U.S. stock futures are relatively flat in premarket trading after falling in Monday’s session. Investors sold off some of this year’s big tech winners, with artificial technology plays taking a hit yesterday.

Trading volumes have been light in holiday trading as traders have been cautious heading into the end of the year. Investor focus will be on data with Home Prices due along with the Fed Minutes this afternoon.

The Minutes may give clarity on future rate cuts in 2026 with the market pushing out expectations to the June meeting on recent economic data including positive GDP and inflation numbers.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are up 0.3% near $58.25 a barrel after rising more than 2% in the previous session, partly driven by spillover from a pullback in precious metals even as escalating Russia–Ukraine tensions left markets grappling with supply disruption fears.
• Oil prices surged more than 2% on Monday and remained supported through the European AM, as geopolitical risk fuels short term supply concerns. Russia's foreign minister said the country's negotiating position would change following alleged strikes on President Putin's residence.
• And while the U.S. and Ukraine said a "lot of progress" had been made after a meeting between U.S. President Trump and Ukrainian President Zelensky on Sunday, there was no real breakthrough, with some "thorny" issues still remaining. That means sanctions against Russia will remain in place for the foreseeable future.
• At the same time, tensions between the U.S. and Venezuela seem to be escalating and Venezuela reportedly began shutting wells. Meanwhile, Trump said on Monday the U.S. had struck a loading facility in Venezuela. Adding to short term supply risks was Trump's threat to target Iran if it continues with its ballistic missiles program.
• Looking ahead, the market is still heading for a supply glut next year and OPEC+ is expected to stick with the planned pause in output hikes at the next meeting, scheduled for January 4.
• Gold (/GC) – Gold is up over 1.6% near $4400 to recover from a two-week low hit in the previous session on year-end profit-taking that sparked a broad pullback in precious metals from earlier peaks. Silver futures (/SI) are up over 7.5% and are bouncing off of yesterday’s losses.
• Bitcoin (/BTC) – The Crypto Future is up 1% near 88,300 in premarket trading.
• VIX – The CBOE Volatility Index was up 4.4% on Monday and settled at 14.20 as stocks were lower. Despite the move higher, the VIX remains near 12-month lows as stocks are close to record highs.
• U.S. Dollar (/DX) – The dollar is about flat at 97.8.

Biggest Premarket Movers (as of 7 AM ET - Mark % Change)

1. Molina Healthcare (MOH): +2.38%
2. Newmont (NEM): +2.34%
3. Freeport-McMoRan (FCX): +1.79%
4. Super Micro Computer (SMCI): +1.33%
5. Qnity Electronics (Q): +0.85%

1. Netflix (NFLX): -0.31%
2. Microsoft (MSFT): -0.20%
3. Apple (AAPL): -0.19%
4. CRH Public (CRH): -0.19%
5. Amazon (AMZN): -0.12%

Economic Data

• 9:00 AM ET: FHFA House Price Index, Case-Shiller Home Price Index
• 9:45 AM ET: Chicago PMI
• 2:00 PM ET: FOMC Minutes

Notable Earnings

• Premarket: None
• Postmarket: None
• Premarket Tomorrow: None
• Postmarket Tomorrow: None

Upgrades/Downgrades

• Argus upgrades BHP Group (BHP) to Buy from Hold

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