Early Look

Wednesday, December 17, 2025

U.S. futures are pointing to a higher open as stocks look to recover following a mini losing streak after hitting all-time highs late last week. The S&P 500 index (SPX) slipped on Tuesday for its 3^rd straight down day, though the Nasdaq 100 (QQQ) snapped its 3-day losing streak as stocks finished mixed amid another choppy trading day following better delayed November job payrolls (though unemployment rose to 4.6%, highest in over 4-years and up from 4.4%). Oil prices rallied more than 2% after U.S. President Donald Trump ordered a complete blockade of all sanctioned oil tankers entering and leaving Venezuela, raising geopolitical tensions at a time of concerns over demand. Brent crude futures were up $1.41, or 2.14%, at $60.20 a barrel and WTI crude rose $1.42, or 2.6%, to $56.69 a barrel. Oil prices settled near five-year lows in the previous session on progress in Russia-Ukraine peace talks, as a deal may see Western sanctions on Moscow eased, freeing up supply even as the market grapples with fragile global demand. In Asian markets, The Nikkei Index gained 128 points to 49,512, the Shanghai Index rose 45 points to 3,870, and the Hang Seng Index advanced 233 points to 25,468. In Europe, the German DAX is down -20 points to 24,056, while the FTSE 100 is surging 150 points or 1.6% to 9,839. Volumes have slowed for US markets heading into the holiday. New York Fed’s John Williams and Fed governor Chris Waller are set to speak at separate appearances today. Markets are now waiting for Thursday’s update on consumer inflation in November with CPI data.

• The Dow Jones Industrial Average fell -302.30 points, or 0.62%, to 48,114.26
• The Nasdaq Composite gained 54.05 points, or 0.23%, to 23,111.46
• The Russell 2000 Index declined -11.36 points, or 0.45% to 2,519.31

• 10:30 AM ET                Weekly DOE Inventory Data
• 1:00 PM ET US Treasury to sell $16B in 20-year notes

• Earnings After the Close: EPAC MLKN MU WS

• Green Brick Partners (GBRK) board authorized new share repurchase program up to $150M
• Lennar Corp. (LEN) shares fall on results; Q4 adj EPS $2.03 vs. consensus $2.18; Q4 revenue $9.4B vs. est. $9.18B; Q4 new orders increased 18% y/y to 20,018 homes, backlog of 13,936 homes with a dollar value of $5.2B and Q4 deliveries increased 4% y/y to 23,034 homes; guides Q1 new orders 18,000-19,000 homes.

• In Airlines, Bloomberg reported that Spirit Aviation Holdings is in discussions with Frontier Group Holdings (ULCC) about a potential merger, citing people familiar with the matter. A deal could be announced as quickly as this month, although the discussions could also end without a deal, according to the Bloomberg report.
• Carrier Global (CARR) announced that it has entered into a definitive agreement to sell its Riello business to Ariston Group. Carrier expects gross proceeds from the transaction of approximately $430M/
• ProPetro Holding Corp (PUMP) files for mixed shelf offering; size not disclosed.
• Worthington Enterprises (WOR) agrees to acquire leading metal roof components manufacturer LSI Group for $205M; reported Q2 revenue $327.5M vs. est. $312.4M; said expects a seasonally stronger second half of the fiscal year.

• Invesco (IVZ) upgraded to Buy from Hold at Deutsche Bank and raise tgt to $31 from $26 saying the company is positioned for better organic growth and has a product lineup that should post at least low- to mid-single digit asset under management growth rates more reliably.
• LPL Financial Holdings Inc. (LPLA) monthly activity report for November 2025 showed total advisory and brokerage assets at the end of November were $2.36 trillion, an increase of $12.5 billion, or 0.5%, compared to the end of October 2025. Total organic net new assets for November were $6.7 billion, translating to a 3.4% annualized growth rate. Total client cash balances at the end of November were $54.6 billion, down $0.3 billion vs. the end of October 2025.

• DBV Technologies (DBVT) announces positive topline results from phase 3 Vitesse trial of Viaskin® peanut patch in peanut allergic children aged 4-7 years; BLA submission in 4-7-year-olds on track for first half of 2026.
• Vir Biotechnology (VIR) grants Norgine exclusive commercial license to chronic hepatitis delta treatment candidate in Europe, Australia & New Zealand, including global cost sharing agreement for ongoing eclipse clinical development program; to receive EU55M initial reimbursement payment upon closing and EU495M in milestones.

• Amazon.com Inc (AMZN) is in talks to invest in ChatGPT-maker OpenAI in a potential deal that could value the artificial intelligence firm at more than $500 billion, The Information reported, citing a source familiar with the matter said on Tuesday. Amazon may invest about $10 billion in OpenAI, but the talks between the two firms are “very fluid”, the source said on condition of anonymity because the matter is private.
• Apple (AAPL) is in early discussions with Indian chipmakers to assemble and package components for the iPhone, the Economic Times reported on Wednesday, citing people familiar with the matter.
• Freshworks (FRSH) is exploring acquisitions, including AI firms, backed by more than $800 million in cash, as it aims to boost revenue in the coming years, CEO Dennis Woodside told Reuters on Tuesday. The acquisition push comes as artificial intelligence adoption fuels dealmaking across the technology sector.
• Cango (CANG) files $500M mixed securities shelf.