Early Look

Tuesday, December 23, 2025

Not much trading action going on overnight in the U.S., with S&P futures trading where they left off late yesterday as volumes dry up ahead of the Christmas Day holiday this week. Reminder the U.S. stock market will close early at 1PM ET on Wednesday and remain closed Thursday in observance of Christmas but based off yesterday’s afternoon trading action (S&P holding in a 10-point range for 5 hours) and overnight, it seems like the holiday is already here. U.S. stocks ended higher on Monday as investors became increasingly confident about a Santa Claus rally. All three indexes posted their third straight daily gains, while the CBOE Volatility Index (VIX), or fear index closed near 52-week lows around the 14 level. The S&P 500 finished the day 0.3% shy of its all-time closing high reached on December 11. If the benchmark index manages to notch yet another record close, that will bring the 2025 total to 38 (compared to 57 ATH in 2024). Indexes that reached all-time closing highs today included S&P 500 Financials (XLF), ARCA Gold Bugs (HUI), Philadelphia Gold/Silver Index (XAU) and the Nasdaq Biotech (NBI).

Investors await key economic data later this morning with preliminary U.S. GDP data, which was delayed by a record government shutdown, is due at 8:30 a.m. ET. The Commerce Department’s data is likely to show the U.S. economy grew at a brisk 3.3% annualized rate in the third quarter, down from 3.8% prior reading. Consumer confidence data for December is also due later in the day. New Home Sales, Richmond Fed Manufacturing and Industrial Production, round out today’s data.

In Asian markets, The Nikkei Index gained 10 points to 50,412, the Shanghai Index edged higher 2 points to 3,919, and the Hang Seng Index fell -27 points to 25,774. In Europe, the German DAX is up 27 points to 24,311, while the FTSE 100 is little changed at 9,865. In commodity prices, copper trades near a record high on a weaker dollar and supply outlook, while precious metal silver and gold prices extend their record runs, with gold prices topping $4,500 an ounce for the first time, while silver gains 1.5% to $69.64 an ounce. Heading for the biggest annual gain since 2009, copper is up 36% this year after mine supply disruptions, while gold prices are up 69% year-to-date and silver a whopping 139% gain in 2025 thus far.

• The Dow Jones Industrial Average rose 227.79 points, or 0.47%, to 48,362.68
• The Nasdaq Composite gained 121.21 points, or 0.52%, to 23,428.83
• The Russell 2000 Index advanced 29.36 points, or 1.16% to 2,558.78

• 8:30 AM ET                  Gross Domestic Product (GDP) Q3 – Advance…est. +3.3% (prior +3.8%)
• 8:30 AM ET GDP Consumer Spending for Q3 – Advance…prior +2.5%
• 8:30 AM ET GDP Price Deflator for Q3 – Advance…est.+2.7% (prior +2.1%)
• 8:30 AM ET PCE Prices for Q3 – Advance…est. +2.8% (prior +2.1%)
• 8:30 AM ET                  Core PCE Prices for Q3 – Advance…est. +2.9% (prior +2.6%)
• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 9:15 AM ET                  Industrial Production M/M for October…est. +0.1%
• 9:15 AM ET                  Capacity Utilization for October…est. 75.9%
• 10:00 AM ET                Consumer Confidence for December…est. 91.0 (prior 88.7)
• 10:00 AM ET                New Home Sales M/M for October
• 10:00 AM ET                Richmond Fed Manufacturing for December…prior (-15)
• 1:00 PM ET US Treasury to sell $70B in 5-year notes
• 4:30 PM ET API Weekly Inventory Data

• Parsons Corp (PSN) said it secures Missile Defense Agency’s SHIELD contract, with a ceiling value of $151 billion; contract designed to accelerate delivery of advanced capabilities to war fighters with increased speed and agility.
• ZIM Integrated Shipping Services Ltd. (ZIM) said as part of their review of strategic alternatives the Board of Directors received competitive proposals from multiple strategic parties to acquire all the outstanding ordinary shares of the Company, including a revised proposal from an entity owned by Eli Glickman, the Company’s Chief Executive Officer and President, and Rami Ungar, but the Board concluded that this proposal significantly undervalued the Company.

• Neurocrine Biosciences Inc (NBIX) said phase 3 Kinect DCP study evaluating efficacy, safety of valbenazine did not meet primary or key secondary endpoints.
• Novo Nordisk (NVO) shares rise after the U.S FDA approved the drugmaker’s weight-loss pill. The pill is 25 milligrams of semaglutide, the same active ingredient in injectable Wegovy and Ozempic, and will be sold under the brand name Wegovy. Novo already sells an oral semaglutide for type 2 diabetes, Rybelsus.

• Key Tronic Corp (KTCC) to end its manufacturing operations in its China-based facility; expects $1.1M in severance expenses and non-cash expenses to total $4.8M-$5.8M.