Early Look

Tuesday, December 30, 2025

U.S. stock index futures steadied on Tuesday, a day after the three main indexes logged their steepest one-day decline in nearly two weeks as technology stocks came under renewed selling pressure. The S&P 500 index came within the 1% range of the 7,000-point mark and the Dow Jones Industrial Average closed at a record high last week, with some investors hoping for a “Santa Claus” rally where the S&P 500 typically posts gains in the last five trading days of the year and the first two in January, according to Stock Trader’s Almanac. The indexes are set for a robust December, with the S&P 500 and the Dow on track for their eighth consecutive month of gains, their longest monthly winning streak since 2017. Stocks and precious metals both tumbled on Monday, as equity bears emerged. Silver dropped more than 8% after touching record highs above $83 an ounce overnight while gold fell over 4%. Attention on metals sharpened ahead of Jan. 1, when China’s Ministry of Commerce is set to roll over export controls that require government licenses for outbound silver shipments. In Asian markets, The Nikkei Index fell -187 points to 50,339, the Shanghai Index was little changed at 3,965, and the Hang Seng Index rose 219 points to 25,854. In Europe, the German DAX rises 76 points to 24,427, while the FTSE 100 is up 33 points to 9,899. On tap today, are minutes from the Federal Reserve’s December 9-10 meeting, where it delivered an expected 25-basis-point cut, and took a cautious stance on further reductions until there was more clarity on the health of the U.S. labor market. Trading volumes are expected to be light in the holiday-affected week with U.S. markets shut on Thursday for New Year’s Day.

• The Dow Jones Industrial Average fell -249.04 points, or 0.51%, to 48,461.93
• The Nasdaq Composite dropped -118.75 points, or 0.50%, to 23,474.35
• The Russell 2000 Index declined -14.55 points, or 0.57%, to 2,519.80

• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 9:00 AM ET                  Monthly Home Prices M/M for October
• 9:00 AM ET                  CaseShiller 20-city Index M/M for October
• 10:30 AM ET                Dallas Fed Service for December
• 2:00 PM ET FOMC Minutes released from prior meeting
• 4:30 PM ET API Weekly Inventory Data

• China NBS Non-Manufacturing PMI for December

• Shares of South Korean battery material maker L&F dropped more than 9% on Tuesday, after a sharp cut in a supply deal with U.S. electric-vehicle maker Tesla – Reuters.

• Oil prices are extending Monday’s gains as traders weigh geopolitical tensions from Russia to Venezuela and Iran against concern about a glut.
• Venezuela started shutting wells in a region that holds the world’s largest deposits of oil in the face of a blockade by the Trump administration meant to financially squeeze the nation – Bloomberg.
• Russian crude oil flows to India this month are on track to hit the lowest level in three years, though volumes may rise early next year after Reliance Industries Ltd. resumed purchases – Bloomberg

• Minutes of the Federal Reserve’s December 9-10 policy meeting are at 2:00 pm et, expected to shed fresh light on disagreements among policymakers over a decision to reduce short-term rates a third straight time and signal a near-term hold on rates in 2026. The Fed’s quarter-point cut in the policy rate range, to 3.50%-3.75%, drew three dissents – two from Fed bank presidents who felt no cut was needed, and one from Fed Governor Stephen Miran who, for the third time since he joined the Fed in September, was the sole proponent of a bigger half-point cut.

• Verastem (VSTM) discontinued a trial of its experimental drug to treat mutant non-small cell lung cancer (NSCLC) after evaluating interim data.

• Meta (META) said it would acquire Chinese-founded artificial Intelligence startup Manus, as the technology giant accelerates efforts to integrate advanced Ai across its platforms. Financial terms of its transaction with Manus were not released, but a source said the deal values the Singapore-based firm at between $2B and $3B – Reuters.
• China is requiring chipmakers to use at least 50% domestically made equipment for adding new capacity, three people familiar with the matter said, as Beijing pushes to build a self-sufficient semiconductor supply chain – Reuters.