The Direxion Daily S&P 500 Bear 3X ETF (SPXS) closed down 1.84% on November 26, 2024, as the S&P 500 reached new record highs. The S&P 500 rose 0.6% to close at 6,021.63, driven by investor optimism despite President-elect Donald Trump's tariff threats on Mexico, Canada, and China. The market's resilience was evident as the Dow Jones Industrial Average and Nasdaq Composite also hit record levels, with gains of 0.3% and 0.6%, respectively. The positive sentiment was bolstered by the Federal Reserve's meeting minutes, which indicated a gradual approach to interest rate cuts, easing concerns about economic growth risks.
The S&P 500's strength was further supported by a mixed earnings season, where companies like CrowdStrike and Workday reported better-than-expected earnings, although their stock prices reacted negatively in after-hours trading. Meanwhile, the U.S. GDP nowcast for Q4 suggests a moderate 2.0% growth, adding to the positive economic outlook.