Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) closed in the green on Tuesday, driven higher by strength in the semiconductor sector.
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Intel (INTC) finished the day up nearly 9% following reports that the company could build Apple’s (AAPL) M series chips, while Applied Materials (AMAT) and Texas Instruments (TXN) saw substantial gains as well. Elsewhere, Boeing (BA) surged 10% after the company guided for positive free cash flow in the “low single digits” for 2026 and an uptick in 737 and 787 jet deliveries.
Trump said that he would likely announce his Fed Chair pick in early 2026 and referred to National Economic Council Director Kevin Hassett as a “potential Fed chair” and “respected person.” Hassett is the most likely candidate to replace Powell on prediction platform Polymarket, with 81% odds. Furthermore, Hassett is expected to take a dovish approach to monetary policy and could accelerate rate cuts.
Trump also announced that tech billionaires Michael and Susan Dell had committed $6.25 billion to fund “Trump Accounts,” which were passed into law through the One Big Beautiful Bill Act. Effective July 4, 2026, children born between 2025 and 2028 will receive a $1,000 federal grant to be invested in diversified funds that track a U.S. stock index, like the S&P 500 (SPX). The Dells’ donation will fund $250 grants for 25 million children ages 10 or under who were born before 2025 and live in ZIP codes with median household incomes of $150,000 or less. “TWO GREAT PEOPLE. I LOVE DELL!!!” Trump said in a Truth Social post.
In other news, Cyber Week, which spans the five-day period beginning on Thanksgiving, brought in record online sales of $44.2 billion, above the expectation of $43.7 billion, according to Adobe Analytics (ADBE). Online Cyber Monday sales grew by 7.1% to $14.25 billion, while Black Friday sales rose 9.3% to $11.8 billion, both record highs as well.
Looking ahead, ADP will release its November Employment Report on Wednesday, providing details on the number of private-sector jobs added or cut. On Friday, the Bureau of Economic Analysis will publish September’s delayed personal consumption expenditures (PCE) index, providing the Fed with a measure of inflation before it meets on December 9-10 for its Federal Open Market Committee (FOMC) meeting.
The S&P 500 (SPX) closed with a 0.25% gain, while the Nasdaq 100 (NDX) returned 0.84%.
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