As of 5:45 a.m. ET on Thursday, December 18, 2025, U.S. stock futures are modestly higher heading into the New York Stock Exchange (NYSE) open, as investors brace for a rare “data-gap” inflation report, fresh labor-market signals, and a wave of major earnings—while the market continues to debate whether the AI trade is merely pausing or fundamentally repricing.
In early moves, Nasdaq 100 futures rose about 0.6% and S&P 500 futures gained roughly 0.3%, helped by a sharp after-hours jump in Micron on a bullish outlook that’s reviving confidence in parts of the semiconductor complex. [1]
The NYSE cash session is scheduled to begin at 9:30 a.m. ET. [2]
Pre-market setup: A cautious rebound after tech dragged stocks lower
Wednesday’s cash session ended with a broad risk-off tone—especially in mega-cap tech and semiconductors—pushing major benchmarks down to multi-week lows.
By the close:
- Dow Jones Industrial Average: down 228.29 points (-0.47%) to 47,885.97
- S&P 500: down 78.83 points (-1.16%) to 6,721.43
- Nasdaq Composite: down 418.14 points (-1.81%) to 22,693.32 [3]
The overnight narrative hasn’t fully changed: investors are still digesting whether the AI infrastructure boom is becoming too debt-heavy and capex-intensive, even as earnings from key hardware suppliers continue to show strong demand.
The “AI funding jitters” story: Oracle, Nvidia, and the capex debate
The market’s latest AI anxiety flare-up was triggered by questions around AI data-center financing and the scale of spending required to keep the boom running.
A key catalyst was Oracle, which fell sharply after a report indicated a major partner would not back a $10 billion deal for the company’s next data-center facility. [4]
Chip and AI bellwethers also fell hard—Nvidia slid 3.8% and Broadcom dropped 4.5%, pulling the broader chip group lower. [5]
Strategists cited in today’s coverage describe a market increasingly focused on return on investment—not just “who spends the most,” but “who profits first.” [6]
This backdrop matters for the NYSE today because the index-level leadership has been narrow: when megacap tech and semis wobble, the entire tape can feel heavier—even if defensives, financials, or energy hold up.
The main event at 8:30 a.m. ET: November CPI, with a shutdown-era twist
Today’s centerpiece is the Consumer Price Index (CPI) for November 2025, scheduled for 8:30 a.m. Eastern Time, per the U.S. Bureau of Labor Statistics (BLS). [7]
This release is unusual for two reasons:
- It’s the first official CPI report since the government shutdown disrupted the data flow, leaving a break in the normal month-to-month inflation sequence. [8]
- BLS is not expected to publish many of the standard 1‑month percent changes, because the shutdown prevented October data collection and the October CPI release was canceled. [9]
What economists are forecasting
Reuters’ survey snapshot points to:
- Headline CPI: about 3.1% year-over-year
- Core CPI (ex-food & energy): about 3.0% year-over-year [10]
Washington Post reporting similarly highlights 3.1% year-over-year expectations and notes analysts will have to work harder than usual to infer inflation momentum without the standard month-to-month comparisons. [11]
Why markets care so much this morning
The CPI print lands at an awkward intersection:
- Inflation progress has not been smooth, and several economists attribute stubbornness to tariff pass-through still working its way through goods pricing. [12]
- At the same time, the labor market has shown signs of cooling, and that has increased sensitivity to any data that might shift expectations around the Fed’s next move. [13]
Also at 8:30 a.m. ET: Jobless claims and the Philly Fed manufacturing survey
Alongside CPI, traders are also watching two classic “market pulse” releases:
- Weekly initial jobless claims (a timely read on labor-market churn) [14]
- The Philadelphia Fed’s Manufacturing Business Outlook Survey (often called the “Philly Fed index”), which is scheduled for 8:30 a.m. ET today. [15]
With the Fed increasingly focused on employment conditions, a surprise in claims or a sharp turn in regional manufacturing sentiment could amplify (or soften) whatever reaction markets have to CPI.
Fed and rates outlook: Why some strategists expect “CPI noise,” not a CPI shock
Even with CPI on deck, several market voices argue the Fed’s reaction function is tilting toward the labor market, meaning inflation data may move markets less than it would in a “classic” inflation scare.
In today’s global markets wrap, one strategist noted CPI may not be a “game changer” for rate expectations in the current setup, with attention also on jobless claims. [16]
Still, the rates backdrop remains front and center:
- The Fed cut rates last week to a 3.50%–3.75% range, but also signaled it may be cautious about moving again without clearer data. [17]
- Treasury yields were slightly lower in early global trading, with the 2‑year around 3.464% and the 10‑year near 4.133% in the Reuters wrap. [18]
Bottom line for NYSE watchers: if yields fall after CPI, that could mechanically support long-duration growth stocks; if yields rise, yesterday’s tech pressure could reappear fast.
Earnings and key stock stories: Micron sparks a chip bounce; Nike and FedEx loom
Micron’s guidance is the pre-market headline
Micron is powering a chunk of today’s early optimism after forecasting results far above Wall Street expectations—an important signal for the AI hardware supply chain.
Reuters reports Micron projected:
- Adjusted EPS:$8.42, versus estimates around $4.78
- Revenue:$18.7 billion, versus estimates near $14.2 billion [19]
The company tied the upside to strong pricing and tight supply in high-bandwidth memory (HBM), a key component for AI workloads, and said supply constraints could persist beyond 2026. [20]
Nike, FedEx, Accenture: “real economy” checkpoints
Beyond chips, today is also packed with earnings that can serve as a read-through on:
- consumer demand (Nike),
- shipping and logistics activity (FedEx),
- corporate spending and consulting pipelines (Accenture).
Charles Schwab’s market preview flags Accenture, Nike, and FedEx among the notable reports tied to the December 18 calendar. [21]
For the NYSE specifically, this matters because these bellwether earnings can shift sentiment from “AI-only tape” to a broader debate about growth, margins, and demand into 2026.
Global cross-currents: Central banks, oil, and geopolitics remain in the mix
Today isn’t just about U.S. data. A heavy slate of central bank decisions overseas is shaping currencies and risk appetite heading into the NYSE session.
- Reuters’ “Morning Bid” framing suggests markets broadly expect the Bank of England to be the key mover among major central banks today. [22]
- Reuters also reports the BoE is expected to cut rates to 3.75% from 4%, following a notable slowdown in UK inflation and a cooling economy. [23]
Meanwhile, commodities are feeding into the inflation and sector rotation conversation:
- Oil rebounded from recent lows, with Reuters citing U.S. crude around $56 and Brent around $60 in early moves, tied in part to geopolitical tensions and supply-risk headlines. [24]
- AP similarly highlighted strength in oil prices following headlines about a blockade of sanctioned oil tankers connected to Venezuela, while noting tech-led weakness in the prior U.S. session. [25]
If oil continues to firm, the market’s near-term winners could again include energy and inflation-sensitive plays—even as tech tries to stabilize.
Can the “Santa Claus rally” still show up?
With the S&P 500 under pressure mid-month, the market is also drifting back to a seasonal question that tends to surface in late December: Will there be a Santa Claus rally?
An Investing.com analysis published early today defines the “Santa Claus rally” window as the final five trading days of the year plus the first two sessions of the New Year, a stretch it says has historically delivered above-average performance since 1950. [26]
Seasonality never overrides fundamentals—but it can influence positioning. If CPI is benign enough to ease rate fears and Micron’s upside sparks broader confidence in AI demand, the market could regain a “risk-on” tone quickly. If not, traders may treat year-end seasonality as noise and keep cutting exposure into the holidays.
What to watch for the NYSE session today
Before the open (8:30 a.m. ET):
- BLS CPI for November (with limited month-to-month detail due to the shutdown-related data gap) [27]
- Weekly jobless claims [28]
- Philly Fed Manufacturing Business Outlook Survey [29]
During the session:
- Whether semiconductors and megacap tech can hold a rebound after Wednesday’s sharp selloff [30]
- The direction of Treasury yields and how rates-sensitive sectors respond [31]
After the close:
- More corporate read-through from major earnings, including widely watched consumer and logistics names flagged on today’s calendar [32]
The takeaway
Heading into the NYSE open, the market is trying to do two things at once: recover from an AI-driven risk wobble while recalibrating rate expectations around an unusually structured inflation report. With Micron providing a shot of optimism and CPI looming as the day’s volatility trigger, December 18 is shaping up as one of the most consequential pre-holiday sessions for U.S. equities. [33]
References
1. www.bloomberg.com, 2. www.nyse.com, 3. www.reuters.com, 4. www.reuters.com, 5. www.reuters.com, 6. www.reuters.com, 7. www.bls.gov, 8. www.washingtonpost.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.washingtonpost.com, 12. www.reuters.com, 13. www.washingtonpost.com, 14. www.investing.com, 15. www.philadelphiafed.org, 16. www.reuters.com, 17. www.reuters.com, 18. www.reuters.com, 19. www.reuters.com, 20. www.reuters.com, 21. www.schwab.com, 22. www.reuters.com, 23. www.reuters.com, 24. www.reuters.com, 25. apnews.com, 26. www.investing.com, 27. www.bls.gov, 28. www.benzinga.com, 29. www.philadelphiafed.org, 30. www.reuters.com, 31. www.reuters.com, 32. www.schwab.com, 33. www.bloomberg.com
