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Pre-market futures are lower than yesterday’s close, which saw major indexes rise between +0.2% (Dow) and +0.6% (Nasdaq) on seasonal low volume (Xmas week), but hovering right around breakeven at this hour. Despite today being Christmas Eve and markets closing at 1pm ET this afternoon, we see new Weekly Jobless Claims numbers ahead of today’s opening bell.
Weekly Jobless Claims Stay Agreeable
We remain in a “no hire, no fire” range which, while the labor market sees signs of strain on monthly jobs reports, still look pretty Goldilocks on the Weekly Jobless Claims side. Last week, Initial Jobless Claims slid to +214K — one of the lowest weekly prints of the year, and below the +225K analysts had been expecting. The yearly low came Thanksgiving Week, +192K, so perhaps there are some seasonal issues putting some haze on these figures.
Continuing Claims, reported a week in arrears from new claims, moved back above 1.9 million to 1.923 million, up +38K from the downwardly revised 1.885 million reported the previous week. Again, Thanksgiving Week brought us a 2025 low 1.830 million after we spent 27 weeks — late May through late November — above 1.9 million without even touching 2 million longer-term jobless claims. That 2 million threshold is a psychological number that would make economists question the strength of the job market.
Those questions are already present, however. Both ADPADP private-sector and BLS non-farm payroll numbers have shrunk to stall speed over the course of 2025, with the Unemployment Rate now up the highest its been since September 2021 (when it was coming down steeply month over month). We’re still historically in decent shape, labor-wise, but the question is: what’s in store for 2026"
Xmas Eve Half-Day Roundup: Commodities, Sanofi & More
Spot gold prices are up another +2% this morning, off the highs above $4500 per ounce last week but still up +71% year over year. Spot silver is back up above $72 per ounce after dipping lower this morning. Just last silver hit an all-time high, but has bounced around a bit since. WTI crude oil is starting to flatten around $58.5 per barrel, up from the $55/bbl lows from a couple weeks ago.
Bitcoin is fighting back to a position above $87K this morning, after tumbling to around $84K a month ago. This followed an all-time high back in early October around $124K. Ethereum remains below $3K at this hour, a far cry from $4.83K it was trading at this past summer. In short, its been a volatile year for cryptocurrencies.
Finally, Parisian Big Pharma staple SanofiSNY yesterday announced it will be acquiring Bay Area biopharma firm DynavaxDVAX for $15.50 per share, all cash, for a total value of $2.2 billion. Sanofi, which offers drugs such as anti-inflammatory Dupixent, will now improve its adult vax coverage, with Dynavax’s adult Hep-B and shingles vaccination products. DVAX shares are up to that sale price, which is +39% from yesterday’s close.
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Strength in the commercial and defense aerospace markets and a solid liquidity position augur well for Howmet. Its consistent measures to reward shareholders spark optimism.
W.P. Carey’s mission-critical, single-tenant net lease commercial diverse portfolio, with contractual rent bumps, strategic portfolio repositioning and a healthy balance sheet, are key upsides.
Ross Stores benefits from strong customer response across both banners, aiding sales. ROST posted 10% year-over-year sales growth, driven by 7% comps increase in Q3.
Markel’s niche focus, improved pricing, effective management of insurance risk and focus on developing and maintaining underwriting as well as pricing guidelines should drive growth.
Amphenol is benefiting from improved end-market demand and strategic acquisitions. Solid free cash flow generating ability is expected to help it sustain current dividend payout level.
Weak demand may hurt the company's volumes. It is also exposed to headwinds from higher energy costs. The Fibers unit also faces headwinds from destocking.
Integer Holdings’ operation in a highly regulated healthcare industry and a stiff competitive space is a major headwind. Other issues like dependence on third-party suppliers and customers persist.
Weakness pertaining to freight revenues and volumes do not bode well for NSC. The company's high debt load and share price volatility are also causes for worry.
AptarGroup will bear the impact of increase in several input costs, including utilities, metals, freight and labor. Supply chain disruptions will also act as a woe.
Sprouts Farmers faces slowing comparable sales and shrinking basket sizes as consumer sensitivity rises, signaling softer demand and limited growth visibility into early 2026.
Tyson Foods leverages a diversified protein portfolio, strong chicken performance and global expansion to deliver resilient growth, rising profits and long-term shareholder value.
Amgen’s key medicines like Evenity and Repatha as well as newer medicines like Tavneos and Tezspire are driving sales, more than offsetting declining revenues from oncology biosimilars and legacy established products such as Enbrel
AbbVie’s Skyrizi and Rinvoq, are performing extremely well, bolstered by approval in new indications, which should support top-line growth in the next few years.
Robust vehicle offerings, a growing software and services business, progress in China restructuring, and strong liquidity are expected to support General Motors’ growth.
Target’s accelerating digital ecosystem, marketplace expansion, shrink improvement, and high-margin non-merchandise streams, supported by advanced tech and AI, enhance profitability and omnichannel scale.
