Morning Market Preview — December 29, 2025
U.S. futures are modestly higher as markets enter the final full trading week of the year. Liquidity remains thin, rates are stable, and leadership continues to concentrate in large-cap technology as positioning—not headlines—drives the tape.
Market Setup
U.S. equity futures are modestly higher this morning as markets enter the final full trading week of the year. Liquidity remains thin, leaving price action increasingly driven by positioning and year-end portfolio adjustments rather than new catalysts.
Macro & Rates
Treasury yields are stable following last week’s consolidation. With no major economic releases scheduled, rates continue to act as a backdrop rather than a driver, helping keep volatility contained.
Equities
Leadership remains narrow, with large-cap technology continuing to attract incremental flows. Broader participation is mixed as investors favor balance-sheet quality and liquidity into year-end.
Global Markets
Overnight markets were mixed across Asia and Europe, reflecting subdued volumes and limited macro developments as global markets navigate the final days of 2025.
What to Watch Today
• Liquidity-driven volatility
• Continued megacap leadership
• Any exaggerated moves tied to year-end positioning
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