US Stock Futures Calm as Markets Anticipate 2026 Rate Cuts

US futures calm prevailed in thin post-holiday trading following Christmas, as investors focused on interest rate expectations and corporate earnings as potential drivers for further gains in 2026.

Early in the session, S&P 500 futures edged slightly lower, Nasdaq 100 futures posted modest gains and Dow Jones futures declined, reflecting ongoing US futures calm after benchmark indexes closed at record highs.

The subdued moves followed a rally supported by resilient US economic data and expectations of a more accommodative Federal Reserve stance next year.

AI stocks regain momentum

After months of intermittent selloffs driven by valuation and capital spending concerns, demand has gradually returned to AI-related stocks, reinforcing US futures calm and stabilizing broader market sentiment.

The S&P 500 has risen more than 17% so far in 2025, led mainly by mega-cap technology names, before the rally broadened into cyclical sectors such as financials and basic materials.

Seasonal rally in focus

Traders are watching whether the so-called Santa Claus rally will reappear, a seasonal pattern that often lifts stocks at year-end and early January, potentially sustaining US futures calm.

Meanwhile, Nvidia shares advanced in pre-market trading after announcing a new technology licensing agreement, supporting optimism around the AI sector.