Futures Flat Ahead Of Final Macro Data Dump Of 2025

Futures Flat Ahead Of Final Macro Data Dump Of 2025 US equity futures are flat, pointing to a muted open off the overnight session highs on the last full trading session before Christmas, as traders await the last remaining data sets of 2025 to see whether they could materially change expectations for Federal Reserve interest-rate cuts. As of 8:0am ET, the S&P 500 is little changed after a three-day rally that has pushed the benchmark within reach of a new all-time high; Nasdaq futures are down 0.1% with Mag 7 names mixed. European stocks are buoyed by a 7% surge in the shares of Novo Nordisk after the Danish firm won US approval to sell a pill version of its obesity drug Wegovy. US Treasuries steadied after days of losses, with the 10-year yield declining two basis points to 4.15%. The dollar fell to the lowest level since October. Gold extended its record-breaking run, setting sights on $4,500 an ounce. Copper rose past $12,000 a ton for the first time. Bitcoin fell again, failing to stage even a modest rebound. The US calendar includes ADP weekly employment change (8:15am), 3Q GDP (8:30am), November industrial production (9:15am), December Richmond Fed manufacturing index, consumer confidence (10am). In premarket trading, Mag 7 stocks are mixed: (Tesla +0.4%, Alphabet is little changed, Microsoft +0.07%, Apple -0.05%, Amazon -0.1%, Meta is little changed, Nvidia -0.4%) Gold, silver and copper mining and royalty stocks climb as the metals continued to hit record highs amid rising geopolitical tensions. Barrick Mining (B) rises 1% while Hudbay Minerals (HBM) gains 1%. Invivyd (IVVD) climbs 1% after the FDA granted a fast track designation for the biotech’s investigational vaccine-alternative monoclonal antibody candidate for Covid prevention in individuals with underlying risk factors for severe Covid. Sable Offshore Corp. (SOC) soars 25% after the company said that the US Department of Transportation Pipeline and Hazardous Materials Safety Administration approved the firm’s Las Flores pipeline restart plan. Zim Integrated Shipping Services (ZIM) climbs 8% after the company said it is evaluating proposals from multiple potential buyers. The review of strategic alternatives is in advanced stages. In corporate news, department stores group Saks, facing limited options ahead of a more than $100 million debt payment due at the end of this month, is considering Chapter 11 bankruptcy as a last resort, according to people with knowledge of the situation. Johnson & Johnson was ordered to pay about $1.56 billion to a Maryland woman who blamed the company’s talc-based baby powder for causing her asbestos-linked cancer, the largest such jury verdict for an individual in 15 years of litigation. And Nvidia’s biggest Southeast Asian chip customer is facing a smuggling investigation. The latest three-day rally pushed US stocks fractionally into positive territory for the month after a turbulent start to December. Preserving those gains until the end of December would extend this winning streak to an eighth month, the longest such run since 2018. Meanwhile, volatility is collapsing. With the VIX index at 14.11, implied...

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