As of 5:00 a.m. ET on Thursday, December 18, 2025, U.S. stock futures are trying to steady the tape after Wednesday’s sharp tech-led selloff, with Nasdaq 100 futures leading gains and S&P 500 futures modestly higher. [1]
The early tone is being set by two competing forces:
- A renewed burst of optimism in AI-linked semiconductors, after Micron’s upbeat outlook sent the stock sharply higher in premarket trading. [2]
- Macro and valuation anxiety, as markets brace for November CPI at 8:30 a.m. ET, while worries over the cost and financing of Big Tech’s AI buildout continue to ripple through mega-cap tech. [3]
Below is what matters most for the U.S. stock market today heading into the opening bell.
Stock futures at 5:00 a.m. ET: a cautious rebound after a tech hit
At roughly 5:00 a.m. ET, S&P 500 e-mini futures were up about 0.3% and Nasdaq 100 futures up about 0.6%, with Dow futures roughly flat, signaling a tentative attempt to rebound after Wednesday’s drawdown. [4]
Wednesday’s cash-session slide was driven by a renewed wobble in the AI trade and large-cap tech:
- The S&P 500 fell 1.2%, the Nasdaq Composite dropped 1.8%, and the Dow declined 0.5%. [5]
- AI bellwethers and AI-adjacent infrastructure names were notably weak, including Nvidia (-3.8%), Broadcom (-4.5%), and Oracle (-5.4%). [6]
Markets are now looking for a reason to stabilize—either from inflation data that doesn’t reignite rate fears, or from earnings that re-validate growth narratives (starting with semis this morning).
Micron sparks a premarket semiconductor pop — and puts “AI demand” back in focus
The clearest bullish headline in early trading is Micron.
- Micron shares jumped in premarket trading after the chipmaker delivered an “outsized” profit forecast, highlighting pricing strength and supply tightness in high-bandwidth memory (HBM), a critical input for AI computing. [7]
- Reuters notes Micron is one of only three major suppliers of HBM (alongside Samsung and SK Hynix), and its CEO signaled tight conditions could extend beyond 2026. [8]
- Micron also raised its 2026 capital expenditure plan to $20 billion, underlining how aggressively the industry is investing to meet AI-driven demand. [9]
In early premarket pricing, chip and mega-cap tech participation looked supportive, with Micron up about 10%, while Nvidia and AMD were both modestly higher, alongside other large tech names that were active in premarket trading. [10]
Why it matters for the Nasdaq and S&P 500 today:
Micron’s move is a reminder that parts of the AI supply chain are still seeing real pricing power and demand pull-through. After the market punished AI-linked stocks for “capex fatigue” and financing concerns, Micron’s results give bulls something concrete to point to—especially in semiconductors, where fundamentals can override sentiment faster than in software narratives.
Oracle/AI infrastructure worries remain the market’s pressure point
Even with Micron lifting sentiment, the market’s biggest unresolved question is still AI infrastructure economics—how much spending is sustainable, and who funds it.
Reuters reports that concern resurfaced after Oracle said an equity deal supporting a Michigan data center project would not include Blue Owl Capital, a key partner—an update that amplified skepticism after Oracle’s stock fell hard on Wednesday. [11]
Separately, Reuters detailed that Oracle said talks for an equity deal remain on schedule but do not include Blue Owl, after a report of stalled negotiations knocked shares down. The report also noted the project’s scale and the market’s heightened scrutiny of Oracle’s AI build-out and financing. [12]
The practical takeaway for U.S. investors this morning:
Expect the market to treat AI not as a single trade, but as two very different stories:
- “Picks-and-shovels AI” (chips, memory, select hardware) can rally on hard numbers and pricing power.
- “Build-the-factory AI” (data centers, financing structures, hyperscale capex) is facing a tougher interrogation, especially when funding headlines break.
That divergence is likely to remain a major driver of Nasdaq leadership—or lag—into year-end.
The main macro event: November CPI at 8:30 a.m. ET
The next major volatility catalyst is scheduled for 8:30 a.m. ET: the U.S. Consumer Price Index (CPI) for November 2025. The official Bureau of Labor Statistics release calendar lists Nov. 2025 CPI for Dec. 18, 2025 at 8:30 a.m. [13]
Reuters says investors are watching for core inflation around 3%. [14]
Why CPI matters today even after a tech-driven selloff:
- A hotter-than-expected inflation print can push Treasury yields up, tighten financial conditions, and pressure long-duration growth stocks—especially mega-cap tech.
- A cooler or in-line CPI reading can help markets refocus on earnings and positioning, potentially supporting a rebound attempt after the recent risk-off stretch.
And even before CPI hits, rates are moving: Reuters reported Treasury yields were slightly lower in early trading, reflecting a cautious “wait-for-data” posture. [15]
Oil rebounds again — and keeps energy stocks in play
While tech has been the headline, energy has been the counterweight.
Reuters reported that oil extended gains after President Donald Trump ordered a “blockade” of sanctioned oil tankers entering and leaving Venezuela, with additional supply concerns tied to reports around possible new U.S. sanctions on Russian oil. [16]
In early Thursday pricing, Reuters cited U.S. crude around $56 a barrel and Brent near $60. [17]
Energy’s role in today’s U.S. stock market is two-sided:
- Rising crude can support energy shares (which already outperformed amid the broader selloff). [18]
- But if oil strength feeds inflation expectations, it can also raise the stakes for CPI and rate sensitivity.
For stock pickers and sector watchers, the message is simple: even on a CPI day, energy remains a live driver of index performance and factor rotation.
A busy global backdrop: central banks and overseas equity cues
U.S. markets are also digesting a global schedule packed with central bank decisions:
- Reuters said the Bank of England decision and the European Central Bank decision are due Thursday, with the BoE in focus after UK inflation slowed, while the ECB was widely expected to hold. [19]
- Reuters also noted traders were watching the Bank of Japan for a potential rate hike on Friday. [20]
Overnight, Asia traded with a risk-off tilt after the U.S. tech selloff, with multiple markets lower as AI valuation and debt concerns weighed on sentiment. [21]
These global cross-currents matter because they feed into:
- the U.S. dollar,
- Treasury yields,
- and overall risk appetite for global equities—especially tech.
Key U.S. earnings and corporate events today: what to watch
Even on a CPI morning, earnings can move individual names and sectors sharply—and today’s calendar is stacked.
Before the bell: Accenture and more
Accenture (ACN) is scheduled to discuss results on a conference call at 8:00 a.m. ET, with the earnings release issued before the call. [22]
Other notable pre-market reporters include Cintas (CTAS), Darden Restaurants (DRI), FactSet (FDS), Birkenstock (BIRK), CarMax (KMX), FuelCell Energy (FCEL), and Innovative Solutions & Support (ISSC). [23]
After the close: Nike and FedEx in the spotlight
Two major post-close names could shape sentiment into Friday:
- Nike (NKE) plans to release results after the close (around 1:15 p.m. PT / 4:15 p.m. ET) with a conference call at 2:00 p.m. PT / 5:00 p.m. ET. [24]
- Reuters has highlighted Nike’s heavier marketing push and tariff pressures as analysts look for evidence of traction in its turnaround. [25]
- FedEx (FDX) lists its Q2 FY26 earnings call for 4:30 p.m. CT (5:30 p.m. ET). [26]
For the broader market, Nike is a read-through on consumer demand and brand pricing power, while FedEx is watched as a bellwether for shipping volumes and business activity.
Premarket movers to know: Micron, Nvidia, Tesla, and Lululemon
Pre-market trading at 5:00 a.m. ET showed heavy activity in mega-cap tech and AI-linked names:
- Micron led gainers (up strongly after its forecast). [27]
- Nvidia and Tesla were both modestly higher in early action. [28]
A notable non-tech headline: Lululemon (LULU) moved higher after Reuters reported activist investor Elliott Management built a stake exceeding $1 billion and is pushing for leadership changes as Lululemon searches for a new CEO. [29]
This matters because it’s a reminder that, even in a CPI-and-AI tape, idiosyncratic corporate catalysts—activism, CEO transitions, and buybacks—can drive sharp single-stock moves.
What to watch after 9:30 a.m.: the “CPI reaction function” and tech’s next move
Today’s market setup is straightforward but high-stakes:
- If CPI surprises higher, watch for yields to firm, the dollar to strengthen, and rate-sensitive growth to wobble—potentially re-pressuring the Nasdaq. [30]
- If CPI is cooler or in-line, markets may treat it as clearance to “re-risk,” especially with semis already bid on Micron’s news. [31]
At the same time, the AI story is likely to stay split:
- Semis and memory may trade on supply/demand and margins.
- AI infrastructure and funding narratives may trade on headlines, financing terms, and capex scrutiny. [32]
In other words, for the U.S. stock market today, it’s not just about “risk-on vs risk-off.” It’s about where investors are willing to pay up for growth—and where they’re demanding proof.
Note: All market levels referenced are from premarket reporting and can change rapidly ahead of the opening bell.
References
1. www.marketscreener.com, 2. www.reuters.com, 3. www.bls.gov, 4. www.marketscreener.com, 5. apnews.com, 6. apnews.com, 7. www.reuters.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.investing.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.bls.gov, 14. www.reuters.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.reuters.com, 18. apnews.com, 19. www.reuters.com, 20. www.reuters.com, 21. apnews.com, 22. newsroom.accenture.com, 23. www.nasdaq.com, 24. investors.nike.com, 25. www.reuters.com, 26. investors.fedex.com, 27. www.investing.com, 28. www.investing.com, 29. www.reuters.com, 30. www.reuters.com, 31. www.reuters.com, 32. www.reuters.com
