Morning Market Preview — December 26, 2025
U.S. markets reopen with a constructive bias as year-end trading resumes. Liquidity is thin, rates are stable, and leadership remains concentrated in large-cap technology as positioning—not headlines—drives the tape.
U.S. equity futures are modestly higher this morning as markets reopen following the Christmas holiday. Liquidity remains thin, with price action expected to be positioning-driven rather than catalyst-led as year-end approaches.
Macro & Rates
Treasury yields are little changed, providing a stable backdrop for risk assets. With no major economic releases scheduled, rates are acting as an anchor rather than a driver.
Equities
Leadership remains narrow, with large-cap technology continuing to absorb incremental flows. Broader participation is muted as investors prioritize balance-sheet quality and liquidity into the final trading days of the year.
Global Markets
Overnight markets were mixed across Asia and Europe, reflecting holiday conditions and subdued volumes. No material macro developments emerged to shift sentiment.
What to Watch Today
• Liquidity-driven volatility
• Continued megacap leadership
• Any outsized moves tied to year-end positioning
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