Morning Market Preview — December 22, 2025
U.S. futures are modestly higher as markets enter a holiday-shortened week with lighter volumes. Treasury yields are stable, supporting equities, while large-cap tech continues to anchor sentiment amid selective year-end positioning.
Market Setup
U.S. equity futures are modestly higher this morning as markets open into a holiday-shortened week with lighter volumes and selective risk appetite. Investors are watching for a potential year-end tailwind while remaining disciplined after recent gains.
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Macro & Rates
Treasury yields are stable following last week’s consolidation, helping support equities without reigniting rate volatility. Markets continue to price in a gradual easing path in 2026, with data sensitivity remaining elevated despite thin liquidity.
Equities
Leadership remains narrow, with large-cap technology and AI-linked names providing support. Cyclical participation is improving marginally, but broad risk-on conviction remains restrained given seasonal trading conditions.
Global Markets
Overnight markets were mixed. Asian equities leaned higher on semiconductor strength, while European markets are opening with a cautious tone amid muted macro catalysts.
What to Watch Today
• Low liquidity and potential volatility around positioning
• Continued leadership from megacap tech
• Any outsized moves driven by flows rather than fundamentals
