Stocks’ Latest Record Comes With Few Signs of October Euphoria

The S&P 500 closed at an all-time high. That’s not unusual in 2025, though it’s been six weeks since the last one. But the setup sure looks different on Dec. 12 than in late October.

For one, the October high came amid a bout of investor euphoria, driven by a strong earnings season and excitement about the promise of artificial intelligence. That headiness is nowhere to be found this time, a positive sign for bulls hoping for a yearend rally.