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The stock market faced some mild post-Christmas indigestion on Monday, but even with that slight dip, the major averages remain not far from their best levels of the year with just two sessions remaining in 2025. The market is angling for a steady start today with the S&P 500 futures trading three points below fair value.

Yesterday's biggest moves were seen in the commodity market, and some of those moves are being challenged today with silver up nearly $5/ozt (+7.0%) and gold futures rising more than $50/ozt (+1.2%). Copper has also bounced, rising nearly $0.16, or 2.8%, past $5.70/lb.

The materials sector was yesterday's worst performer, but the early strength in metals suggests that the sector will be among the leaders at the start of today's session.

The overnight news flow was understandably subdued, though it is worth noting that Samsung and SK Hynix received U.S. approval to ship chip fabrication tools to China. There were additional reports that the U.S. plans to establish an annual mechanism for granting these licenses.

President Trump has kept busy, renewing his criticism of Fed Chairman Powell. He also acknowledged that the U.S. struck a drug loading dock in Venezuela and threatened Iran with more action if Iran restarts its nuclear program.

Treasuries are off to a modestly lower start after a steady night in the futures market with the 10-yr yield rising one basis point to 4.13%.

The New York Stock Exchange will be open for a full session tomorrow, but many international markets will be closed. To that end, markets in Japan, South Korea, Germany, Switzerland, and Italy will not be open tomorrow while markets in Australia, New Zealand, Hong Kong, France, Spain, and the U.K. will close early.