Morning Market Preview — December 23, 2025
U.S. futures are modestly higher as markets trade through a holiday-shortened week. Treasury yields are stable, liquidity is thin, and 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 continue through a holiday-shortened week. Participation remains selective with investors focused on positioning rather than new catalysts.
Macro & Rates
Treasury yields are little changed, helping keep financial conditions stable. With limited economic data on the calendar, rates are acting more as a stabilizer than a driver.
Equities
Large-cap technology remains the primary source of strength, while broader market participation is mixed. Traders continue to favor quality and liquidity over aggressive risk-taking.
Global Markets
Overnight action was mixed across Asia and Europe, reflecting thin volumes and a lack of fresh macro direction as year-end approaches.
What to Watch Today
• Light liquidity-driven moves
• Continued megacap leadership
• Any outsized volatility tied to positioning
