Early Look

Monday, December 8, 2025

U.S. futures are looking higher, as the S&P 500 looks to extend its winning streak to 5-days, and comes into the week up 9 of the last 10 trading days ahead of this week’s FOMC meeting results on Wednesday. The Dow Jones Industrial Average ended higher by up over 100 points, while S&P 500 and Nasdaq logged their 4th straight day of gains on Friday as for the week, the S&P 500 gained 0.31%, the Nasdaq climbed 0.91%, and the Dow climbed 0.5%. Risk sentiment leaned positive despite a fresh macro catalyst, as markets calmed before this week’s busy schedule. Equities closed higher with technology (XLK) leading last week, rising 10-straight days coming into the week along with the same winning streak for Dow Transports. Treasuries have weakened as the 10-yr yield hits 4.15% while commodities are mixed. Crypto bounces as Bitcoin topped $91,000. In Asian markets, The Nikkei Index rose 90 points to 50,581, the Shanghai Index gained 21 points to 3,924, and the Hang Seng Index declined -319 points to 25,765. In Europe, the German DAX is up 36 points to 24,064, while the FTSE 100 is flat at 9,665. In data, Japan’s economy contracted faster than initially reported in July-September from the previous three-month period, as revised GDP data showed the economy shrank an annualized 2.3%, the fastest contraction since the third quarter of 2023 (vs. median forecast for a 2.0% contraction and an initial reading of 1.8%). China’s exports rebound in November, massively beating expectations after U.S. trade truce. Outbound shipments surged 5.9% in November in U.S. Dollar terms from a year earlier, topping economists’ forecast for a 3.8% growth. Imports growth of 1.9%, however, missed expectations for a 3% rise. All eyes remain on the Fed mid-week where a 25bps cut is widely anticipated by Wall Street.

• The Dow Jones Industrial Average rose 104.05 points, or 0.22%, to 47,954.99
• The Nasdaq Composite gained 72.99 points, or 0.31%, to 23,578.13
• The Russell 2000 Index declined -9.67 points, or 0.38% to 2,521.48

• Earnings After the Close: CMP MAMA ODC OOMA PHR TOL

• Piper Infrastructure Software Bus Tour, 12/8-12/9, Bay Area, CA
• Stifel Medtech Madness West Coast Bus Tour, 12/8-12/11
• UBS Global Media and Communications Conference 2025, 12/8-12/9, in New York

• Other changes include: ULS, PINS, BAH, SPXC, DY, BWA, HL are being added to the S&P 500 Index on 12/22.
• FIX, UA, UAA, POWI, PRGO, IRDM, VAC, are being removed from the S&P 400 on 12/22.
• PRIM, CWST, INDV, HE, LKQ, SOLS, MHK, UA, UAA, POWI, PRGO, IRDM, VAC, NSP are being added to the S&P 600.
• SPXC, DY, BWA, HL, RC, SITC, THRY, HELE, ASIX, RGR, MGPI, CEVA, SCVL are being removed from the S&P 600 12/22.

• L’Oréal (LRLCY) is doubling its stake in Galderma Group Ag to 20%, as the French cosmetics and skincare company increases its bet on the maker of injectable fillers that rival Botox – Bloomberg. Neither L’Oréal nor the seller, an investor group led by private equity firm EQT Ab, disclosed the financial details.
• Tesla (TSLA) was downgraded to Equal Weight from Overweight at Morgan Stanley while raising its tgt to $425 from $410, after assuming coverage under a new analyst saying they see Tesla becoming a market leader across autonomous mobility, renewable energy, and robotics. However, with the shares at trading at 30-times estimated 2030 EBITDA and potential downside to consensus estimates in the near-term, prefers to await a better entry point.
• Magnum Ice Cream clinched a market capitalization of 7.8 billion euros ($9.08 billion) on its public trading debut, with the Unilever (UL) spinoff seeking to lure new investors in the snacking category.

• Crypto stocks were rising Monday with Bitcoin up 2. over the past 24 hours , lifting shares of Strategy (MSTR), Coinbase Global (COIN) and other crypto related stocks.
• Jefferies Financial Group Inc. (JEF) said it is acquiring a 50% interest in Hildene Holding Company, LLC, the parent of Hildene Capital Management, LLC and its affiliates, a credit-focused asset manager with over $18 billion of assets under management for a broad range of clients in hedge fund, separately managed account, drawdown, securitization and insurance solutions products.

• Dyne Therapeutics, Inc. (DYN) announced positive topline results from the Registrational Expansion Cohort (REC) of its Phase 1/2 DELIVER trial evaluating zeleciment rostudirsen (also known as DYNE-251) in individuals with Duchenne muscular dystrophy (DMD) amenable to exon 51 skipping. The REC met its primary endpoint, demonstrating a statistically significant increase in muscle content-adjusted dystrophin expression to 5.46% of normal relative to baseline at six months (p<0.0001).
• Fulcrum Therapeutics (FULC) said Sunday that a higher dose of its experimental pill for sickle cell disease was more effective at inducing an alternative form of the oxygen-carrying molecule hemoglobin — boosting hopes it could one day provide a simple and effective treatment for the disease.  In the early stage study, 12 patients saw their levels of fetal hemoglobin rise from 7.1% of the total hemoglobin in their blood to 16.9%.
• Gilead (GILD) and its partner Arcellx (ACLX) reported deepening and durable responses of their next CAR-T therapy for multiple myeloma with no concerning safety issues in the latest analysis of a pivotal-stage clinical trial. Gilead reiterated its plan to secure anito-cel’s approval and launch the drug in 2026.
• Incyte (INCY) said the FDA has granted Breakthrough Therapy designation to its experimental treatment INCA033989 for a rare blood cancer. Incyte’s INCA033989 is an experimental monoclonal antibody to treat a specific form of essential thrombocythemia, a rare blood cancer that causes dangerously high platelet counts.
• Johnson & Johnson (JNJ) late-breaking abstract (LBA-6) showed strong progression-free survival and overall survival benefits in relapsed/refractory patients, potentially positioning this bispecific antibody combo as a new standard as early as first relapse.
• Pfizer (PFE) (elranatamab + iberdomide, MagnetisMM-30 trial) Phase 1b data demonstrated promising safety and efficacy for this bispecific + cereblon modulator combination in relapsed/refractory disease.
• Syndax (SNDX) and Kura Oncology (KURA) (ziftomenib combinations, KOMET-007 and others) Phase 1b results for the menin inhibitor ziftomenib + venetoclax/azacitidine in newly diagnosed NPM1-mutated AML showed encouraging responses. Additional combo data in relapsed/refractory settings were highlighted.

• Apple’s (AAPL) Senior vice President Johny Srouji of hardware technologies and one of Apple’s most respected executives recently told Cook that he is seriously considering leaving in the near future, Bloomberg reported. The news follows recent departures as Apple’s heads of artificial intelligence and interface design stepped down as well as its general counsel and head of governmental affairs.
• Confluent (CFLT) shares jump +28% pre mkt after the WSJ reported IBM is nearing a deal to buy the company for around $11B, and a deal could be announced as soon as Monday, citing people familiar with the matter. Confluent had a market value of around $8B as of Friday, while IBM’s was around $290B https://tinyurl.com/5n75b6a4
• Coreweave (CRWV) announces proposed $2B convertible Senior notes offering.
• Marvell Technology (MRVL) was downgraded to Hold from Buy at Deutsche bank and was snubbed by not being added to the S&P 500 index late Friday (Stephens analyst expected MRVL to join S&P 500 index). Also, Microsoft (MSFT) is in talks to design custom chips with Broadcom (AVGO), switching its business from Marvell (MRVL), which recently tried to win more business from Meta (META), the Information reported. https://tinyurl.com/yyrmh8n5
• ServiceNow (NOW) shareholders approve 5-for-1 stock split; Shareholders of record on 12/16 will receive 4 additional shares per 1 held, w/ distribution occurring after the close on 12/17.
• Synopsys (SNPS) upgraded to Neutral from Underperform at Bank America and cut tgt to $500 from $525.