Live Coverage Has Ended

Stock Market Live December 3: S&P 500 (SPY) Could Soon Test 7,000

Quick Read

With a good deal of momentum, the S&P 500 could easily test 7,000 before the end of 2025.
Impacting markets, ADP reported that private payrolls fell by 32,000 in November, which was well below the expected payroll gain of 40,000.
Every year, one of the best strategies is the Dogs of the Dow. You simply buy a basket of underperformers on the Dow that pay dividends, and sell by the end of the year.
If you’re focused on picking the right stocks and ETFs you may be missing the bigger picture: retirement income. That is exactly what The Definitive Guide to Retirement Income was created to solve, and it’s free today. Read more here

Live Updates

Get The Best SPDR S&P 500 ETF Live Earnings Coverage Like This Every Quarter

Get earnings reminders, our top analysis on SPDR S&P 500 ETF, market updates, and brand-new stock recommendations delivered directly to your inbox.

Mid-Day Market Movers

Dec 3, 2025 at 12:20 PM EST

At the moment, shares of Netflix are down 5% as investors wait to see how much the company could bid for Warner Bros Discovery. Right now, NFLX is reportedly offering a mostly cash offer.

Marvell Technology is up 4% after reporting EPS of 76 cents, which beat estimates by two cents. Revenue of $2.08 billion, up about 37% year over year, beat by $10 million. Even better, analysts at Jefferies, which has a buy rating and a $120 price target on MRVL, said: “The confidence in the custom business continues to rise, pointing to 20% growth next year with a stronger 2H with PO for the year in hand,” they added, as quoted by Seeking Alpha, adding that Microsoft’s Maia 300 chips are likely to be a “key driver” for Marvell’s revenue doubling in fiscal 2028.

Microsoft is attempting to come back after denying a report from The Information that it was lowering its AI products sales targets.

Markets are Shrugging off Weak Jobs Data and Microsoft News

Dec 3, 2025 at 11:25 AM EST

Markets are back in rally mode.

All as investors shrug off weakness in ADP payroll data, and Microsoft’s early-day decline.

Granted, a report from The Information said MSFT is cutting software sales quotas tied to artificial intelligence. It was also reported that MSFT “lowered its forecast for how fast customers will be able to spend money on AI agents, after a number of salespeople missed their goals,” as noted by Seeking Alpha.

However, it looks like investors are starting to shrug that off, too. In fact, after an early-day $13 decline in MSFT shares, the tech giant is slowly starting to pivot higher.

This is Why Microsoft is Down $13 a Share

Dec 3, 2025 at 9:49 AM EST

Shares of Microsoft (NASDAQ: MSFT) are down nearly 3% or by $13 a share.

All after a report on The Information said MSFT is cutting software sales quotas tied to artificial intelligence. It was also reported that MSFT “lowered its forecast for how fast customers will be able to spend money on AI agents, after a number of salespeople missed their goals,” as noted by Seeking Alpha.

S&P 500 at 7,000 could happen before year end

Dec 3, 2025 at 9:00 AM EST

With a good deal of momentum, the S&P 500 could easily test 7,000 before the end of 2025. All thanks to momentum, the potential for more interest rate cuts, and a possible Santa Claus rally.

Other analysts, including Tom Lee of Fundstrat Global Advisors, say we could reach 7,300.

In fact, he just told CNBC, “7,000 is only 2% for S&P. From here, I think 5% or maybe even 10% is possible in December,” as quoted by Seeking Alpha.

With a good deal of momentum, the S&P 500 could easily test 7,000 before the end of 2025. All thanks to momentum, the potential for more interest rate cuts, and a possible Santa Claus rally.

Other analysts, including Fundstrat Global Advisors’ Tom Lee, say we could reach 7,300.

In fact, he just told CNBC, “7,000 is only 2% for S&P. From here, I think 5% or maybe even 10% is possible in December,” as quoted by Seeking Alpha.

At the moment, S&P 500 futures are up 18 points. The SPDR S&P 500 ETF (SPY) is up about $2. The Dow is up 87 points, with the tech-heavy Nasdaq tacking on another 50 points of upside.

Impacting markets, the ADP reported that ADP private payrolls fell by 32,000 in November, which was well below expectations for a payroll gain of 40,000. All of which could help clinch a Federal Reserve interest rate cut at its meeting next week.

Again, with all of the momentum and a real chance of another rate cut, the S&P 500 at 7,000 is a strong year-end possibility.

Lookout for the 2026 Dogs of the Dow

Every year, one of the best strategies is the Dogs of the Dow.

You simply buy a basket of underperformers on the Dow that pay dividends, and sell by the end of the year. While the 2024 Dogs of the Dow didn’t do so well, you still had the opportunity to collect respectable yields along the way.

Plus, in most years, the Dogs do pretty well.

The 2024 Dogs of the Dow underperformed the major indices in 2024. However, with dividends, investors still did well for the year.

The 2023 Dogs of the Dow returned an average of 10.1%, which came in below the 14.4% return on the Dow Jones Industrials. Still, with the appreciation in most of the 2023 Dogs coupled with dividends, investors still did well overall.

The 2022 Dogs of the Dow beat the major indices, even in a rough year.

In fact, while the Dogs of the Dow stocks fell 1.6% on the year, once you add in the dividend payouts, the Dogs returned 2% on the year. And while 2% may not sound like a big win, consider that, in 2022, one of the worst years on record since 2008, the NASDAQ lost 33%. The S&P 500 lost 19%. The Dow Jones lost about 9%.

In 2021, the Dogs of the Dow returned about 16.3%. While 2020 wasn’t a great year for the Dogs, most other years have done very well. In 2019, the Dogs were up 20%. For 2018, they were up about 1%, but still beat the Dow, which fell close to 6%. In 2017, the dogs were up 19%. In 2016, they were up 16%.

For 2025, here’s how the Dogs are doing.

Verizon (VZ), which yields 6.8%, started the year at around $38. It’s. now up to $41.
Chevron (CVX), which yields 4.55%, ran from about $142 to $150.25 so far.
Johnson & Johnson (JNJ), which yields 2.53%, ran from $142 to $205.42.
Amgen (AMGN), which yields 2.81%, ran from about $258 to $338.
Merck (MRK), which yields 3.37%, slipped from about $98 to $101.
Coca-Cola (KO), which yields 2.89%, jumped from $61 to $70.76 so far.
IBM (IBM), which yields 2.23%, ran from about $215 to $301.80.
Cisco (CSCO), which yields 2.13%, ran from about $58 to $76.87.
McDonald’s (MCD), which yields 2.47%, ran from about $293 to $300.72 so far.
Procter & Gamble (PG), which yields 2.9%, fell from about $264 to $145.86.

The 2026 Dogs of the Dow should be out very shortly.