OPENING CALL
Stock futures rose as tech stocks continued their rally and ahead of economic data releases in a holiday-shortened trading week.
"Even though the market may feel turbulent in recent weeks, stocks have largely stayed range-bound so far in December," Bellwether Wealth said. "The year-end seasonal strength may just be the catalyst we need for the market to break out of its narrow trading range."
Gold prices hit a new high on Monday, surging past the $4,400-an-ounce mark. Growing expectations of further Federal Reserve interest-rate cuts next year and heightened geopolitical risks increased safe-haven demand. Silver futures and platinum also rose.
Advance-estimate gross domestic product data for the third quarter on Tuesday, Dec. 23 will likely be the highlight among the data releases over the coming two weeks. Any weakness could add to prospects of Fed interest-rate cuts.
"We believe the latest numbers point to the U.S. economy being in a good place , but risks remain. Surveys point to unease among households about job-market prospects, and there have been numerous high-profile job cut announcements citing AI and cost-cuts," BNP Paribas said. It expects the Fed's next rate cut to be in March.
There is little in the way of scheduled corporate releases or central bank news, though investors will watch for developments in the takeover battle for Warner Bros. Discovery, as well as the selection process for the next Fed chair .
The stock market closes at 1 p.m. on Wednesday and is closed Thursday for Christmas. It reopens for regular trading on Friday.
Stocks to Watch
Altria: The Food and Drug Administration cleared nicotine pouches made by Altria's Helix Innovations unit for sale in the U.S.
Baidu is teaming up with Uber $(UBER)$ and Lyft $(LYFT)$ to begin trials of self-driving vehicles in the U.K. Baidu shares gained 1.4% in Hong Kong. Uber and Lyft shares rose around 1% premarket.
Clearwater Analytics: Private-equity firms led by Permira and Warburg Pincus agreed to buy the maker of investment-and-accounting software in an $8.4 billion deal . Shares jumped 7% before the market opened.
Comcast: Universal Studios is in early planning stages to build a new theme park in Saudi Arabia, The Wall Street Journal reported.
Medtronic: MiniMed, a subsidiary that makes medical technology for diabetes patients, filed to go public. It said part of the proceeds would be used to repay debt owed to its parent.
Rocket Lab's shares rallied premarket, set to build on an 18% jump in the previous session. The company said its new deal to build satellites for the Space Development Agency-the spark for Friday's rally-is its largest single contract yet.
Tesla won a yearslong legal battle in Delaware over a record-breaking 2018 pay package for Elon Musk. Shares rose 1.5% premarket.
Trustco Bank plans to buy back 2 million shares. The stock advanced 1.5% after the bell.
Watch For:
Canada Industrial Product and Raw Materials Price Indexes for November
Today's Top Headlines/Must Reads:
-How Beijing Built an Arms Industry to Rival the West
-One of Elon Musk's Old Enemies Joins the Race to Run GM
-America's Seniors Are Overmedicated
MARKET WRAPS
Forex:
The dollar traded steady as investors look ahead to a few U.S. economic data releases this week.
The greenback faces further depreciation next year but on a more modest scale compared to this year , MUFG said.
Sterling rose after the U.K. GDP data while the euro fell.
The euro could remain rangebound versus the dollar on Monday given a sparse eurozone data calendar this week and holiday-thinned liquidity, Monex Europe said.
Bonds:
Treasury yields rose, reversing last week's falls. They tracked a rise in Japanese government bond yields after the Bank of Japan raised interest rates on Friday, with a further increase looking likely.
Energy:
Oil prices rose in early trading as the U.S. ramped up pressure on Venezuela, raising concerns over supply disruptions in the region.
"These geopolitical developments have helped put a floor under oil prices , as faster than expected OPEC+ output increases, rising production outside the group, and subdued global demand have kept the market oversupplied," said MUFG.
Metals:
Prices of gold and silver climbed to new records on the back of geopolitical tensions that typically enhance their safe-haven allure.
Iron
Iron ore rose. Prices were likely to trade in a sideways range as it faces supply-related pressures from increased shipments while seeing support from steel mill profit rebounds after cuts in production, driving inventories below seasonal norms, Nanhua Futures said.
TODAY'S TOP HEADLINES
What Does Lululemon Need: Discipline or Inspiration?
What kind of leader does it take to turn around an ailing brand? Lululemon is about to become the next case study.
Activist Elliott Investment Management is betting that it takes a leader with managerial chops. It recently has taken a roughly $1 billion stake in Lululemon and is pushing for Jane Nielsen, a former Ralph Lauren chief financial and operating officer, to take the top job at the athletic apparel company. Lululemon announced two weeks ago that its chief executive officer, Calvin McDonald, would step down.
Coty Names New Interim CEO Amid Strategic Review
Cosmetics giant Coty appointed Markus Strobel as interim chief executive and board chair, effective Jan. 1, as part of a broader leadership overhaul amid a review of its consumer-beauty strategy.
Strobel will succeed CEO Sue Nabi and board chair Peter Harf, taking the leadership position "at a pivotal moment...with a strategic review of the Consumer Beauty business under way," Coty said in a statement Monday.
Harbour Energy Pushes Into U.S. With $3.2 Billion Deal for LLOG Exploration
Harbour Energy said it is buying LLOG Exploration for $3.2 billion, expanding into the U.S. as part of a strategy to bulk up its operations through dealmaking.
London-listed Harbour said Monday that the deal allows it to deliver on a longstanding goal of entering into the Gulf of Mexico, which the U.S. now calls the Gulf of America, while adding oil-producing assets with growth potential.
Gold Rockets to Record High on U.S. Rate-Cut Hopes, Haven Demand
Gold prices reached a record high on Monday, surging past the $4,400-an-ounce mark on growing expectations of further U.S. interest-rate cuts next year and heightened geopolitical risks spurring safe-haven demand.
Futures in New York climbed 1.3% to $4,445.70 an ounce in early European trading after reaching $4,453 earlier in the session, while spot gold rose 1.3% to $4,388.77 an ounce. The precious metal has risen around 68% this year and is on track for its biggest gain since the inflationary shock of 1979.
Ten-Year JGB Yield Hits 26-Year High After BOJ Rate Increase
Japanese government bond yields continued their ascent, with the 10-year yield hitting a 26-year high, on expectations for further rate increases by the Bank of Japan after the central bank raised its rate to the highest in three decades on Friday.
The 10-year yield rose 8.0 basis points to 2.100% on Monday, its highest level since February 1999.
Fed's Hammack Is Inflation-Wary and Prefers Holding Rates Steady Into the Spring
Cleveland Fed President Beth Hammack said she doesn't see any need to change interest rates for several months after the central bank cut rates at its last three meetings.
Hammack has opposed recent rate cuts because she is more worried about elevated inflation than the potential labor-market fragility that prompted officials to lower rates by a cumulative 0.75-point over the past several months. Hammack wasn't a voting member on the rate-setting committee this year but will become a voter next year.
How Beijing Built an Arms Industry to Rival the West
In 2016, Beijing launched a new aerospace conglomerate called Aero Engine Corp. of China. It had a challenging mandate: to develop top-line aircraft engines, a technology China had long struggled to master.
Less than a decade later, Beijing's newest stealth fighters are entering service with what officials call "Chinese hearts," or indigenously made engines.
Justice Department Official Says It Pulled Some Epstein Files to Redact Victims
A top Justice Department official said Sunday that the agency temporarily removed some newly public Jeffrey Epstein files to address complaints from victims about the agency's failure to redact their images or information.
The Justice Department removed more than a dozen photos on Saturday, including one with an image of President Trump, shortly after they were released as mandated by Congress. Friday's release was criticized by lawmakers for falling short of their demands: The agency didn't release all of its materials and some of the documents were heavily redacted.
Returning Russian POWs Pay Heavy Price for Choosing Surrender Over Death
When a self-described patriotic, middle-aged Russian soldier was released from a prisoner-of-war camp in Ukraine earlier this year, he called his family to tell them he was alive, free and back on Russian soil. As the phone was passed around, he told them he might be back in time for his son's birthday in a few weeks' time.
He never made it. Instead, he was subjected to weeks of questioning by Russia's security services-then sent back to the front. Soon he went missing again on the front lines near the occupied Ukrainian city of Donetsk. This time, his relatives fear he is dead. One likened the situation to being caught in a circle of hell.
U.S. Coast Guard Chasing Another Tanker Involved in Shipping Venezuela Oil
(MORE TO FOLLOW) Dow Jones Newswires
December 22, 2025 05:59 ET (10:59 GMT)
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