Pre-Market Analysis of US Equities – December 23, 2025

The pre-market session on December 23, 2025, follows three consecutive positive trading days, with the S&P 500 closing at a record high of 6909.78 on December 22 [0]. U.S. equity futures are muted: S&P 500 (ES=F) -0.1%, Nasdaq 100 (NQ=F) -0.09%, Dow Jones (YM=F) -0.07% [0].

Notable pre-market movers include Novo Nordisk (NVO), which surged 7.4% after the FDA approved its oral GLP-1 (Wegovy pill) for weight management in after-hours trading on December 22 [1]. Huntington Ingalls (HII) extended gains, rising 5.0% pre-market following President Trump’s announcement of the “Golden Fleet” battleships initiative, building on its previous day’s performance [2]. Luminar Technologies (LAZR) remains in focus after a 64% plunge on December 22, triggered by a Nasdaq delisting notice related to voluntary Chapter 11 proceedings initiated on December 15 [3].

Economic data released today shows Q3 GDP growing at a 4.3% annualized rate, a surprise beat, while December consumer confidence fell to 89.1 from 92.9 [5][6]. Trading volume for NVO is high pre-market, with a 3.6:1 call-put ratio indicating bullish sentiment [4].

• Regulatory approvals continue to drive significant price movements in the pharmaceutical sector, as seen with NVO’s surge on oral Wegovy approval [1].
• Muted futures performance despite a strong Q3 GDP beat suggests potential profit-taking after the S&P 500’s record close [0][5].
• Geopolitical and military policy announcements have a direct impact on defense-related stocks like HII [2].
• Luminar’s collapse highlights heightened risks associated with tech startups and penny stocks facing regulatory delisting and bankruptcy [3].

• Opportunities
  : NVO’s momentum from FDA approval and HII’s growth prospects tied to the Navy’s shipbuilding plans may present trading opportunities [1][2].
• Risks
  : Market participants should monitor potential government shutdown impacts and AI chip export regulation bills [8]. Luminar’s bankruptcy could weigh on tech stock sentiment [3], while rising T-bond yields from strong GDP data may affect interest-rate sensitive sectors [5].

This pre-market analysis covers muted futures activity post-record S&P 500 close, significant price movements in NVO (+7.4% pre-market), HII (+5.0% pre-market), and LAZR (-64% prior-day plunge), and today’s economic data releases (Q3 GDP beat, declining consumer confidence). Earnings reports from Good Times Restaurants (GTIM) (before bell) and Limoneira (LMNR) (after bell) are scheduled [7]. The session is influenced by FDA approval news, defense policy announcements, and bankruptcy/delisting developments.