What You Need to Know Before the Market Opens - December 9, 2025

What to Know Before the Market Opens

As global markets turn their attention to the upcoming Fed meeting, a weak atmosphere prevails in the general outlook of U.S. indices. The S&P 500 closed the day down approximately 0.35%, while Nasdaq also recorded a limited decline. In this uncertain environment, there is also intense pressure on technology stocks; especially Oracle (ORCL)’s earnings and the Fed’s year-end decision are having a cautious effect on investors.

Market Developments

The approval of sales of Nvidia’s H200 artificial intelligence chips to China by U.S. President Trump has increased risks, but it may have a positive impact on the markets. Notably, a quarter of the revenue generated from the sales will be transferred to the U.S. government. Nvidia (NVDA) shares rose in after-hours trading, while news that Microsoft (MSFT) will move forward with Broadcom for next-generation specialized chip production has also strengthened Broadcom (AVGO) shares.

Labor Market and Economic Indicators

With the reopening of the U.S. government, interruptions in the flow of data are returning to normal. Today’s release of the JOLTS job openings data will provide crucial information about the labor market. Additionally, the unemployment claims to be published on Thursday are expected to continue showing a low layoff trend. The annual increase in the Fed’s preferred inflation indicator, the PCE, is expected to remain below expectations, strengthening the view that the interest rate reduction process will proceed cautiously.

Situation in European and Asian Markets

On the European side, a recovery in Germany’s industrial production was observed in October. There is also a slight improvement in investor confidence in the Eurozone. In Asia, China’s exports have gained momentum again following a temporary agreement with the U.S. The Chinese inflation, to be announced this week, is also expected to show a slight recovery. The possibility of a 25 basis point increase at the BoJ meeting in Japan is noteworthy.

Current Situation in Borsa Istanbul

Beginning the week with the agenda of interest rate cuts by the Fed and the CBRT, Borsa Istanbul experienced an optimistic atmosphere in the early hours. The BIST 100 index closed with a 1.65% increase. However, the sustainability of the current rise is important for the short-term outlook. Considering that the index struggles to stay above the 11,200 point level, breaking this level may enhance the upward momentum.

Turkey’s 5-year CDS premium remaining below 230 basis points may positively affect investor sentiment. It is thought that a reduction of 100-150 basis points is on the agenda for the CBRT’s upcoming meeting, creating a perception that the room for easing in monetary policy could increase.