Good morning. We’re kicking off the last week of 2025 in a rather subdued manner, though the frozen rain around NYC caused some excitement for me this morning as I almost did the penguin toboggan slide down my walkway. We’ll end the year with another short week as we celebrate New Year’s on Thursday. Before that though, S&P futures are trading lower as geopolitical tensions command more attention this morning and tech stocks come under a bit of pressure in the pre-market. Mining names are also trading lower as we approach the open. Futures were down and then moved lower around 8:45am, and are currently at their overnight lows. Today’s modest data will include Pending Home sales. The FOMC minutes will be released tomorrow.

There’s a slight bid in Treasuries this morning, pushing yields down 2bp, while the Dollar is mostly flat against major crosses, though the Yen is slightly stronger. Crude is bouncing off Friday’s weakness as traders weigh multiple geopolitical flashpoints this morning (latest Ukraine peace talks, Chinese actions around Taiwan, etc). Precious metals are selling off after the most recent pronounced advance on Friday. Platinum and palladium are getting hit the hardest but gold, copper and silver are down sharply as well.