The stock market remains poised for a higher opening this morning as tech names rise in the premarket. 

Chipmakers are mostly higher this morning, with some excitement around the industry after Baidu's (BIDU 144.50, +13.84, +10.6%) chipmaker segment filed for an IPO. 

The S&P 500 futures currently trade 39 points above fair value.

Equity indices in the Asia-Pacific region began January on a higher note with South Korea's Kospi (+2.3%) rallying to a fresh record while markets in China, Japan, and New Zealand were closed for New Year's Day. South Korea's Manufacturing PMI (50.1) returned to a slight expansion in December. Baidu applied to list its AI chip unit in Hong Kong. Auto stocks listed in Hong Kong had a strong showing after bullish electric vehicle sales figures for December. Business leaders in Japan are reportedly hoping for a strong yen to offset the higher cost of imports.

• In economic data:
  • South Korea's December Manufacturing PMI 50.1 (last 49.4)
  • Singapore's Q4 GDP 1.9% qtr/qtr (last 2.4%); 5.7% yr/yr (last 4.3%). Q4 URA Property Index 0.7% qtr/qtr (last 0.9%)
  • Hong Kong's November Retail Sales 6.5% yr/yr (last 6.9%)
  • Australia's December Manufacturing PMI 51.6 (expected 52.2; last 51.6)
  • India's December Manufacturing PMI 55.0 (expected 55.7; last 56.6)

---Equity Markets---

• Japan's Nikkei: CLOSED
• Hong Kong's Hang Seng: +2.8% 
• China's Shanghai Composite: CLOSED 
• India's Sensex: +0.7%
• South Korea's Kospi: +2.3% 
• Australia's ASX All Ordinaries: +0.2%

Major European indices trade in the green with technology stocks and defense names among the leaders. Chip equipment supplier ASML is among the outperformers, nearing its record high from mid-2024. Final December Manufacturing PMI readings from the region were generally disappointing with the eurozone's reading (48.8) showing a deepening contraction relative to November (49.6).

• In economic data:
  • Eurozone's December Manufacturing PMI 48.8 (expected 49.2; last 49.6). November M3 Money Supply 3.0% yr/yr (expected 2.7%; last 2.8%), November Private Sector Loans 2.9% yr/yr (expected 2.8%; last 2.8%), and November Loans to nonfinancials 3.1% yr/yr (last 2.9%)
  • Germany's December Manufacturing PMI 47.0 (expected 47.7; last 48.2)
  • U.K.'s December Manufacturing PMI 50.6 (expected 51.2; last 51.2). Nationwide HPI -0.4% m/m (expected 0.1%; last 0.3%); 0.6% yr/yr (expected 1.2%; last 1.8%)
  • France's December Manufacturing PMI 50.7 (expected 50.6; last 47.8)
  • Italy's December Manufacturing PMI 47.9 (expected 50.0; last 50.6)
  • Spain's December Manufacturing PMI 49.6 (expected 51.2; last 51.5)

---Equity Markets---

• STOXX Europe 600: +0.6% 
• Germany's DAX: +0.4%
• U.K.'s FTSE 100: +0.6%
• France's CAC 40: +0.7%
• Italy's FTSE MIB: +0.9% 
• Spain's IBEX 35: +1.0% 

The S&P 500 futures currently trade 39 points above fair value. 

All of the "magnificent seven" stocks are higher in the premarket, boosting equity futures this morning. 

Tesla (TSLA 455.85, +6.13, +1.4%) holds one of the widest gains ahead of the company's Q4 sales report today.

Reuters reported that Tesla registrations fell in France and Sweden but rose in Norway. 

Equity futures point to a higher opening as the stock market gears up for its first session of 2026. Mega-cap and tech names, which were among the laggards in Wednesday's action, are mostly higher in the premarket. 

Stocks have drifted lower since the S&P 500 notched an all-time intraday high last Friday morning, with losses this week negating last week's advance. The major averages still finished the year with double-digit growth, but the market has been left uninspired over the last week amid a lack of catalysts and a "Santa Claus rally" that never really materialized. 

While the market is still in search of its next clear directional driver, there is a smattering of corporate headlines this morning, which contributes to the more optimistic standing of equity futures. 

A few positive trade headlines are crossing the wires this morning, with Bloomberg reporting that the Trump administration is delaying tariffs on upholstered furniture and cabinets. 

On the data front, market participants will receive the final December reading of the S&P Global U.S. Manufacturing PMI at 9:45 a.m. ET, followed by the November Construction Spending Report at 10:00 a.m. ET. 

In corporate news:

• SpaceX, OpenAI and Anthropic are all preparing IPOs this year, according to Financial Times.
• Apple (AAPL 273.20, +1.34, +0.5%) is lowering its Vision Pro production amid low sales, according to Financial Times. 
• Warren Buffett retires from his role as Berkshire Hathaway (BRK.B 502.00, -0.65, -0.1%) CEO, according to NBC News. 
• Tesla (TSLA 457.00, +7.28, +1.6%) Q4 sales are expected to decline 11%. The company will report sales later today, according to Bloomberg.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region began January on a higher note with South Korea's Kospi (+2.3%) rallying to a fresh record while markets in China, Japan, and New Zealand were closed for New Year's Day. Japan's Nikkei: CLOSED, Hong Kong's Hang Seng: +2.8%, China's Shanghai Composite: CLOSED, India's Sensex: +0.7%, South Korea's Kospi: +2.3%, Australia's ASX All Ordinaries: +0.2%.

In news:

• South Korea's Manufacturing PMI (50.1) returned to a slight expansion in December.
• Baidu applied to list its AI chip unit in Hong Kong.
• Auto stocks listed in Hong Kong had a strong showing after bullish electric vehicle sales figures for December.
• Business leaders in Japan are reportedly hoping for a strong yen to offset the higher cost of imports.

In economic data:

• South Korea's December Manufacturing PMI 50.1 (last 49.4)
• Singapore's Q4 GDP 1.9% qtr/qtr (last 2.4%); 5.7% yr/yr (last 4.3%). Q4 URA Property Index 0.7% qtr/qtr (last 0.9%)
• Hong Kong's November Retail Sales 6.5% yr/yr (last 6.9%)
• Australia's December Manufacturing PMI 51.6 (expected 52.2; last 51.6)
• India's December Manufacturing PMI 55.0 (expected 55.7; last 56.6)

Major European indices trade in the green, with technology stocks and defense names among the leaders. STOXX Europe 600: +0.4%, Germany's DAX: +0.4%, U.K.'s FTSE 100: +0.4%, France's CAC 40: +0.4%, Italy's FTSE MIB: +0.6%, Spain's IBEX 35: +0.6%.

In news:

• Chip equipment supplier ASML is among the outperformers, nearing its record high from mid-2024.
• Final December Manufacturing PMI readings from the region were generally disappointing with the eurozone's reading (48.8) showing a deepening contraction relative to November (49.6).

In economic data:

• Eurozone's December Manufacturing PMI 48.8 (expected 49.2; last 49.6). November M3 Money Supply 3.0% yr/yr (expected 2.7%; last 2.8%), November Private Sector Loans 2.9% yr/yr (expected 2.8%; last 2.8%), and November Loans to nonfinancials 3.1% yr/yr (last 2.9%)
• Germany's December Manufacturing PMI 47.0 (expected 47.7; last 48.2)
• U.K.'s December Manufacturing PMI 50.6 (expected 51.2; last 51.2). Nationwide HPI -0.4% m/m (expected 0.1%; last 0.3%); 0.6% yr/yr (expected 1.2%; last 1.8%)
• France's December Manufacturing PMI 50.7 (expected 50.6; last 47.8)
• Italy's December Manufacturing PMI 47.9 (expected 50.0; last 50.6)
• Spain's December Manufacturing PMI 49.6 (expected 51.2; last 51.5)

[BRIEFING.COM] The stock market's final session of 2025 was low in volume and largely devoid of catalysts, leaving the S&P 500 (-0.7%), the Nasdaq Composite (-0.8%), and the DJIA (-0.6%) to steadily drift lower in broad fashion. 

The major averages finished December mixed, with the outperformance of many cyclical stocks pushing the DJIA (+0.7% month-to-date) higher, while the S&P 500 (-0.1% month-to-date) finished flattish, and the tech-heavy Nasdaq Composite (-0.5% month-to-date) finished lower. 

Today's retreat encompassed a wide variety of stocks, with all eleven S&P 500 sectors finishing lower. Sector losses ranged from 0.4% (communication services) to 1.0% (real estate), with most sectors finishing at session lows amid a late-afternoon pickup in selling activity. 

The top-weighted information technology sector (-0.9%) was one such sector that lagged late in the trade. NVIDIA (NVDA 186.50, -1.04, -0.55%) previously held a gain, which helped limit losses earlier in the session following a Reuters report that the company approached Taiwan Semiconductor Manufacturing (TSM 303.89, +4.31, +1.44%) to increase production of its H200 chip amid growing demand in China. A separate Reuters report stated that TSM, which is not a component of the S&P 500, was granted an annual U.S. approval for chip-making exports to China.

All of the information technology sector's components closed with a loss. 

The consumer discretionary sector (-0.8%) at least had one component trade higher, being NIKE (NKE 63.71, +2.52, +4.12%), by far the best-performing S&P 500 name today. The stock was lifted by a disclosure that showed CEO Elliot Hill purchased 16,388 shares of common stock, which follows a 50,000-share purchase by Apple (AAPL 271.86, -1.22, -0.45%) CEO and Nike Director Tim Cook one week ago. 

The materials sector (-0.9%) was another underperformer, as precious metal prices slid following the CME Group raising the margin requirements on precious metals futures for the second time in a week. Silver led the retreat, settling today's session $7.30 lower (-9.4%) at $70.63 per ozt, while gold settled $44.00 lower (-1.0%) at $4,342.30 per ozt. Precious metals producer Newmont Corporation (NEM 99.85, -2.01, -1.97%) was unsurprisingly a laggard. 

Outside of the S&P 500, the Russell 2000 (-0.8%) and S&P Mid Cap 400 (-1.1%) furthered the recent trend of underperformance in comparison to their larger-cap counterparts. 

Stocks across the market closed out the year on a subdued note, as this week's broad pullback erased most of last week's gains and stalled the Santa Claus rally soon after it began. The near-term trend skews negative as the market searches for fresh catalysts. Still, stocks posted strong gains in 2025, with the major averages all capturing double-digit gains for the year. 

U.S. Treasuries finished 2025 on a modestly lower note, with the 10-year note yield (+4 basis points to 4.17%, -40 basis points in 2025) settling near the midpoint of this year's range, while the 2-year note yield (+3 basis points to 3.48%, -77 basis points in 2025) finished not far above its 2025 low as the Fed made three cuts to the fed funds rate range since the end of 2024. Today's session was largely uneventful, save for a couple waves of selling that lifted yields to their highest levels of the week.

Bond and equity markets will be closed for the New Year's Day holiday tomorrow, followed by a full session on Friday. 

• Nasdaq Composite: +20.4% YTD
• S&P 500: +16.4% YTD
• DJIA: +13.0% YTD
• Russell 2000: +11.3% YTD
• S&P Mid Cap 400: +5.9% YTD

Reviewing today's data:

• Initial jobless claims for the week ending December 27 decreased by 16,000 to 199,000 (Briefing.com consensus 226,000) from last week's revised rate of 215,000 (from 214,000), while continuing claims for the week ending December 20 decreased by 47,000 from last week's revised rate of 1.913 million (from 1.923 million) to 1.866 million.
  • The key takeaway from the report is that initial claims decreased unexpectedly, coming in below 200,000 for just the second time this year. This should be encouraging to a market that has grown more sensitive to signals from the labor market.