Tonight’s Highlights | Largest “Quadruple Witching Day” in History Arrives – Oracle Strong Pre-Market
Friday pre-market: The three major U.S. index futures have returned to narrow oscillations, quietly awaiting the largest “quadruple witching day” in history. Oracle leads tech gains on TikTok U.S. business news, while sportswear brand Nike plunges after latest earnings.
As of press time, Nasdaq 100 futures (March 2026 contract) are up 0.19%, S&P 500 futures are up 0.07%, and Dow futures are down 0.04%.
(S&P 500 daily chart, source: TradingView)
As the third Friday in December, today is also one of the four annual “quadruple witching days”: a massive volume of index options, stock options, index futures, and stock futures options expire simultaneously.
Per Goldman Sachs, over $7.1 trillion in notional options exposure expires Friday, including ~$5 trillion tied to the S&P 500 and ~$880 billion in single stocks. Goldman notes December quadruple witching is usually the year’s largest, and this one will surpass all prior records.
Large options expirations don’t necessarily trigger massive volatility. As traders adjust positions, prices are pulled toward heavily traded strikes — the so-called “pinning” effect. For the S&P 500, 6,800 is tonight’s key battleground level.
Earlier today, the Bank of Japan raised rates 25 bps as expected — wrapping up 2025’s overseas central bank meeting season. The yen plunged intraday against the dollar, nearing yearly lows. Analysts note the BOJ mentioned considering further tightening but was vague on pace and magnitude.
(USD/JPY daily chart, source: TradingView)
Other Market News
Trump signs executive order pushing 2028 moon landing
Per CCTV News, on Thursday Eastern Time (18th), Trump signed an executive order setting out a vision for “America First” space policy to ensure U.S. leadership in space exploration, security, and commerce. The order aims to return astronauts to the moon via NASA’s Artemis program and establish a permanent lunar presence.
Oracle strong pre-market on TikTok U.S. business update
As of press time, U.S. tech firm Oracle is up nearly 5% pre-market. Earlier reports from Securities Times said TikTok CEO Shou Zi Chew sent an internal memo Wednesday local time (18th) updating U.S. business progress. The memo said ByteDance and TikTok have signed agreements with three investors to form a new TikTok U.S. joint venture.
Google, Nvidia, and 24 companies join AI “Genesis Mission”
Latest White House and DOE statements show 24 top AI firms — including Microsoft, Google, Nvidia — have signed agreements with the U.S. government to join the “Genesis Mission.” Launched by the White House, the initiative promotes emerging tech applications in scientific discovery and energy projects.
Nike plunges after earnings
Nike down over 11% pre-market Friday. After Thursday close, the company reported Q2 revenue $12.43B (up 0.6% YoY, consensus $12.24B); Q2 net income $792M (down 32% YoY). Nike’s drop also weighed on peers like Adidas and Puma.
Maersk completes first Red Sea voyage in nearly two years
Danish shipping firm Maersk announced Friday that one of its vessels successfully transited the Red Sea and Bab el-Mandeb Strait — the first in nearly two years. Since January 2024 when Yemen’s Houthis began attacking ships in solidarity with Palestinians in Gaza, Maersk rerouted via the Cape of Good Hope, avoiding the Gulf of Aden and Red Sea.
The statement said the company is considering a “gradual” resumption.
Pinduoduo U.S. shares extend pre-market gains to 6%
Pinduoduo U.S. shares extend pre-market gains to 6%, now at $112. Today at the annual shareholder meeting, Pinduoduo Group announced governance changes, adopting a co-chairman system and appointing Zhao Jiazhen as co-chairman alongside Chen Lei as co-chairman and co-CEO.