Morning Market Preview — December 24, 2025
U.S. futures are little changed as markets head into Christmas Eve with shortened hours and thin liquidity. Treasury yields are stable, leadership remains narrow, and large-cap tech continues to anchor positioning into year-end.
Market Setup
U.S. equity futures are little changed this morning as markets enter Christmas Eve trading with shortened hours and very light liquidity. Price action is expected to be flow-driven rather than catalyst-driven.
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Macro & Rates
Treasury yields are steady, reflecting a stable macro backdrop. With no meaningful economic data scheduled, rates are acting as an anchor rather than a source of volatility.
Equities
Leadership remains narrow, with large-cap technology continuing to absorb incremental flows. Broader participation is muted as investors prioritize capital preservation into year-end.
Global Markets
Overnight markets were mixed, with subdued moves across Asia and Europe amid holiday conditions and limited macro drivers.
What to Watch Today
• Extremely light volume
• Liquidity-driven price moves
• Continued megacap leadership
