December 5, 2025 US Equities Pre-Market Analysis: Futures Mixed Ahead of PCE Inflation Data

This analysis is based on pre-market data (4am-9:30am ET, December 5, 2025) including after-hours trading from December 4, 2025 [0]. U.S. stock futures are modestly higher, with Nasdaq 100 Futures leading (+0.43%), followed by S&P 500 Futures (+0.23%) and Dow Jones Futures (+0.04%) [1]. After-hours on December 4, Five Below (FIVE) gained 3% on Q4 net sales and 2026 guidance beats, Salesforce (CRM) rose 3% after upgrading 2026 adjusted EPS forecasts, and Hormel Foods (HRL) advanced 3% on Q4 EPS and guidance beats [2]. In contrast, pre-market December 5 trading saw sharp losses for Pure Storage (PSTG, -27.31%) and GitLab (GTLB, -12.77%), likely driven by disappointing after-hours earnings [5]. Key economic releases include the BEA’s Activities of U.S. Affiliates report (8:30am EST) and Personal Income and Outlays (10am EST, core PCE expected +0.2% m/m) [3, 4]. Today’s earnings include National Beverage Corp (FIZZ) and Victoria’s Secret & Co (VSCO) [2], with no major overnight geopolitical/policy events identified [0].

1. Rate-Sensitive Tech Sentiment
   : The Nasdaq’s relative pre-market strength reflects investor positioning ahead of the PCE data, as the Fed’s preferred inflation gauge will shape rate cut expectations—critical for high-growth tech stocks.
2. Divergent Tech Earnings Reactions
   : Contrasting after-hours gains for Salesforce (SaaS) and pre-market losses for Pure Storage (storage tech) highlight divergent earnings performance within the tech sector, suggesting potential sector rotation if PCE data shifts sentiment.
3. Consumer Sector Momentum
   : After-hours gains for FIVE and HRL indicate positive sentiment toward consumer-facing companies, which could be reinforced by today’s earnings from FIZZ and VSCO.
4. High-Volume Catalysts
   : Pre-market gainers like American Eagle Outfitters (AEO, +15.07%) and Beam Therapeutics (BEAM, +14.42%) may stem from unreported overnight news or technical factors, warranting close monitoring at open [5].

: A hotter-than-expected PCE print could reduce Fed rate cut expectations, potentially pulling back rate-sensitive sectors like tech [4]. Sharp pre-market losses for PSTG and GTLB may spill over to broader tech indices if their earnings disappointments signal wider sector challenges.
: A cooler-than-expected PCE print could boost risk assets, aligning with the Nasdaq’s pre-market strength [1]. Positive earnings from FIZZ and VSCO could further support the consumer sector. High-volume pre-market gainers may present short-term trading opportunities if momentum continues [5].

• Futures (as of pre-market):
  Nasdaq +0.43%, S&P 500 +0.23%, Dow +0.04% [1]
• After-hours (12/4) winners:
  FIVE, CRM, HRL (+3% each) [2]
• Pre-market (12/5) losers:
  PSTG (-27.31%), GTLB (-12.77%) likely due to after-hours earnings [5]
• Pre-market (12/5) high-volume gainers:
  AEO (+15.07%), BEAM (+14.42%), SITM (+12.54%) [5]
• Earnings today:
  FIZZ, VSCO [2]
• Economic data:
  BEA reports (8:30am EST), PCE inflation (10am EST, core +0.2% expected) [3, 4]
• Overnight news:
  No major geopolitical/policy events impacting equities [0]