Stock Market Today, December 10, 2025: S&P 500, Nasdaq and Dow Futures Steady as Fed Rate Cut Decision Looms

U.S. stock futures are hovering near the flat line early Wednesday as traders brace for one of the most closely watched Federal Reserve meetings in years and a packed day of macro data and mega-cap tech earnings.

Between the European open and early U.S. pre-market trade, futures on the S&P 500, Nasdaq 100 and Dow Jones Industrial Average have oscillated in a tight band of roughly –0.1% to +0.2%, reflecting high anticipation but limited conviction ahead of the Fed’s last policy decision of 2025. ^[1]

At the same time, Treasury yields are holding just above 4.2% on the 10‑year note, oil is edging higher around the $58–59 range, and gold is consolidating near $4,200 an ounce after setting record highs earlier this month. ^[2]

Below is a structured look at the key pre-market trends shaping the S&P 500, Nasdaq and Dow today.

Futures Hover Near Flat as Markets Wait on the Fed

Multiple data points through the early morning paint a picture of quiet, slightly positive risk sentiment:

Around 3:20 a.m. ET, futures on the Nasdaq 100, S&P 500 and Dow were up roughly 0.16%, 0.15% and 0.07%, respectively. ^[3]
By about 2:50 a.m. ET (07:52 GMT), an Investing.com update put Dow futures roughly unchanged, with S&P 500 and Nasdaq 100 futures up about 0.1%. ^[4]
A later snapshot from another outlet around 6:50 a.m. ET showed all three major index futures down about 0.1%, underlining how traders are reluctant to push the market decisively in either direction before the Fed speaks. ^[5]

Taken together, the message is clear: index futures are essentially flat, trading in a very narrow range as investors wait for clarity on the rate path for 2026.

In the ETF space, SPDR S&P 500 (SPY) and Invesco QQQ Trust (QQQ), which track the S&P 500 and Nasdaq 100 respectively, were modestly higher in pre-market dealings earlier in the session, with SPY up about 0.07% and QQQ roughly 0.04% at one point. ^[6]

Fed Meeting: Markets Price in a “Hawkish Cut”

Today’s Federal Open Market Committee (FOMC) decision at 2:00 p.m. ET, followed by Chair Jerome Powell’s press conference at 2:30 p.m. ET, is the main event. ^[7]

Across several outlets:

The CME FedWatch Tool shows futures markets pricing roughly an 87–90% probability that the Fed delivers another 25‑basis‑point cut, taking the federal funds target range down from 3.75%–4.00% to around 3.50%–3.75%. ^[8]
Analysts widely expect what many are calling a “hawkish cut” — easing policy again while signaling that the bar for further cuts in 2026 will be high. ^[9]

Key points shaping the rate story:

Recent data point to moderating growth and softer labor conditions, including weaker job openings and cooling private payrolls. ^[10]
Inflation has eased but remains a concern, especially with energy prices and some food components still elevated. ^[11]
Political and policy uncertainty is adding to the mix: media reports suggest President Donald Trump is preparing a final round of interviews for a new Fed Chair, with markets debating how that could affect the longer‑term easing path. ^[12]

Overall, the base case markets are trading on today:

A quarter‑point cut, a cautious 2026 dot plot, and a Powell press conference that tries to keep optionality open without promising a deep easing cycle.

Any deviation from that script could jolt futures sharply in either direction.

S&P 500: Macro, Flows and Key Technical Levels

The S&P 500 closed Tuesday down about 0.1% at roughly 6,840, with the Dow off 0.4% and the Nasdaq up 0.1%. ^[13]

Three big themes are shaping pre-market thinking on the S&P 500:

1. Yields vs. Valuations

The 10‑year Treasury yield is trading near 4.20%, up slightly from Tuesday’s close around 4.19%, while the 2‑year yield sits near 3.6%. ^[14]

A cut that pulls yields modestly lower could support higher‑multiple growth and tech names.
A “hawkish cut” that nudges yields higher — or slows the expected pace of easing in 2026 — could pressure stretched valuations in parts of the index.

2. Systematic Flows and Volatility Risk

UBS is warning that systematic strategies, especially commodity trading advisers (CTAs) and options hedging flows, could amplify moves into year‑end. ^[15]

Their analysis highlights several critical S&P 500 levels:

Around 6,925 on the index, CTA buying is expected to largely dry up, meaning the tailwind from trend‑followers could fade if the market struggles to push higher.
Near 6,500, those same models are expected to flip into stronger net selling, potentially accelerating any downside move.
Options positioning is also concentrated around strikes near 5,000, 6,000, 6,850 and 8,000 into December’s big expiry that captures today’s Fed meeting, jobs data and CPI, raising the risk of sharp, flow‑driven swings if spot prices gravitate toward those levels. ^[16]

For investors, that translates into potential air pockets: the tape can look calm until a key level breaks, then price action speeds up quickly.

3. Big‑Picture Positioning

BlackRock’s latest commentary, cited in Benzinga’s pre‑market wrap, underscores a “pro‑risk” stance: they remain overweight U.S. equities, arguing that the scale of AI‑related investment makes “micro is macro” — large corporate capex in AI could reshape the broader economy. ^[17]

That bullish structural view is helping offset near‑term concerns about Fed policy and valuations, especially within the S&P 500’s AI and infrastructure leaders.

Nasdaq 100: Earnings and AI Dominate the Tech Tape

The Nasdaq 100 is the most sensitive of the big three indices to both AI enthusiasm and rate expectations.

Early today:

Nasdaq 100 futures have traded in a tight ±0.1–0.2% band, similar to the other indices, slightly higher for much of the early European and U.S. pre-market window before easing. ^[18]

But under the surface, stock‑specific catalysts are in focus.

Oracle: AI Infrastructure vs. Debt Load

Oracle (ORCL) is one of today’s marquee stories:

The stock is modestly higher in pre-market trade, with one live blog showing it up around 1% ahead of after‑the‑bell earnings. ^[19]
Analysts are laser‑focused on Oracle’s AI data center build‑out, including its partnership with OpenAI and a contract backlog above $400 billion that previously pushed the firm close to a $1 trillion market cap and briefly elevated co‑founder Larry Ellison into the world’s wealthiest ranks. ^[20]
The flip side: concern over whether Oracle has leaned too heavily on one AI partner and taken on too much debtto fund its infrastructure push, particularly after a double‑digit October drawdown, its worst month since 2001. ^[21]

A strong print and upbeat AI commentary could lift Nasdaq futures and reinforce the AI‑infrastructure bull case; a cautious tone on spending or demand could do the opposite.

Adobe: Can Creative SaaS Coexist with Generative AI?

Adobe (ADBE) also reports after the close:

The shares were roughly flat to slightly lower in early pre-market trading. ^[22]
Analysts expect earnings of about $5.39 per share on $6.11 billion in revenue for the latest quarter. ^[23]
Concerns center on whether AI tools will reduce the number of paid “seats” in creative departments, potentially shrinking Adobe’s addressable market even as it rolls out its own AI‑enhanced features. ^[24]

How Adobe frames AI — threat, opportunity or both — could influence sentiment across software and creative‑tool names inside the Nasdaq 100.

Other Tech Movers

Braze (BRZE) is up more than 15% pre-market after beating revenue expectations and raising its 2026 guidance, supporting the case that demand for data‑driven customer engagement remains robust. ^[25]
Chip and AI hardware names like Nvidia, AMD and Intel got a boost this week after reports that Nvidia will be allowed to ship certain H200 chips to approved customers in China and elsewhere, easing some export‑control fears. ^[26]

Dow Futures: Old‑Economy Rotation and GE Vernova’s Surge

While the Dow Jones Industrial Average is less tech‑heavy than the Nasdaq, it’s still being tugged by the same macro forces.

Dow futures are little changed, oscillating between a mild loss and a modest gain of about 0.1% in early trade. ^[27]

Within the Dow and related large‑cap universe, several names are on watch:

GE Vernova

GE Vernova (GEV) is one of the morning’s standout winners:

Shares are up roughly 8–10% in pre-market trading after the company doubled its dividend, raised its multi‑year outlook and issued upbeat guidance out to 2028 at its 2025 Investor Update. ^[28]
The company emphasized strong power‑demand trends, which dovetail with the electrification and energy transition themes that many investors see as multi‑year growth drivers.

GameStop and Earnings‑Driven Losers

On the downside:

GameStop (GME) is down around 6–7% pre-market after missing revenue estimates (about $821 million vs. nearly $987 million expected) even as earnings per share slightly beat consensus. ^[29]
Cracker Barrel (CBRL) and AeroVironment (AVAV) are also trading lower in the wake of their earnings reports, adding to a cautious tone in select consumer and defense names. ^[30]

These stock‑specific moves don’t fully dictate the Dow’s path, but they shape sector‑level flows in consumer, industrial and defense names that feature prominently across U.S. large caps.

Small Caps and Sector Rotation: Russell 2000 at Record Highs

One of the most important under‑the‑radar stories is happening away from mega‑cap tech:

The Russell 2000 small‑cap index set a new all‑time high in Tuesday’s session, underscoring a rotation toward smaller, more domestically focused companies that are highly sensitive to borrowing costs. ^[31]

Strategists point to multiple drivers:

Lower‑rate expectations improve funding conditions and profit margins for smaller firms. ^[32]
There are early signs of breadth expansion — more industries participating in the rally rather than just a handful of mega‑caps. ^[33]
Some houses, including Wells Fargo’s investment unit, highlight potential 2026 tailwinds from tax changes, deregulation and continued tech capex, which could support cyclicals and domestically tilted sectors. ^[34]

If the Fed delivers an orderly, well‑telegraphed cut, that small‑cap outperformance theme could continue — but a surprise hawkish tone might quickly reverse it.

Commodities, Currencies and Crypto: A Quick Sentiment Check

Broad cross‑asset pricing also supports the idea of cautious optimism:

WTI crude oil futures are up about 0.5–0.6%, trading near $58.5–$59 per barrel, while Brent is around $62. ^[35]
Gold futures are slightly lower on the day — down around 0.3% — but still holding near $4,200 an ounce, not far from record territory above $4,380 hit recently. ^[36]
The U.S. Dollar Index is little changed near 99.2, indicating no major rush into or out of the dollar ahead of the Fed. ^[37]
Bitcoin is trading around $92,000, down from recent highs above $93,000 but still elevated in the context of this year’s crypto rally. ^[38]

Nothing in those cross‑asset moves screams “panic.” Instead, they suggest position‑tweaking and hedging more than wholesale de‑risking.

Global Markets: Asia Mixed, Europe Cautious

Overnight trading sets the tone for Wall Street:

Asia‑Pacific markets were mixed. Hong Kong’s Hang Seng gained around 0.2%, while China’s Shanghai Composite slipped roughly 0.2% and the Shenzhen Component rose about 0.5%. Japan’s Nikkei 225 dipped slightly, with the Topix fractionally higher. ^[39]
The moves came after China’s November CPI rose about 0.7% year‑on‑year, a two‑year high, adding nuance to the global disinflation narrative. ^[40]
European indices opened mixed, mirroring Wall Street’s wait‑and‑see stance ahead of the Fed decision, with only modest sector dispersion. ^[41]

Globally, the pattern is consistent: small moves, big event risk.

Today’s U.S. Macro and Event Calendar (ET)

Investors will navigate a busy U.S. data and event slate alongside the Fed meeting: ^[42]

7:00 a.m. – MBA weekly mortgage applications and related housing indicators
8:30 a.m. – Employment Cost Index, real earnings, wages and benefits components
10:30 a.m. – EIA oil and petroleum inventories, including crude, gasoline and distillates
2:00 p.m. – Fed interest rate decision, FOMC statement, updated economic projections and federal budget balance
2:30 p.m. – Fed Chair Jerome Powell press conference

Each of these releases can nudge intraday volatility, but the Fed decision and Powell’s Q&A are the clear focal pointsfor equity, bond, FX and commodity traders.

What It All Means for S&P 500, Nasdaq and Dow Today

Putting the pieces together:

Baseline scenario
- A 25‑bp cut and a measured, cautious message about 2026 would likely keep S&P 500, Nasdaq and Dowwithin their recent ranges, with possible upside follow‑through if yields drift lower and AI/tech earnings impress.
More hawkish‑than‑expected Fed
- Tough talk about limiting future cuts, higher dots for 2026, or a more forceful focus on inflation could push yields higher, potentially hitting growth and tech hardest and testing S&P technical levels where CTAs may begin to sell. ^[43]
Dovish surprise
- A cut accompanied by softer language on inflation risks — or hints of more cuts in early 2026 — could ignite another leg higher in small caps, AI‑linked tech and rate‑sensitive sectors, albeit at the cost of stirring renewed inflation worries down the road. ^[44]

For traders and longer‑term investors alike, the overarching takeaway is:

Pre‑market moves are small, but event risk is huge.
Position sizing, diversification and time horizon matter more today than trying to predict every last basis point of the Fed’s tone.

Nothing here is investment advice, but being clear about your own risk tolerance and staying flexible as headlines roll across the screen may matter more than guessing whether the S&P 500 ends the day up or down.