Morning Market Preview — January 2, 2026
Markets reopen today as investors enter 2026 with renewed liquidity and a selective risk appetite. Early positioning remains focused on leadership durability, particularly in AI-linked infrastructure, as investors watch for signs that market breadth can expand beyond last year’s winners.
Market Setup
U.S. equity markets reopen today following the New Year’s holiday, with investors returning to full liquidity and early-year positioning. Market tone remains constructive, but participation is expected to be selective as capital reassesses leadership, valuation, and macro sensitivity heading into the first trading sessions of 2026.
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Macro & Rates
Treasury yields come back into focus today after stabilizing late in December. Markets continue to price a gradual easing path later in 2026, though expectations remain highly data-dependent. Inflation durability and labor-market strength remain the primary swing factors for rates and risk assets.
Equities
Large-cap leadership remains intact entering the new year, particularly in AI-linked infrastructure and platform names. Investors are watching closely to see whether January brings meaningful breadth expansion or continued concentration in a narrow group of winners.
Biotech & Life Sciences
Biotech positioning remains selective. Capital continues to favor companies with near-term clinical or regulatory catalysts, while early-stage risk appetite remains disciplined as funding conditions normalize.
What to Watch Next
Early January economic data, earnings pre-announcements, and rate movement will help determine whether 2026 begins with sustained momentum or a digestion phase after last year’s gains.
