Stock Market Update

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)