OPENING CALL
Stock futures were steady on Tuesday in quiet holiday trading and ahead of the Federal Reserve's meeting minutes expected later in the day.
"It's a quiet news day today, and we expect market movements to be relatively stable," XTB said.
Investors are now awaiting the Fed meeting minutes as they look for clues on when and by how much interest rates could be cut next year. The Fed cut rates by 25 basis points for the third time in a row at its last meeting, though policymakers were divided, with two favoring unchanged rates and one preferring a 50 basis-point reduction.
The record is likely to show a difficult decision as the committee weighed conflicting signals from inflation, the labor market, and Trump's tariff policy.
On Monday, Trump said he is looking at next month for the announcement of the next Fed chair and revived a threat to sue over renovations at the Fed's headquarters.
Silver prices were on the rise again after the precious metal's biggest one-day fall in more than four years on Monday. They had traded above $80 an ounce in recent days. Gold contracts saw smaller gains but were also recovering from Monday's fall.
As the year comes to a close, there are limited corporate reports or economic data scheduled this week.
U.S. stock and bond markets will wrap up the year on Wednesday, then close on Thursday in observance of New Year's Day.
Stocks to Watch
Citigroup's board approved its plan to sell AO Citibank, which conducts Citi's remaining business in Russia, to Renaissance Capital.
Meta Platforms agreed to buy Manus, a Singapore-based artificial-intelligence startup with Chinese founders. Meta is closing the deal at more than $2 billion , The Wall Street Journal reported.
Watch For:
S&P CoreLogic Case-Shiller Home Price Index for October; Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI for December; FOMC Meeting Minutes and Economic Forecast
Today's Top Headlines/Must Reads:
-After a Year of Blistering Growth, AI Chip Makers Get Ready for Bigger 2026
-Emboldened Activist Investors Are Circling U.S. Banks
-Venture Capitalists Likely to Continue Pivoting Away From Climate in 2026
MARKET WRAPS
Forex:
The dollar fell as investors adopt a cautious stance ahead of the Fed's meeting minutes. If the minutes lean decisively towards further interest-rate cuts in 2026, this could weigh on the dollar , Tickmill Group said.
The euro remained steady versus the dollar , showing little reaction after data showed Spanish inflation eased in December.
Sterling traded steady against the dollar and euro in a quiet holiday-shortened week. With little on the economic calendar this week, sterling is left to trade on broader risk appetite.
Bonds:
Yields on Treasurys were steady.
Energy:
Oil traded up slightly
as geopolitical tensions continue to support prices.
Metals:
Gold prices stabilized after retreating Monday. In the near term, precious metals could see more volatile price action , with whipsaw moves likely to be driven by positioning and thin liquidity rather than a fundamental narrative, Sucden Financial.
Silver
Silver prices rose after falling heavily Monday. Silver prices have soared in 2025 and speculative trading has added to its momentum.
Copper
Copper was higher in early trading after giving up some gains overnight. Prices have been surging in recent months amid expectations of supply risks.
Iron
Iron ore edged higher in early trade amid expectations that Chinese steel mills will restock ahead of the holidays. However, iron ore's fundamentals remain weak as overseas shipments have been robust at year end , sending overall supply to a high level, Baocheng Futures said.
TODAY'S TOP HEADLINES
Meta Buys AI Startup Manus for More Than $2 Billion
Meta Platforms has agreed to acquire AI startup Manus, a Singapore-based company with Chinese founders that conducts deep research and performs other tasks for paying users.
Meta is closing the deal at more than $2 billion, according to people familiar with the acquisition. Manus was seeking a fresh round of fundraising with a valuation of $2 billion when Meta approached the startup, some of the people said.
After a Year of Blistering Growth, AI Chip Makers Get Ready for Bigger 2026
Driven by the explosive growth of artificial intelligence, the largest semiconductor companies in the world recorded more than $400 billion in combined sales in 2025, by far the biggest year for chips on record. Next year promises to be even bigger.
Yet the blistering pace of growth, fed by what CEOs and analysts describe as "insatiable demand" for computing power, has created a host of challenges, from shortages of vital components to questions about how and when AI companies will be able to generate reliable enough profits to keep buying chips.
Chinese Technology Firms Aim to Raise Over $1 Billion via IPOs
Hong Kong's initial-public-offering market is set to start the new year with a bang, as three Chinese technology companies line up to raise more than US$1 billion ahead of planned listings in the city early January.
A chip provider, a large artificial-intelligence-model developer and a surgical robot company aim to raise a total of 9.22 billion Hong Kong dollars via IPOs, equivalent to US$1.19 billion, according to fillings to Hong Kong's exchange operator on Tuesday.
Octopus Energy to Spin Off AI Arm Kraken at $8.65 Billion Valuation
SYDNEY-British renewable-energy startup Octopus Energy will spin off utility management platform Kraken Technologies at a valuation of $8.65 billion.
Octopus raised $1 billion in its first stand-alone funding round for Kraken, an artificial-intelligence platform used by global energy retailers, with more than 70 million customers between them.
Trump Is Warming to Cannabis, but Investors Aren't Impressed
President Trump likes to see the stock market rise when he delivers good news. Cannabis investors aren't cooperating.
The president signed an executive order in December telling the attorney general to reclassify marijuana as a less dangerous substance. Cannabis companies have lobbied hard for the move, and hoped it would boost the value of their stocks.
Fed Minutes Could Show How High the Bar Is for More Rate Cuts
Federal Reserve officials agreed to cut interest rates for a third and final time in 2025 at their meeting this month, but there were growing divisions over where policy heads next. That state of affairs, plus a confusing economic landscape, has put the focus on the minutes from the gathering, due to be made public on Tuesday.
Minutes from the Dec. 9-10 meeting, due out at 2 p.m. Eastern, cover the decision in favor of a quarter-point cut that lowered the target range for the federal-funds rate to 3.50%-3.75%. The record is likely to show a difficult decision as the committee weighed conflicting signals from inflation, the labor market, and President Donald Trump's tariff policy.
Trump eyes January for announcement of Powell replacement as he renews attacks on Fed chief
President Donald Trump on Monday said he's looking at next month for the announcement of a candidate to replace Federal Reserve Chair Jerome Powell and revived a threat to sue over renovations at the central bank's headquarters.
"January, sometime," Trump said in response to a question about timing for his pick for a new leader of the Fed. The president and Israeli Prime Minister Benjamin Netanyahu were meeting at Trump's Mar-a-Lago estate in Florida, and the remarks came at a news conference.
Trump Threatens New Military Action With Israel Against Iran
WEST PALM BEACH, Fla.-President Trump sided firmly with Israeli Prime Minister Benjamin Netanyahu on Monday, threatening new attacks against Iran, blaming Hamas for the stalled Gaza cease-fire, and calling again for Netanyahu to receive a pardon.
"I'm not concerned about anything that Israel is doing," Trump said during a joint news conference after their talks at Mar-a-Lago. But the president hinted at disagreements, calling Netanyahu a "strong man" who "can be very difficult on occasion."
Saudi Arabia Bombs Yemeni Port City Over Weapons Shipment From U.A.E.
The Saudi military said its air force bombed weapons shipments arriving at a Yemeni port city from the United Arab Emirates, escalating tensions between two oil-rich Persian Gulf allies that are increasingly torn over conflicting goals in Yemen's ongoing civil war.
The airstrikes, which came early Tuesday morning local time, mark the second time in a week that the Saudis have struck the Southern Transitional Council, a Yemeni militia backed by the U.A.E. that has made significant gains against Riyadh-supported fighters this month.
Growing Iran Protests Put New Pressure on an Embattled Regime
Protests over Iran's falling currency grew as they spread across Iran, increasing the pressure on a government already struggling with an economic crisis and shattered defenses after a war with Israel.
Footage posted on social media shows protests Monday at an upmarket mall near Tehran's sprawling bazaar. In one video, demonstrators can be heard chanting "azadi," the Farsi word for freedom. Another shows security forces in riot gear confronting the protesters and firing tear gas. The footage was verified by Storyful, which is owned by News Corp, the parent company of The Wall Street Journal.
Chinese Military Drills Send 'Stern Warning' After U.S. Arms Sales to Taiwan
TAIPEI-China launched major military exercises in the waters and airspace around Taiwan Monday in what it called a "stern warning" against outside interference in Chinese affairs, as tensions grow with the U.S. and Japan over the security of the island.
(MORE TO FOLLOW) Dow Jones Newswires
12-30-25 0612ET
