OPENING CALL

Stock futures were up as investors' focus turned to key data and central banks decisions.

All eyes will be on the delayed November jobs report and CPI inflation reports later this week for more cues on the Federal Reserve's policy outlook. A series of Fed policymakers are also due to speak.

"The question for many right now is the pace of Fed easing next year," FP Markets said.

Kudotrade said a weak print would further strengthen expectations for multiple rate cuts in 2026 , keeping pressure on both the dollar and U.S. yields. Upcoming data "could define market direction in the weeks ahead," it added.

On Friday, Trump told the WSJ he was considering former Fed governor Kevin Warsh to become the next Fed Chair along with his advisor Kevin Hassett . He said the next Fed Chair should consult him on monetary policy and thinks rates should be cut to 1% or lower, fuelling concerns about Fed independence risks.

After the Fed cut interest rates on Wednesday, other influential central banks are making monetary-policy decisions this week. The European Central Bank is expected to keep its key rate at 2%, while the Bank of England is forecast to cut by 0.25 percentage point, its sixth rate reduction of the cycle.

Indexes have hit a rocky patch this month, as worries around the artificial-intelligence boom have knocked technology stocks. On Monday, U.S. AI-related stocks edged up premarket as the sector recovered slightly from a bruising end to last week.

The earnings calendar for this week includes results from Nike, FedEx and Micron.

Stocks to Watch

Alibaba and Baidu: The companies' American depositary receipts declined premarket, tracking Friday's declines in U.S. technology stocks. Plus, data released Monday showed the Chinese economy is weakening.

Calavo Growers said it is still considering an acquisition proposal it received, along with alternative ways to create value, such as a buyback or dividend boost. Shares rose 1.7% after the bell.

Shares of EchoStar, which supplies wireless spectrum to SpaceX, rose about 4% premarket after SpaceX confirmed a Wall Street Journal report that it is preparing to go public next year . Shares in SpaceX rival Rocket Lab (RKLB) also rallied.

iRobot declared bankruptcy over the weekend . It said customer service and app functionality will continue normally during the restructuring. Shares tumbled more than 80% before the bell.

Newmont and Freeport-McMoRan: Shares of the mining companies rose premarket as gold prices headed for a new record closing high.

Sanofi said that a U.S. regulatory decision on an experimental multiple sclerosis treatment would be delayed again, and that a late-stage trial missed its main goal. Shares in France dropped 4%.

Semler Scientific said it would cut about 37% of its workforce as part of a strategic realignment. The stock rose 1.9% post market.

Watch For:

Canada Housing Starts for November; Canada CPI for November

Today's Top Headlines/Must Reads:

-Why Everyone Got Trump's Tariffs Wrong

-The Cult of Kohl's Cash

-Why Germany Wants a Divorce With China

MARKET WRAPS

Forex:

The dollar stayed weak as expectations for further U.S. interest-rate cuts weighed.

The euro was steady. The euro's direction versus the dollar this week largely hinges on the U.S. nonfarm payrolls report and the ECB's policy decision, ING said.

Sterling has the potential to rise significantly on any positive surprises stemming from this week's U.K. data and the Bank of England's policy decision Thursday, ING said.

Positive surprises could include better-than-forecast U.K. jobs data , higher-than-anticipated inflation data Wednesday or the BOE sounding more cautious about cutting rates than expected.

Bonds:

Treasury yields declined.

The Treasury curve was expected to steepen, driven by the short end, Citi said.

"We hold a bull steepening bias into 2026 due to growing risks for the unemployment rate to move higher either due to increased layoffs or a continued bounce back in the labor force participation rate."

The Fed's relatively shallow easing cycle explained high Treasury yields, Capital Economics said.

"The bond market is shifting towards pricing out further rate cuts and, in some cases, starting to consider hikes as the most likely next move, thereby putting upward pressure on yields across the curve."

Energy:

Oil prices edged higher in early trading, though gains were capped by diplomatic efforts to end the war in Ukraine and concerns of an oversupplied market.

Metals:

Gold prices climbed on a softer dollar and as investors awaited the release of key U.S. data.

Gold Chart

Comex gold futures were seeking to test resistance at $4,400/oz, based on the daily chart, RHB Retail Research said. The latest positive price movements reaffirm that gold bulls are still in the "driver's seat."

Copper

Copper rose. The base metal's ascent is unlikely to be derailed on strong fundamentals, ANZ said. "We are bullish on copper and expect the market to move further into deficit in 2026 ."

Iron

Iron ore prices were lower in early trading due to weak fundamentals. Demand for the metal remains at low levels, weighing on prices, Baocheng Futures said. 


   TODAY'S TOP HEADLINES

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The banking giant's $4 trillion asset-management arm is rolling out its first tokenized money-market fund on the Ethereum blockchain. JPMorgan will seed the fund with $100 million of its own capital, and then open it to outside investors on Tuesday.

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12-15-25 0620ET