains.

&quot;We had a very strong five-day rally, so in a way we're just simply catching our breath today after the holiday,&quot; said Ryan Detrick, chief market strategist at Carson Group in Omaha. &quot;This is only day two of the official Santa Claus rally period, so we still have some time, and we think there's going to be a little more upward bias going forward.&quot;

Market participants watched for signs that a seasonal phenomenon called the &quot;Santa Claus rally,&quot; in which the S&amp;amp;P 500 advances through the last five trading days of the current year and the first two in the new one, a period that began on Wednesday and will run through January 5. Such a rally would bode well for stock performance in 2026.

Just three trading days remain in a turbulent year in which tariff jitters, simmering geopolitical tensions, and the rapid growth of artificial intelligence-related momentum stocks took investors on a bumpy ride, but one in which the three major indexes, led by the tech-laden Nasdaq, are all on track to register double-digit percentage gains.

&quot;It's a good reminder for investors that volatility is the toll we pay to get the solid gains we've seen in the last three years,&quot; Detrick added. &quot;Odds are, 2026 is not going to be the first year in history with no volatility and no bad headlines. So you prepare yourself.&quot;

The Dow Jones Industrial Average fell 20.19 points, or 0.04%, to 48,710.97, the S&amp;amp;P 500 lost 2.11 points, or 0.03%, to 6,929.94 and the Nasdaq Composite lost 20.21 points, or 0.09%, to 23,593.10.

Of the 11 major sectors of the S&amp;amp;P 500, materials enjoyed the largest percentage gain, while consumer discretionary was the biggest laggard.

Year-to-date, communication services, technology and industrials have outperformed the broader market. Real estate seems to be the only sector that will have lost ground in 2025.

YTD sector performance

Nvidia climbed 1.0% after the AI chipmaker agreed to license chip technology from startup Groq and hire its CEO.

Target rose 3.1% after the Financial Times reported the retailer is facing activism from hedge fund Toms Capital Investment Management, which has made a significant investment in the company.

U.S.-listed shares of precious metal miners such as First Majestic , Coeur Mining and Endeavour Silver rose between 1.2% and 3.0%, as silver and gold prices touched fresh record highs.

Advancing issues outnumbered decliners by a 1.13-to-1 ratio on the NYSE. There were 342 new highs and 66 new lows on the NYSE.

On the Nasdaq, 1,968 stocks rose and 2,605 fell as declining issues outnumbered advancers by a 1.32-to-1 ratio.

The S&amp;amp;P 500 posted 20 new 52-week highs and no new lows while the Nasdaq Composite recorded 46 new highs and 166 new lows. Volume on U.S. exchanges was 10.22 billion shares, compared with the 15.98 billion average for the full session over the last 20 trading days.

Assam CM says eviction of alleged encroachers halted due to High Court stay, Violence in Kheroni left 2 dead, over 70 injured; situation now improving, CM urges peace, says legal process must be followed for any eviction

* Assam CM says eviction of alleged encroachers halted due to High Court stay
* Violence in Kheroni left 2 dead, over 70 injured; situation now improving
* CM urges peace, says legal process must be followed for any eviction

Assam CM Himanta Biswa Sarma said Karbi demands to evict alleged Hindi-speaking encroachers from grazing lands can't be met due to a Gauhati High Court stay. Violence in Kheroni left two dead and over 70 injured; situation now improving.

shorts/india/demand-by-karbis-to-evict-people-not-possible-due-to-court-stay-himanta-biswa-sarma

U.S. stocks closed higher on Wednesday, as the Dow Industrials and S&amp;P 500 registered record closing highs in a broad rally during a holiday-shortened session.

Indexes have been climbing in recent days, buoyed in part by a rebound in AI-related names after last week's selloff that was triggered by concerns about inflated valuations and high capital expenditures denting profits. Each of the major indexes recorded their fifth straight session of gains.

But recent data showed the economy remains resilient, and the market is still pricing in roughly 50 basis points of rate cuts from the Federal Reserve next year, although expectations for a January cut are low, according to CME's FedWatch Tool, opens new tab.

Data on Wednesday showed new applications for U.S. jobless benefits unexpectedly fell last week.

"Yields are behaving, volume is light, but the same issues remain in place - AI is strong, there is talk of some positives here, new OpenAI and Meta models, that will get the chatter up," said Tim Ghriskey, senior portfolio strategist at Ingalls &amp; Snyder in New York.

"The Fed is unlikely to lower rates again, at least for a while. Who knows what happens when May comes and we get a new head of the Fed? But we have a very low probability of a January cut."

The Dow Jones Industrial Average rose 288.75 points, or 0.60%, to 48,731.16, the S&amp;P 500 gained 22.26 points, or 0.32%, to 6,932.05 and the Nasdaq Composite gained 51.46 points, or 0.22%, to 23,613.31.

Trading volumes were thin. The U.S. markets will remain shut on Thursday for Christmas.

Volume on U.S. exchanges was 7.61 billion shares, compared with the 16.21 billion average for the full session over the last 20 trading days.

Micron Technology shares climbed 3.8% to end the session at a closing record of $286.68, continuing their rally after the company issued a strong forecast last week.

Bank stocks also supported gains, and financials were among the best-performing of the 11 S&amp;P 500 sectors, with a 0.5% gain. The energy index (.SPNY), opens new tab was the only sector in negative territory on the day.

Recent gains in U.S. stocks have spurred hopes of a "Santa Claus rally," a seasonal phenomenon where the S&amp;P 500 posts gains in the last five trading days of the year and the first two in January, according to Stock Trader's Almanac.

That period began on Wednesday and runs through January 5.

U.S. equities have swung sharply this year as tariff-related headlines, concerns about high valuations in technology and AI companies, and rapidly shifting interest-rate expectations boosted volatility.

Wall Street's "fear gauge" was holding at levels not seen since December 2024.

Still, the bull market, which began in October 2022, stayed intact as optimism around AI, rate cuts and a resilient economy supported sentiment, with all three main indexes set for their third straight yearly gain.

In the year ahead, global markets will be closely watching potential successors to Fed Chair Jerome Powell, after President Donald Trump said on Tuesday that anyone who disagrees with him would "never be the Fed chairman."

Nike jumped 4.6% after Apple CEO Tim Cook, the sportswear giant's lead independent director, bought about $3 million of shares.

Intel shed 0.5% following a report that Nvidia has halted tests to manufacture chips using Intel's 18A production process.

Dynavax Technologies surged 38.2% after French drugmaker Sanofi said it would buy the U.S. vaccines company for around $2.2 billion (1.9 billion euros). U.S.-listed shares of Sanofi edged up 0.1%.

Advancing issues outnumbered decliners by a 2.37-to-1 ratio on the NYSE and by a 1.63-to-1 ratio on the Nasdaq.

The S&amp;P 500 posted 22 new 52-week highs and 2 new lows while the Nasdaq Composite recorded 56 new highs and 160 new lows.

Dow, S&P 500 close at record highs as Santa rally starts

U.S. stocks closed higher on Wednesday, as the Dow Industrials and S&amp;amp;P 500 registered record closing highs in a broad rally during a holiday-shortened session.

Indexes have been climbing in recent days, buoyed in part by a rebound in AI-related names after last week's selloff that was triggered by concerns about inflated valuations and high capital expenditures denting profits. Each of the major indexes recorded their fifth straight session of gains.

But recent data showed the economy remains resilient, and the market is still pricing in roughly 50 basis points of rate cuts from the Federal Reserve next year, although expectations for a January cut are low, according to CME's FedWatch Tool, opens new tab.

Data on Wednesday showed new applications for U.S. jobless benefits unexpectedly fell last week.

&quot;Yields are behaving, volume is light, but the same issues remain in place - AI is strong, there is talk of some positives here, new OpenAI and Meta models, that will get the chatter up,&quot; said Tim Ghriskey, senior portfolio strategist at Ingalls &amp;amp; Snyder in New York.

&quot;The Fed is unlikely to lower rates again, at least for a while. Who knows what happens when May comes and we get a new head of the Fed? But we have a very low probability of a January cut.&quot;

The Dow Jones Industrial Average rose 288.75 points, or 0.60%, to 48,731.16, the S&amp;amp;P 500 gained 22.26 points, or 0.32%, to 6,932.05 and the Nasdaq Composite gained 51.46 points, or 0.22%, to 23,613.31.

Trading volumes were thin. The U.S. markets will remain shut on Thursday for Christmas.

Volume on U.S. exchanges was 7.61 billion shares, compared with the 16.21 billion average for the full session over the last 20 trading days.

Micron Technology shares climbed 3.8% to end the session at a closing record of $286.68, continuing their rally after the company issued a strong forecast last week.

Bank stocks also supported gains, and financials were among the best-performing of the 11 S&amp;amp;P 500 sectors, with a 0.5% gain. The energy index (.SPNY), opens new tab was the only sector in negative territory on the day.

Recent gains in U.S. stocks have spurred hopes of a &quot;Santa Claus rally,&quot; a seasonal phenomenon where the S&amp;amp;P 500 posts gains in the last five trading days of the year and the first two in January, according to Stock Trader's Almanac.

That period began on Wednesday and runs through January 5.

U.S. equities have swung sharply this year as tariff-related headlines, concerns about high valuations in technology and AI companies, and rapidly shifting interest-rate expectations boosted volatility.

Wall Street's &quot;fear gauge&quot; was holding at levels not seen since December 2024.

Still, the bull market, which began in October 2022, stayed intact as optimism around AI, rate cuts and a resilient economy supported sentiment, with all three main indexes set for their third straight yearly gain.

In the year ahead, global markets will be closely watching potential successors to Fed Chair Jerome Powell, after President Donald Trump said on Tuesday that anyone who disagrees with him would &quot;never be the Fed chairman.&quot;

Nike jumped 4.6% after Apple CEO Tim Cook, the sportswear giant's lead independent director, bought about $3 million of shares.

Intel shed 0.5% following a report that Nvidia has halted tests to manufacture chips using Intel's 18A production process.

Dynavax Technologies surged 38.2% after French drugmaker Sanofi said it would buy the U.S. vaccines company for around $2.2 billion (1.9 billion euros). U.S.-listed shares of Sanofi edged up 0.1%.

Advancing issues outnumbered decliners by a 2.37-to-1 ratio on the NYSE and by a 1.63-to-1 ratio on the Nasdaq.

The S&amp;amp;P 500 posted 22 new 52-week highs and 2 new lows while the Nasdaq Composite recorded 56 new highs and 160 new lows.

Name		Price	Change	Change%
INTC	Intel	42.58	2.54	6.34
AMGN	Amgen	341.64	11.47	3.47
JNJ	J&J	207.41	2.62	1.28
CRM	Salesforce.com	266.12	3.22	1.22
MSFT	Microsoft	483.37	4.86	1.02

Name		Price	Change	Change%
CAT	Caterpillar	597.03	-26.06	-4.18
NKE	Nike	63.24	-2.11	-3.23
HON	Honeywell International	199.00	-5.94	-2.90
SHW	Sherwin-Williams	331.69	-8.40	-2.47
JPM	JPMorgan Chase	327.13	-7.48	-2.24

Name		Price	Change	Change%
INTC	Intel	42.58	2.54	6.34
MRK	Merck & Co	108.50	-0.37	-0.34

Name		Price	Market Cap (in billion US $)
NVDA	Nvidia	188.93	4,609.89
AAPL	Apple Inc	260.36	3,935.56
MSFT	Microsoft	483.37	3,592.67
AMZN	Amazon	241.56	2,540.01
JPM	JPMorgan Chase	327.13	942.34

Fund	AUM $	1 Y	3 Y	5 Y	Exp. Ratio
Franklin U.S. Opportunities Equity Active Fund of Funds - Growth	4460.26	12.13%	25.71%	10.21%	1.54
ICICI Prudential US Bluechip Equity Fund - Growth	3470.09	19.49%	18.63%	13.88%	2
ICICI Prudential NASDAQ 100 Index Fund - Direct Plan - Growth	2621.66	27.2%	36.34%	0%	0.61
Bandhan US specific Equity Active FOF - Direct Plan - Growth	361.42	17.1%	30.72%	0%	0.65
Nippon India US Equity Opportunities Fund - Growth	721.74	14.69%	22.23%	12.57%	2.38
Aditya Birla Sun Life US Equity Passive FOF - Direct Plan - Growth	451.61	25.6%	36.24%	0%	0.26
Motilal Oswal Nasdaq 100 ETF (MOFN100)	11240.99	27.25%	37.57%	20.12%	0.58
DSP US Specific Equity Omni FoF - Direct Plan - Growth	1089.1	34.8%	25.85%	18.4%	1.46
Edelweiss US Technology Equity FOF - Growth	3612.29	20.81%	39.93%	12.92%	2.39
Edelweiss US Value Equity Offshore Fund - Regular Plan - Growth	187.5	16.88%	13.86%	13.68%	2.36

US Markets

06:34 Markets After
Dow Jones Futures 49,083.62 87.54 (0.18%)

02:29 Markets Closed
Nasdaq 23,575.95 28.78 (0.12%)

02:29 Markets Closed
S&P 500 6,920.93 -23.89 (-0.34%)

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US Markets

06:34 Markets After Dow Jones Futures 49,083.62 87.54 (0.18%)

02:29 Markets Closed Nasdaq 23,575.95 28.78 (0.12%)

02:29 Markets Closed S&P 500 6,920.93 -23.89 (-0.34%)

ADVANCE / DECLINE

06:34 Markets After
Dow Jones Futures 49,083.62 87.54 (0.18%)

02:29 Markets Closed
Nasdaq 23,575.95 28.78 (0.12%)

02:29 Markets Closed
S&P 500 6,920.93 -23.89 (-0.34%)